Seabreeze Flees Market Turmoil, Boosts Cash Position

Sep 16 2008 | 8:51am ET

With a black cloud hanging over Wall Street, one short-selling manager says its time to cut positions and move into cash.

Douglas Kass of Seabreeze Partners Management, who hit it big betting against the now-nationalized mortgage giants Fannie Mae and Freddie Mac, told Reuters that he has cut back on positions—both long and short—throughout his portfolio.

“This is a time to watch and not a time to play,” he said. “It is a dangerous time for the longs and for the shorts.”

Kass, whose fund is reportedly up 25% year-to-date, declined to say what positions he had reduced or eliminated. Just last week, he said he was still shorting Fannie and Freddie.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?