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On Wednesday on @realmoney I moved to a considerable short position which included a basket of high beta, large cap stocks (e.g hotels $GOOGL $MS $MSFT $DIS etc) and added to a large $SDS position.
June 24, 2020 | 01:50 PM EDT DOUG KASS
Today's Trades
This morning I moved from
small net long to between small and medium net short in exposure:

* I have covered my short (SPY) calls.
* I have moved my (SDS) long to large.
* I have initiated an (IWM) short.
* I have added to my individual stock shorts:
1. Added to (CAT) and (AAPL) shorts.
2. Added to my
speculative basket of "worthless/bankrupt" shorts.
3. Created a basket of large cap shorts of some high beta and recent leadership names that appear to me to be extended. This basket actually includes some stocks that I actually like analytically over the long term. They
represent short "fillers" that might be vulnerable if I am correct about a near term correction. Look to recent market leaders, large percentage movers off of the March bottom and companies exposed to a new wave of Covid-19 spread -
companies like Blackstone ($BX) , Morgan Stanley ($MS) , Disney ($DIS) , Microsoft ($MSFT) , Alphabet ($GOOGL) , Penn Gaming ($PENN) , Hyatt ($HLT) and Hilton ($H) . Again, some of these stocks are attractive (at a price) as long term investments - but not at current levels.
Color me transparent and flexible in approach. (Note: I will be quick to cover this short basket given the above characterizations.)

4. I have also shorted several retailers. @jimcramer @tomkeene @business @carlquintanilla @SquawkCNBC @cnbcfastmoney @riskreversal @FerroTV
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Dougie Kass
@DougKass
The beginning of this Davos interview between Trump and @SquawkCNBC Joe Kernen epitomizes the failure of @realdonaldtrump as a president and, importantly, the failure and, even, danger of a journalist who genuflects and lobs nothing but soft ball pitches.
By both dismissing Covid ("it's one person coming in from China.. its going to be just fine") - millions of Americans have contracted the virus and well over 100k have died.
No doubt it will be repeated and repeated in the months leading up to the November election.
It should be.
The interview will be his legacy.
@riskreversal @ScottWapnerCNBC @EpsilonTheory @cnbcfastmoney @tomkeene @ferro @arimelber @morningmika @morning_joe @ritholtz
Read 3 tweets
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Dougie Kass
@DougKass
Despite continued bullishness by the herd, June has seen a disturbing market breakdown, imho. In early June the S&P first dipped from 3230 to 2996. It rallied to 3150 and fell back to 3050. Rallied for the third time, again from 3150 and then dipped back to current 3020 level.
Of course there is always a bull market somewhere and some point out the lost opportunity cost by not playing the speculative winners.
@stoolpresident and others are good at trading the stocks du jour - the shiny objects that often fall back to earth leaving many, as was the
case at the end of the dotcom boom.
Some don't trade spec stocks, because they do not fall in their "investable" universe - just as those speculators don't trade $MSFT and $AMZN!
Neither is wrong in process/methodology - they simply operate differently.
Read 4 tweets
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Dougie Kass
@DougKass
From yesterday on @zjunyuan Transparency and ownership of winners and losers...
Jun 24, 2020 | 01:50 PM EDT DOUG KASS
Today's Trades
This morning I moved from small net long to between small and medium net short in exposure:
* I have covered my short ($SPY) calls for pennies.
* I have moved my ($SDS) long to large.
* I have initiated an ($IWM) short.
* I have added to my individual stock shorts:
1. Added to ($CAT) and ($AAPL) shorts.
2. Added to my speculative basket of "worthless/bankrupt" shorts.
3. Created a basket of large cap shorts of some high beta and recent leadership names that appear to me to be extended. This basket actually includes some stocks that I actually like analytically over the long term. They represent short "fillers" that might be vulnerable if I
Read 6 tweets

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