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@SullyCNBC @beckyquick I respectfully disagree with your guest's rejection of the compare between today's price action in tech and the dot.com area.
In market cap terms, the moves in $TSLA et al is far larger and more significant today than the much smaller
moves in the market caps of pets.com and the other shiny objects of 1998-2000! It is not comparable. Today's market cap appreciation dwarfs anything we saw in the dot.com era. The rise in market cap in $TSLA alone in the last few months dwarfs it.
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Dougie Kass
@DougKass
Sorry "Jack" and yesterday morning, added back to shorts:
Sep 03, 2020 | 09:46 AM EDT DOUG KASS
Adding to Net Short Exposure
I have moved back up from medium sized to large sized in my (SPY) and (QQQ) shorts (that was quick!).

As mentioned earlier, I added to my Apple (AAPL)
and Tesla (TSLA) shorts this morning (I previously added to Tesla in the last two days).

Flexibility, thank you Stan Druckenmiller.

I am, however, maintaining my medium sized (SDS) long -- and I don't plan to raise the size.

With my bank adds, I am maintaining the
(thus far quite premature) view that a pivot to value from growth may occur.

If I am correct in view, there is a lot of downside to large-cap tech.

Position: Long SDS, TSLA puts. Short SPY large, QQQ large, AAPL, TSLA

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Dougie Kass
@DougKass
And for those haters that listen (without questioning) to the Fin media and talking heads who never admit to being wrong, are materially in the herd of consensus and are woefully influenced by stock prices (prices have a way of changing sentiment h/t@hmeisler) I suggest you
get a copy of the 8k word column I wrote on @realmoney at 430AM yesterday morning
"Did I Have My Stan Druckenmiller Moment Wednesday?" realmoney.thestreet.com/dougs-daily-di…
I work my ass off to provide something different than the consensus - been doing it in 15 columns a day on @reamoney
since 1998
As I write, the investment mosaic is complex, far more complicated than looking a mono variables (e.g unsual call activity, etc.) Emphasizing your winners and sweeping your losers under the rug is a distinguishing trait of many. Fin media, by and large, delivers the
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Dougie Kass
@DougKass
@realmoney
Did I Have My Stan Druckenmiller Moment Yesterday?
* Self effacing, charitable, direct, competitive, smart and honest - I admire Druck more than almost any investment manager I have met over my four decades of investing.
* Was the covering of a portion of my index
shorts yesterday my "Druckenmiller Moment?"
* Don't despair, Cassandras, I am still net short and will be putting back those shorts on any change in price trend/momentum.
* More on market positioning and the feedback loop of the gamma chase - an important (but little discussed)
market influence.
* In premarket I am already adding to some individual shorts, including Apple (my Trade of the Week (short)).
* "Zero rates and QE put beer goggles on investors that make everything look good regardless of fundamentals and regardless of price."
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