@realmoney
Mar 18, 2021 | 05:00 PM EDT DOUG KASS
Assessing the Damage
My Takeaways
* The damage today was broad-based
* I ended the day with a medium-sized net short exposure (down from very large at the beginning of the day)
* Banks may have had a buying climax today
Mar 18, 2021 | 05:00 PM EDT DOUG KASS
Assessing the Damage
My Takeaways
* The damage today was broad-based
* I ended the day with a medium-sized net short exposure (down from very large at the beginning of the day)
* Banks may have had a buying climax today
* Tech (especially of a speculative-kind) remains overvalued
I recently wrote that my (negative) market view has rarely been at such odds with the generally bullish consensus.
This remains the case.
Based on my view of "fair market value" the S&P is still about 20%
I recently wrote that my (negative) market view has rarely been at such odds with the generally bullish consensus.
This remains the case.
Based on my view of "fair market value" the S&P is still about 20%
overvalued.
That does not mean, however, that an overvalued market needs to return to its value -- as markets tend to spend long periods as overvalued (but only short periods of undervaluation, like in December, 2018 and in March, 2020).
It does mean the there is very little
That does not mean, however, that an overvalued market needs to return to its value -- as markets tend to spend long periods as overvalued (but only short periods of undervaluation, like in December, 2018 and in March, 2020).
It does mean the there is very little
"margin of safety" at the (long) margin and that the upside reward is dwarfed by the downside risk.... @jimcramer @tomkeene @ferrotv @SquawkCNBC @cnbcfastmoney @riskreversal @ScottWapnerCNBC @convertbond @threadreaderapp unroll
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