I sold my Microsoft ($MSFT) long at $450.31 on the earnings-related gap yesterday morning after carefully reading the complete profit report:
The fact that $MSFT jumped 14% is the glaring proof traders don’t read financial statements anymore but just suck up press releases and management comments
As I have written, in a market dominated by machines and algos (that worship at the altar of price), traders/investors know everything about momentum but nothing about value.
Doug Kass is a world-renowned hedge fund manager with decades of experience and success navigating through some of the most turbulent periods in market history. He is known for his time-tested analytical skills and ability to look past the current noise and herd mentality.
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