The Global Government Debt Crisis Is Being Ignored By the Markets
Position: None
Bank Stocks
Despite the protestations from the value cabal, I have been cautious on financials/banks all year:
Position: None
Netflix Lowers Guidance and I Call More B.S. in the Business Media
Fan fave Netflix ($NFLX) materially reduced forward guidance after the close of trading — and its shares are trading -$4 (or -6%) in premarket trading.
Here is the company’s release: FINAL-Q3-26-Shareholder-Letter.pdf
Netflix vs. You Tube
From my Diary yesterday afternoon and last night on Netflix:
My View on Netflix
Repeating for emphasis, I would not bottom fish in Netflix (NFLX).
I expect in line-to-better 2Q2026 results but a possible lower forward guidance as margins are pressured.
From last month:
Netflix Is Too Low to Short and Too High to Buy
I would continue to avoid buying (and “bottom fishing”) in Netflix (NFLX) for the reasons I have previously mentioned:
* Netflix has nearly saturated the domestic market (as well as many other developed countries). These markets are significantly more profitable than the non developed arena.
* Future Netflix sales/profit growth will come from developing country markets that provide substantially less revenue (and income) per subscriber.
* Netflix’s original content programming has been unspectacular over the last 12 months (or more) — and existing content has suffered.
In the past I have been short NFLX, but it is no longer priced as an attractive short.
Position: None
BY Doug Kass · Sep 22, 2026, 1:50 PM EDT
Position: None
BY Doug Kass · Oct 20, 2026, 4:09 PM EDT
Post Script:
Netflix, according to AI, was among the most recommended equities of the panelists on the “Show:” But viewers, in light of no timestamping or memorializing of recommendations, probably have no clue.
Though, as seen by my tweet above, I have stopped using X as a forum for my constructive criticism, I have a clue. Here is a recent recommendation of Netflix by one of the more particularly smug panelists seen on the Noon Show:
Trade Tracker: Steve Weiss buys more Netflix
We will likely never hear the name (Netflix) again from this particular panelist — or any of the others. As night follows day none of the panelists have modelled Netflix, spoken to management (and its competitors) or have performed any serious analysis.
Images and franchises are polished by panelists showing successful investment recommendations and not their conspicuous and frequent investment boners.
Instead the shows and panelists will likely all discuss SpaceX ($SPCX) today (whose shares are up by 6% after their EPS release)..
Position: None
Good Detective Work
Positon: None
A Bull on Gold
But the magnitude of the selloff in precious metals doesn’t appear to be as substantial as many think based on the long-term chart of gold:
For now I am approaching $GLD as a “trading sardine” and not yet as an “investment.”
Position: None
The AI Debt Boom
Position: None
Nscale Flames Out in Its IPO Debut
* As the bursting of the AI bubble comes into sharper focus…
Position: None
Heads Up on Rescheduling
Today is yet another important judicial decision on cannabis rescheduling.
You can get a heads up by watching the documents loaded on this governement site:
Position: None
People That Live in Glass Houses
This tweet from Graham Farrar, president of Glass House ($GLAS), could bring some stability to GLAS shares:
I have still not spoken to management.
Position: Long GLAS (S)
Shorted SPY Last Night as Oscillator Slips to Neutral
The S&P Short Range Oscillator slipped from modestly oversold to neutral at -0.06% vs. -0.66%.
Yesterday I traded $SPY from the short side and made a small profit on the move lower from the highs.
Last night I reloaded on the short side:
Dougie Kass
I am back shorting SPY at $771.57.
I am a seller on a scale higher tonite.
Position: Short SPY (S)