Author: Doug Kass

I took a small trading profit in $PSUS at $42.25

Position: None

It's official:

Nvidia, $NVDA, has surpassed silver as the second largest asset in the world, worth $5.52 trillion.

Google is less than 4% away from becoming the second company in history to hit $5 trillion in market cap.

We are witnessing a historic technological revolution. pic.twitter.com/6mAP2QGHRX

— The Kobeissi Letter (@KobeissiLetter) May 13, 2026

Position: None

* Mama mia, mama mia!

* Carry on, carry on as if nothing really matters… 

Is this the real life? Is this just fantasy?
Caught in a landslide, no escape from reality
Open your eyes, look up to the skies and see
I’m just a poor boy, I need no sympathy
Because I’m easy come, easy go
Little high, little low
Any way the wind blows doesn’t really matter to me, to me

– Queen, Bohemian Rhapsody

Inflation rising and interest rates higher, breadth with a foul odor, equal-weighted S&P underperforming the S&P Index, etc etc:

Sometimes I wish I never shorted at all…

Note: I will be traveling tomorrow!  You will be in the capable hands of Chris Versace.

See you back on Friday morning!!!

Ugly, Tailing 30Y Auction Makes History With First 5%+ Yield Since The Great Quant Crash Of Aug 2007 https://t.co/o0OWXL7uM7

— zerohedge (@zerohedge) May 13, 2026

Position: None

I moved up to small sized short the indices:

* $SPY $743.72

* $QQQ $716.37

Position: Short SPY (S), QQQ (S)

At 1:54 PM:

Breadth

S&P 500 Sector ETFs

Nasdaq 100 Heat Map

S&P Index ($SPY) +0.61%.

Equal Weighted S&P Index ($RSP) -0.45%.

While the market’s breadth is stinking up the joint:  

Position: Short SPY (VS) 

I call more B.S.:

@KellyCNBC The Micron analyst you are interviewing is bullish on $MU. This morning he raised his price target from $500 to $800 (where it is currently trading).
Why even interview him if he was so far off in his expectations for $MU share price?
He is making it sound that he…

— Dougie Kass (@DougKass) May 13, 2026

Position: None

This is Part 5 of a multi-part discussion of the markets (Read Part 1 here, Part 2 here, Part 3 here and Part 4 here) …

Now, let’s wrap it up…

Bottom Line 

“It is always well to accept your own shortcomings with candor but to regard those of your friends with polite incredulity.”

– Russell Lynes 

As noted in a previous post It’s a Mad, Mad, Mad, Mad Investment World.

Today’s commentary shares my views and tries to attach empirical evidence and observations that support a skeptical market outlook.

I continue to be reminded of Warren Buffett’s quote:

“What the wise do in the beginning, fools do in the end.”

With the same intended message, Barton Biggs was more colorful when he said:

“A bull market is like sex. It feels best just before it ends.”

Citigroup’s CEO Charles Prince — in July 2007, only months before The Great Financial Crisis (and historic market decline) — had a different view (as reported in an interview he had with The Financial Times):

“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.”

That said, with the S&P 500 making an all-time record in May — and despite my protestations — it is abundantly clear that, for now, neither the markets nor most market participants (human and machine) share my outlier, non-consensus and ursine outlook.

Market participants are still at the bacchanal — while I remain celibate.

Position: None