The History of Market Collapses

Avatar photo Doug Kass on June 16, 2026

Position: None

For What It’s Worth

Avatar photo Doug Kass on June 16, 2026

There’s battle lines being drawn
Nobody’s right if everybody’s wrong
Young people speaking’ their minds
Getting so much resistance from behind

It’s time we stop
Hey, what’s that sound?
Everybody look – what’s going down?

— Buffalo Springfiield, “For What It’s Worth”

I am at the largest index short exposure in quite a long time.  

Positions: Short SPY M QQQ M

Upside, Downside Movers in the Morning

Avatar photo Doug Kass on June 16, 2026

Upside:

-RXT +21% (AMD signs definitive agreement with Rackspace for initial 30 MW AMD-based compute deployment; approves workforce realignment impacting about 15% of global workforce)

-CAMP +13% (JPMorgan Chase and Co Raised CAMP to Overweight from Neutral, price target: $9)

-WDC +5.8% (memory and storage strength)

-OLN +5.7% (Olin and Huntsman to combine in a $13B all-stock merger of equals)

-STI +5.3% (announces AI-assisted design and manufacturing tech of bipolar solid-state batteries for vehicles, infrastructure)

-MBLY +5.0% (plans full-owned autonomous ride-hailing business)

-CYTK +4.7% (higher off EDG-7500 data)

-SPCX +4.7% (momentum)

-STX +4.2% (memory and storage strength)

-QCOM +3.3% (reportedly in talks to purchase Tenstorrent to expand AI chip capabilities)

-VMI +2.7% (guidance ahead of investor day)

Downside:

-DOMO -20% (earnings)

-PLAY -18% (earnings, color)

-ALVO -9.2% (prices ~22.7M shares in offering at $3.75/share)

-EWTX -9.1% (EDG-7500 reports 12-week Phase 2 Part D CIRRUS-HCM topline in obstructive and nonobstructive HCM)

-HUN -5.8% (Olin and Huntsman to combine in a $13B all-stock merger of equals)

Positions: None.

I’m Still Positive on Cannabis

Avatar photo Doug Kass on June 16, 2026

Cannabis stocks were conspicuously weak yesterday (and in recent sessions) as investors preferred to look up to the sky (space, semis, memory) and to momentum stocks (e.g., Mag 7):

My thesis is unchanged — from late May — and I saw nothing fundamental to change my mind. I continued to buy across the board in Monday’s trading session:

8 Reasons I’m Getting More Positive on Cannabis

I am growing much more optimistic on the cannabis complex.

I plan to super-size (VL) my MSOS holdings and I plan to expand individual equity positions (with emphasis on GTBIF and VRNO).

I am doing so because:

* I am extremely confident that rescheduling of both medical and adult use (recreational) will pass in the next few months.

* I am confident that uplistings will soon follow.

* More relaxed custodian rules allowing for institutional purchases of the group.

* The recent debt refinancings have eliminated the frightening debt maturity cliff that some feared.

* Industry fundamentals (volumes and pricing) have stabilized.

* Expectations are very low.

* Massive absolute and relative underperformance over the last five years has created a long runway for appreciation.

* Upside reward is probably more than 5x downside risk.

Position: Long MSOS common (L) and calls (S), VRNO (S), GTBIF (VS)    

BY Doug Kass · May 27, 2026, 4:33 PM EDT

Position: Long cannabis