“You fell victim to one of the classic blunders! The most famous of which is ‘never get involved in a land war in Asia,’ but only slightly less well-known is this: ‘Never go in against a Sicilian when death is on the line!’
The market’s leadership switched glasses when investors’ backs were turned — without consideration that a toxic poison was being mixed…
The perma bullish and momentum oriented cabal fell victim to one of the classic blunders, the most famous is never chase stocks without considering 1. margin of safety and 2. downside risk vs. upside reward.
Only slightly less well-known is this: Never listen to superficial and glib commentary when your investment is on the line.
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.
On TheStreet Pro, Kass provides frequent market commentary and investing ideas for active investors throughout each trading day in Doug’s Daily Diary. He also serves as president of Seabreeze Partners Management Inc. Previously, he served as a senior manager at Omega Advisors, a $6 billion investment partnership. He co-authored a book with Ralph Nader and the Center for the Study of Responsive Law called “Citibank: The Ralph Nader Report” and can be found as a guest host on CNBC's "Squawk Box."
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