Subscriber Comment of the Day

Avatar photo Doug Kass on October 22, 2026

Asaxelrod

I do not have any informed opinion on IQV but Josh Brown pitches every idea with such confidence because of charts and clearly doesn’t know much fundamentally. With IQV he says “I think it’s around a $25-26B market cap” when in fact it’s ~$46B! Okay one can make mistakes but as Doug reinforces so effectively the BS on CNBC is so cheerleader-oriented everyday with such little depth. I’ve managed money for nearly three decades and humility is key in this humbling business. I don’t think anyone on the Halftime Show embraces humility but they are all exceptionally gifted at promotional hype to gather assets.  When (not IF) we have another 2022 (or perhaps 2000), I will look forward to witnessing some humility from the panelists but the expectation bar is low…

Position: None

Those Machines and Algos

Avatar photo Doug Kass on October 22, 2026

I have spoken to several institutional desks.

The buying/strength is being exacerbated by machines and algos — in a changed market structure.

And I am using them as a source of liquidity — reducing $PG, $KO and $KMB.

Position: Long PG (VS), KO (VS), KMB (VS) 

Cannabis Tweet of the Day

Avatar photo Doug Kass on October 22, 2026

Position: None

Breadth Is Positive? How Is That Even Possible?

Avatar photo Bob Lang on October 22, 2026

Even in this carnage of selling there are some green shoots if you’re looking at places other than tech. Homebuilders are strong but so are Staples following some strong earnings out of Procter & Gamble ($PG). Perhaps a rotation to more safe and sound names but without the strong growth prospects is now in order.

Volatility is on the rise, but the biggest hits are in the Nasdaq, down nearly 2.6% at this point. Software names are well-bid and showing some strength; the Industrials actually went green for a moment.

Rotation is something we have seen quite often recently as money leaks from the former leaders into new groups. That is usually pretty healthy but certainly makes it feel worse if you’re in the most loved names that are being distributed.

Things I Did Today

Avatar photo Doug Kass on October 22, 2026

Here are today’s things:

* I covered all of my $SPY short at $764.96.

* I covered most of my $TSLA at $369.55.

* I added to $GLAS at $2.21, $GTBIF at $6.53 and $MSOS at $4.09.

* I sold more of my $PG long at $165.70.

Position: Long MSOS common (VL) and calls (VS), PG (VS), GLAS (S), GTBIF (S); Short TSLA (VS)

More Rotation

Avatar photo NeilSethi on October 22, 2026

While AI-related sectors are down sharply, four sectors are up more than 1%.

Schwab

At the top of that list is Staples. The S&P 500 Staples Sector ETF ($XLP) is up 2.5%, its best day since July and before that April 2025 approaching its February all-time high.