“Maybe not today, maybe not tomorrow, but soon and for the rest of your life.”
– Casablanca (Rick telling Ilsa why she has to board the plane)
Everyone is playing the same game on the long side (AI).
* The Likely Memeification of Cannabis Stocks
“I never make plans that far ahead.”
– Casablanca (Rick’s response when Ilsa asks, “Will I see you tonight?”)
The animal spirits are on overload.
Market participants are grabbing at anything AI, space, memory, semis, etc. Parabolic moves have become common place. In the extreme, Jensen Huang mentions Marvell ($MRVL) favorably and the shares rally by nearly +$70.
With the likely rescheduling of weed, likely uplistings (on major U.S. exchanges), settling of custody issues and emergence of institutional buyers (unleashing an abundance of buying power), I am increasingly of the camp that cannabis stocks could be memeified with such powerful changes ahead in the reasonably near term.
I add daily to $VRNO — my favorite on a risk/reward basis.
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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