Examining ‘Group Stink’

Avatar photo Doug Kass on July 8, 2026

* And fading it…

I don’t own and am currently short (and have been recently short C, JPM, GS, MS, UBER, NFLX, homebuilders, etc.) some of the most consensus sectors.

I am long some of the most non-consensus sectors.

Consensus Longs:

* Memory: SanDisk ($SNDK), Micron ($MU), Intel ($INTC), AMD ($AMD), Applied Materials ($AMAT) (“it’s different this time”)

* Value Tech: Adobe ($ADBE), Oracle ($ORCL), ServiceNow ($NOW) and Nvidia ($NVDA)

* Tech With Biggest Moat: Apple ($AAPL)

* Value Industrial: Caterpillar ($CAT)

* Best Overall Value: Homebuilders

* Streaming: Netflix ($NFLX)

* Autonomous: Uber ($UBER)

* Entertainment: Disney ($DIS)

* Financials: JPMorgan ($JPM), Citigroup ($C), Goldman Sachs ($GS), Morgan Stanley ($MS) 

* Frontier Exposure “For The Long Haul”: SpaceX ($SPCX)

Non-Consensus Longs:

* Cannabis: $MSOS, $VRNOD, $TRLV, $GTBIF, $GLAS

* Private Equity: Apollo ($APO), Blackstone ($BX), KKR ($KKR)

* Consumer Staples: Kimberly-Clark ($KMB), PepsiCo ($PEP), Procter & Gamble ($PG)

Positions:

Long MSOS (L), VRNOD (S), TRLV (S), GTIBF (S), GLAS (S), APO (S), BX (S), KKR (S), KMB (S), PEP (S), PG (S)

Short SPCX (VS), SNDK (VS), MU (VS), INTC (VS), AMAT (VS), AMD (VS), CAT (VS)

 

Not Losing My Memory Shorts

Avatar photo Doug Kass on July 7, 2026

In response to some subscriber emails I am maintaining a small portion of my high-beta, high-tech short package – including (but not restricted to ($SNDK), ($MU), ($CAT), ($INTC), ($AMD), ($AMAT), ($CRWV) etc.)

Positions: Short Package VS (including stocks mentioned above)

The Market Has No Memory From Day to Day

Avatar photo Doug Kass on June 26, 2026

The problem with shorting (or buying indices) late in the day or in the evening — as I often do — is that the fate of the general market’s opening is determined by the overall movement memory stocks. 

And to predict/guess the opening price of $MU, $SNDK, $AMAT, $AMD, $INTC is a “fool’s errand.”

The market has no memory from day to day. 

Position: None