Things I Did Today

Avatar photo Doug Kass on July 14, 2026

Here are today’s things:

* Shorted the indices: $SPY at $752.83 and $QQQ at $722.13

* Covered my index shorts for a profit: SPY at $749.63 and QQQ at $717.82

* Shorted $GRNY at $27.86 and $JOET at $45.83

* Shorted $JPM at $338.50 and covered it at $327.31

* Reshorted $JPM at $343.78

* Shorted $MS at $230.43

* Added to $MSOS at $4.65, $MSOX at $2.73, $TRLV at $8.85 and $VRND at $6.08

Position: Long MSOS (VL), MSOX (S), TRLV (S), VRND (S); Short GRNY (M), JOET (S), JPM (S), MS (S)

Trade of Next Week: Buy MSOS $4.45

Avatar photo Doug Kass on July 10, 2026

For the second time in a month MSOS ($MSOS) is my Trade of the Week.

Investors are likely misinterpreting the progress at the current hearings that l expect will lead to a rescheduling of adult recreations use of cannabis.

I have aggressively added to MSOS and the individual stocks in this period of weakness for the previous reasons mentioned in my Diary (markets are stabilizing, the fiscal debt cliff has been resolved with numerous refinancings (at favorable terms), likely resolution of tax (UTP) and custodian issues that will lead to rising institutional demand, etc..)

Positions: Long MSOS VL

Things I Did Yesterday

Avatar photo Doug Kass on July 10, 2026

Here were yesterday’s things:

* New short position — Bloom Energy ($BE) at $265.39

* New option position — Bought Nvidia ($NVDA) puts

* Reshorted $SPY at $748.88 and $QQQ at $722.58

* Shorted $GRNY at $27.81

* Shorted $JOET at $45.97

* Reshorted Morgan Stanley ($MS) at $223.61 

* Supersized long $MSOS at $4.46

Position: Long MSOS (VL), NVDA puts; Short SPY (VS), QQQ (VS), MS (S), GRNY (M), JOET (S), BE (S)

Cannabis Tweet From Yesterday

Avatar photo Doug Kass on July 10, 2026

I added aggressively to $MSOS near the close on Thursday at $4.47.

Position: Long MSOS (VL)

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)

 

Cannabis Strategy

Avatar photo Doug Kass on July 8, 2026

Cannabis equities, along with the more the speculative corners of the market, have fallen modestly in the last two weeks, despite a slew of positive reports on (the inevitability of) rescheduling.

My strategy has been to add to MSOS ($MSOS) and to individual names daily.

Should the space continue to drop in value I could foresee taking my industry exposure to the highest level (in percentage terms) than at any time in the last five years – given my assessment of reward vs. risk.

Recognize that this is a speculative space and your risk appetite should govern your exposure.

Positions: Long MSOS et al   

Morning Trades

Avatar photo Doug Kass on July 7, 2026

In the premarket gaps/markups I shorted more C ($C) $145.01 and JPM ($JPM) $340.44 (both had price targets raised by UBS: C $150, JPM $384). 
Adding to GRNY ($GRNY) and JOET ($JOET) shorts

Buying MSOS ($MSOS) more aggressively. And individual names.

Positions: Long MSOS L; Short GRNY M JOET S C M JPM M 

Things I Did Today

Avatar photo Doug Kass on July 6, 2026

Here are today’s things:

* Re-shorted indices — $SPY at $748.84 and $QQQ at $722.33.

* Added to $GRNY short at $27.87 — moved to large sized.

* Shorted $JPM $337.81 and $C at $142.90.

* Added to $MSOS at $4.77 and selected individual cannabis shares — $TRLV, $VRNOD, $GTBIF and $GLAS. 

Position: Long MSOS (M), TRLV (S), VRNOD (M), GTBIF (S), GLAS (S); Short JPM (M), C (S), GRNY (L), SPY (S), QQQ (VS)

Managing Marijuana

Avatar photo Doug Kass on June 29, 2026

I have once again (as I did several months ago) moved my entire position in $MSOS into individual cannabis equities — preferring to identify those specific companies that will most likely benefit from a rescheduling of medical marijuana and adult recreational use.

This allows me to weight those companies as I see appropriate and not be subject to the decision of the MSOS manager — who has a portfolio that includes not only companies that may not survive but also some larger companies that I believe to be disadvantaged in the future.

Position: Long CURLD (S), TRVL (S), GTBIF (S), TSCNDF (S), VRNOD (M), GLASF (S)