I just got off the phone with my pal Lee Cooperman.
Lee is fearful of market structure (as I am!) and believes the market has become a casino (as I do!).
He expects a very hard fall in the S&P and Nasdaq indexes, but he has little in the way of a sense of timing of this event.
I asked him what indications he would look to in order to be fully prepared and/or better time a market drawdown – Lee said watch for a large rise in the price of gold (he is long a small position in $GLD).
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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