Doug Kass Continues To Think The March Low Was The Market Bottom
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Doug Kass who famously called the nadir in March, continues to think his prediction is correct. Seabreeze Partners' Doug Kass wrote a short piece for Real Money describing why he thinks we may have reached a generational market bottom in March.
Doug's comments are below.
- I continue to believe that the early March low represented a yearly and, quite possibly, a generational market bottom.
- The mustard seeds for the economy and the U.S. stock market have begun to take root.
- The rate of change in 10 of 12 factors in my watch list are improving.
Below are a few of the conditions where Kass gives a grade on each condition from February and he updates them today.
- Bank balance sheets must be recapitalized. (Grades the package a B+, up from a D+ only two weeks ago.)
- Financial stocks' performance must improve. (Grade B+, up from a D.)
- Credit spreads and credit availability must improve. (Grade D, flat from two weeks ago.)
- We need evidence of more favorable reactions to disappointing earnings and weak guidance. Kass was encouraged by the reaction to the poor results from companies like FedEx (NYSE: FDX), General Electric (NYSE: GE) and Freeport-McMoRan (NYSE: FCX). (Grade B+, up from a C+.)
- Credit spreads and credit availability must improve. (Grade D, flat from two weeks ago.)
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Doug Kass
David Green on Apr 5, 2009 12:24 PMDougie Kass Rocks! This guy is one of the smartest investors around. Picking a bottom is close to impossible for most of the brightest investors in the world. Dougie Kass is not only the best, but he does it all with a smooth balance of strategy and confidence. He has been a huge help to my trading profits and I am a devoted follower...thanks Dougie!