Doug Kass
As seen in:
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and
Seabreeze Capital Partners LP
seabreezepartnerslp.com
Articles by Doug Kass
Doug Kass: 1999, 2007 and … Now It Feels Like Déjà Vu All Over Again
The U.S. stock market has become almost entirely centered on artificial intelligence. Without the growth in capital spending on AI, in fact, the U.S. economy would be hardly growing. At the same time, traders and investors are ignoring many fundamental and technical headwinds. This has become so pronounced that factors that would once cause concern are being ignored by investors who operate in a casino-like setting of momentum-based trading and investing and speculation.
Doug Kass: Now’s Best Time Ever for Pot
“Be greedy when others are fearful and be fearful when others are greedy.” – Warren Buffett The announcement of a “stay” in the rescheduling hearing for cannabis that would make some forms of the drug come under less restrictive federal regulations has created an exceptional entry point. In fact, I believe that right now the cannabis industry has actually never been closer to seeing a change in cannabis classification and resolving custodian and uplisting issues.
Doug Kass: Sit Down, It’s Time to Have ‘That’ Talk (About Valuation Models)
“This is Mrs. Bencours, one of my patients. She thinks she’s a sheep. That’s all.” – Dr. Doug Ross (Gene Wilder), Everything You Always Wanted to Know About Sex – Woody Allen Movie Close the door, sit down: We’re going to talk about another uncomfortable topic: valuations models. In fact, everything you ever wanted to know about valuation models, but were afraid to ask.
Doug Kass: Here’s What I Asked Warren Buffett About This Very Moment
Warren Buffett has stepped down as chairman of Berkshire Hathaway. As planned, his son Howard G. Buffett, a director since 1993, will become the new chairman. Warren Buffett is now chairman emeritus, Susan Decker will stay put as lead independent director. I have been considering this transition for a while. In fact, I asked Buffett and Charlie Munger about this succession plan 13 years ago, when I appeared as “the credential bear” at Berkshire Hathaway’s 2013 Annual Meeting.
Kass: History Doesn’t Repeat, But Today’s Market Is Rhyming Loudly
* I believe we have seen the high in most averages for the year. * Risks are underappreciated. * Downside market risk currently dwarfs upside reward — perhaps materially so… What follows is a combination of Diary posts and communications to my Limited Partners at Seabreeze: I remain net short (about 15%) in exposure. Given that nearly every concern we have expressed over the last 18 months is now being realized (see below), our short position should probably be higher.
Boeing Gets Union Update as We Eye Adding More Shares
On Monday, we shared that we were waiting to hear about developments between Boeing (BA) and union representatives for the Society of Professional Engineering Employees in Aerospace (SPEEA). Word from the union is that the two will resume contract talks on September 8. Granted, that is not much of a development, but now we have an established timeline to track that could remove this particular overhang from BA shares.
Kass: Welcome to the ‘Rosy Scenario.’ What Could Possibly Go Wrong?
At words poetic, I’m so pathetic That I always have found it best, Instead of getting ’em off my chest, To let ’em rest unexpressed, I hate parading my serenading As I’ll probably miss a bar, But if this ditty is not so pretty At least it’ll tell you How great you are. You’re the top! You’re the Coliseum. You’re the top! You’re the Louve Museum. You’re a melody from a symphony by Strauss You’re a Bendel bonnet, A Shakespeare’s sonnet, You’re Mickey Mouse.
Doug's Daily Diary - Wednesday, May 27, 2026
The Failure of Social and Business Media BY Doug Kass · May 27, 2026, 6:45 AM EDT More Tales From Nvidia: A Lesson on Valuations of Cyclical Equities (Issue #197!) BY Doug Kass · May 27, 2026, 6:30 AM EDT Tweet of the Day BY Doug Kass · May 27, 2026, 6:15 AM EDT Tuesday Night Speculation BY Doug Kass · May 27, 2026, 6:05 AM EDT Back in Overbought Territory BY Doug Kass · May 27, 2026, 5:55 AM EDT Early Wednesday Morning Trading (4:05 AM) BY Doug Kass · May 27, 2026, 5:47 AM EDT
Kass: The Voting Machine Is Overwhelming the Weighing Machine
For nearly three years the markets and its participants have ignored elevated valuations. How much longer can the S&P 500 and the other major indices deliver upside when price-earnings multiples and equity risk premiums are in the 95th percentile or higher? With consensus (I think overly optimistic!) 2026 S&P EPS at $330/share, the senior average trades at 23x and the equity risk premium is negative.
Doug's Daily Diary - Wednesday, May 27, 2026
Casino Covering BY Doug Kass · May 27, 2026, 10:02 AM EDT Boockvar on Housing BY Doug Kass · May 27, 2026, 9:55 AM EDT Boockvar on Some Economic Loose Ends BY Doug Kass · May 27, 2026, 9:35 AM EDT Upside, Downside Movers in the Morning BY Doug Kass · May 27, 2026, 9:07 AM EDT The Casino (Part Deux) BY Doug Kass · May 27, 2026, 8:54 AM EDT The Casino BY Doug Kass · May 27, 2026, 8:50 AM EDT Treasury Auctions, Fed Speakers and Econ Calendar BY Doug Kass · May 27, 2026, 8:45 AM EDT Charting the...
Doug's Daily Diary - Wednesday, May 27, 2026
7 Reasons I’m Getting More Positive on Cannabis BY Doug Kass · May 27, 2026, 3:45 PM EDT Wednesday’s After-Hours Advancers and Decliners BY Doug Kass · May 27, 2026, 4:40 PM EDT 8 Reasons I’m Getting More Positive on Cannabis BY Doug Kass · May 27, 2026, 4:33 PM EDT Wednesday’s Closing Market Stats BY Doug Kass · May 27, 2026, 4:24 PM EDT Funniest Cannabis Tweet of the Day BY Doug Kass · May 27, 2026, 3:24 PM EDT Earnings After the Close Wednesday and Before the Open Thursday BY Doug Kass ·...
Doug's Daily Diary - Tuesday, May 26, 2026
Tuesday’s After-Hours Advancers and Decliners BY Doug Kass · May 26, 2026, 4:40 PM EDT Tuesday’s Closing Market Stats BY Doug Kass · May 26, 2026, 4:25 PM EDT Thanks for Reading Today BY Doug Kass · May 26, 2026, 3:59 PM EDT High Above the Alps BY Doug Kass · May 26, 2026, 3:25 PM EDT Recommended Viewing (Part Deux) BY Doug Kass · May 26, 2026, 3:18 PM EDT Best Risk-Reward in Cannabis BY Doug Kass · May 26, 2026, 2:15 PM EDT Recommended Reading BY Doug Kass · May 26, 2026, 2:00 PM EDT All Is...
Doug's Daily Diary - Tuesday, May 26, 2026
Tweet of the Day (Part Four) BY Doug Kass · May 26, 2026, 12:30 PM EDT Outside Day for These 2?
Doug's Daily Diary - Tuesday, May 26, 2026
Treasury Auctions 11:00 a.m.: Treasury Announces a 4, 8 and 17 Week Bill Auction; 11:30 a.m.: Treasury hosts an $89B 3 and a $77B 6-Month Bill Auction; 1:00 p.m.: Treasury hosts a $85B 6-Week Bill Auction; 1:00 p.m.: Treasury hosts a $69B 2-Year Note Auction Economics Calendar 10:30 a.m.: Dallas Fed Manufacturing Activity (May); Positions: None.
Doug's Daily Diary - Tuesday, May 26, 2026
From our Comments Section: Dougie Kass 7h ago Monday Night Trading (801PM) Shorts added to: SPY $751.01 QQQ $724.61 Position: Short SPY (M), QQQ (M)
Doug's Daily Diary - Friday, May 22, 2026
Nasdaq just triggered 8 Hindenburg Omen and Titanic Syndrome warnings in 3 weeks. When the 3-week warning count reached 8+, Nasdaq annualized returns averaged -24%. Price keeps pushing higher. So do the warnings. Read full analysis:https://t.co/iJUI9CJyKS pic.twitter.com/kwQ3f8aEt4
Doug's Daily Diary - Friday, May 22, 2026
The Adverse Jobs Impact on AI BY Doug Kass · May 22, 2026, 11:35 AM EDT Added to My Index Shorts BY Doug Kass · May 22, 2026, 11:15 AM EDT Boockvar on Foreign Bond Selling, Walmart Insights BY Doug Kass · May 22, 2026, 11:10 AM EDT Fading Free Cash Flow of the Hyperscalers BY Doug Kass · May 22, 2026, 10:50 AM EDT Pearls From Charlie Munger BY Doug Kass · May 22, 2026, 10:35 AM EDT Shorted More GRNY BY Doug Kass · May 22, 2026, 10:23 AM EDT Ludacris Forecast?
Doug's Daily Diary - Friday, May 22, 2026
From Peter Boockvar: Evidence of foreign selling/Walmart provides great info as do others/Overseas data I’ve argued, as expressed here, that one source (in addition to debt and inflation concerns) of sovereign bond selling in those bond markets with heavy foreign ownership have been foreigners taking money back home, whether to defend their currency from weakness and/or using the money to help cushion the cost of higher energy imports.
Doug's Daily Diary - Thursday, May 21, 2026
Nvidia Tweet of the Day BY Doug Kass · May 21, 2026, 12:30 PM EDT Things I Did Today BY Doug Kass · May 21, 2026, 12:05 PM EDT Late Morning Market Stats BY Doug Kass · May 21, 2026, 11:45 AM EDT Abie From Brooklyn Calls for a Top in Nvidia’s Shares BY Doug Kass · May 21, 2026, 11:25 AM EDT Boockvar on Manufacturing and Precautionary Stock Building BY Doug Kass · May 21, 2026, 10:35 AM EDT Tweet of the Day (Part 5) BY Doug Kass · May 21, 2026, 10:25 AM EDT My Tweet of the Day BY Doug Kass ·...
Doug's Daily Diary - Friday, May 22, 2026
Play It Again, Sam BY Doug Kass · May 22, 2026, 8:25 AM EDT Another Divergence BY Doug Kass · May 22, 2026, 8:20 AM EDT Tweet of the Day (Part Deux) BY Doug Kass · May 22, 2026, 8:10 AM EDT The Rising Costs of AI BY Doug Kass · May 22, 2026, 8:00 AM EDT Mo Mo, Oh No! BY Doug Kass · May 22, 2026, 7:45 AM EDT Margin Debt Soars BY Doug Kass · May 22, 2026, 7:34 AM EDT This Is What Slugflation Looks Like BY Doug Kass · May 22, 2026, 7:10 AM EDT Got Power?
Doug's Daily Diary - Friday, May 22, 2026
Upside: -CNDT +16% (agrees to sell public transit business to global tech organization Modaxo for $164M) -IMAX +13% (reportedly considering a sale; Company approached entertainment companies to seek potential buyers) -EL +12% (terminates Puig deal talks; reiterates confidence in Beauty Reimagined strategy) -ZM +8.0% (earnings, guidance) -WDAY +6.7% (earnings, guidance) -WYFI +6.3% (signs AI Compute Agreement with Total Contract Value in Excess of $160M with Investment-Grade Technology...
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