Doug Kass

No Risk Of Recession?

"Whether it is a mild, or 'massive', recession will make little difference to individuals as the net destruction of personal wealth will be just as damaging. Such is the nature of recessions on the financial markets."

Technically Speaking: This Is Nuts

"Despite many who are suggesting this has been a ‘rational rise’ due to strong earnings growth, that is simply not the case as shown below..."

Market Goes 'Full Bitcoin'

"The artificiality of stock prices has accelerated in recent years with the domination of passive investment strategies..."

The Mean-Reverting History Of Profit Growth

As the markets push once again into record territory the question of valuations becomes ever more important.  While valuations are a poor timing tool in the short term for investors, in the long run, valuation levels have everything to do with future returns.

Weekend Reading: You Have Been Warned

"Investors aren’t paying attention... There is an important picture that is currently developing which, if it continues, will impact earnings and ultimately the stock market..."

It's A 'Turkey' Market

"You can try and fool yourself that weak earnings growth, low interest rates and high-valuations are somehow are justified. The reality is, like Turkeys, we will ultimately be sadly mistaken and learn a costly lesson..."

Weekend Reading: Will Tax Reform Deliver As Expected?

While Congressional members were campaigning yesterday that the “tax plan” would give an $1182 tax cut to most Americans, it should not be forgotten that since they failed to “repeal and replace” the Affordable Care Act, any tax cut will only be diverted to offset a substantial rise in health care premiums in 2018.