NEW YORK ( TheStreet) -- Doug Kass wrote an excellent column last week for TheStreet's Real Money premium service. In "More Than Ever, Buy American," he outlined 10 reasons why he remains bullish on U.S. equities.While I am not quite as optimistic as Kass, I do agree that the U.S. ranks near, if not at the top, of the best places to invest in the world.
It's only interesting in that it exposes the authors lack of knowledge about the auto industry, how does "The Street" screen these writers?Given the way the stock market gyrates these days, I'm not one to make much of short-term moves in stocks. That said, it's interesting to note that when that article was published, Ford shares were changing hands at $10.01 and GM shares were trading at $19.85. In Friday's trading, Ford shares dipped as low as $9.46 and ended the day at $9.59. GM fared a bit better, rebounding from an intraday low of $19.24 to close at $19.72. I expect further downside or, at the very least, range-bound stagnation in both names for the foreseeable future. It's about more than Europe, though. And it's certainly not about knowledge, or lack thereof, about the auto industry. That's a big mistake. Your "knowledge about the auto industry" will not take you all that far when selecting stocks.