Positives and Negatives
The largest positive is that most now believe that the Fed and Treasury are pushing on a string as investment, economic and profit expectations have begun to adjust to reality:
- The Cassandras -- Nouriel Roubini has guest hosted CNBC's "Squawk Box" on three occasions in the past six weeks and is now touring the globe to standing-room-only crowds as an economic consultant! -- are now out in force.
- The discredited Polyannas -- even "Steady Eddy" Ken Fischer and many other permabull managers are suffering and are getting redeemed! -- are in hiding, however, nowhere to be seen, and, they, too, have turned their back to Goldilocks, as the NBER yesterday put an exclamation point on the U.S. recession.
- stability returns to the hedge fund community, as redemptions slow down, some large hedge funds fail, and money is re-circulated to other investment managers;
- the slope of the domestic economy's downturn is better understood, as the possible recovery is seen with better clarity; and
- the volatility in the capital markets diminishes.
Know What You Own: Doug Kass alludes to the turmoil in the financial sector, and some of the survivors in this field include JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Citigroup (C), Royal Bank of Canada (RY), Bank of New York Mellon (BK) and Toronto-Dominion Bank (TD). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.
Doug Kass writes daily for RealMoney Silver, a premium bundle service from TheStreet.com. For a free trial to RealMoney Silver and exclusive access to Mr. Kass' daily trading diary, please click here.
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