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Kass: Rally Through Summer?

Not surprisingly, the media is in disbelief and so are hedge funds, with their net long positions near record low levels for fear of continued investment losses and investor redemptions. The individual investor, also burned by the bear market, has redeemed out of mutual funds by record amounts, and based on my conversations with high net worth stock brokers, many retail accounts have similarly raised cash, or even have closed their brokerage accounts.

Meanwhile, a new marginal buyer -- namely, pension plans -- might have already begun to levitate stock prices recently as their portfolio has been skewed by the marked outperformance of fixed income vis-à-vis equities. And with the yield on the 10-year U.S. note climbing over 3% yesterday, that asset allocation might continue to have a salutary impact on stocks.

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's daily trading diary, please click here.


Know What You Own: AIG operates in the property and casualty insurance industry, and some of the other stocks in its field include Berkshire Hathaway (BRK.A), Travelers (TRV), Chubb (CB), Ace (ACE) and Allstate (ALL). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.

At the time of publication, Kass and/or his funds were long SPY and short SPY puts, although holdings can change at any time.

Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.

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