Kass: Don't Believe the Hype
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The muted market reaction to the one-sided Geithner proposal makes sense to me.
Mind Your Investments, and Ignore the MediaThere is little question that the schism between the parties is more venal than it was 20-25 years ago, which has led to the politics of division over the last decade. Nevertheless, ignore the media's overhyped and extreme interpretations of both the Democratic and Republican Parties' gambits, especially in the early stages of negotiations (which is really more theatre and posturing than negotiations). And ignore items such as CNBC's promotional bug of the fiscal cliff countdown -- we have seen repeatedly, over time, other bugs that were killed off. Being fearfully preoccupied with the first act of this fiscal cliff ballet could result in shedding investments that are attractive over the intermediate term. Instead of burying your head in the sensationalism of the media, try burying your head in balance sheets and income statements in order to find the next Ocwen Financial (OCN) or Altisource Portfolio Solutions (ASPS). It will be a more productive endeavor. In summary, be fearful of the earnings cliff not the fiscal cliff.
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