This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kass: From China to Omaha

Omaha, Here I Come!


This morning I was surprised, honored and flattered to have Warren Buffett invite me to be the "credentialed bear" on a panel at Berkshire Hathaway's (BRK.A - Get Report)/ (BRK.B - Get Report) annual meeting in Omaha during the first week of May.

Here is the tape of the Oracle offering me this role on CNBC's "Squawk Box" this morning.

Let me explain the events that led up to the invite.

As I have done over the past few decades on a certain late-winter Saturday morning (ever since I was a graduate student at Wharton), I woke up this Saturday and read Warren Buffett's letter to Berkshire Hathaway shareholders (see page 23).

In that letter Mr. Buffett wrote:

Finally -- to spice things up -- we would like to add to the panel a credentialed bear on Berkshire, preferably one who is short the stock. Not yet having a bear identified, we would like to hear from applicants. The only requirement is that you be an investment professional and negative on Berkshire. The three analysts will bring their own Berkshire-specific questions and alternate with the journalists and the audience in asking them.

Upon reading this, I emailed CNBC's Andrew Ross Sorkin and Becky Quick and asked them if they would be kind enough to forward a letter I wrote on Saturday that basically threw my hat in the Oracle's ring as that "credentialed bear."

I included in the email to Mr. Buffett my curriculum vitae and a column I wrote in March 2008 that explained the rationale behind why I was short Berkshire's shares back then almost five years ago. (It turned out to be a successful short and, surprisingly, for the right reasons.)

As well, I included references for Mr. Buffett of four hedge-hoggers and investment managers who were acquaintances of his, whom I knew he respected and whom were familiar with my body of work.

Andrew and Becky were really nice and forwarded my email to Mr. Buffett over the weekend, and the rest, as they say, is history.

I had absolutely no idea the invitation would be forthcoming and found out like everyone else while watching "Squawk Box" with Joe and Becky this morning!

Here are several recounts of the story of Mr. Buffett's invitation by Bloomberg, The Wall Street Journal and Nasdaq.

I am going to Disneyland -- I mean, Omaha!

And in Omaha I will be Daniel in the Lion's Den, wading in a sea of Warren Buffett's strongest admirers.

But I will be up to the challenge.

Stay tuned -- literally!
At the time of publication, Kass and/or his funds were short BRK.B, although holdings can change at any time.

Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Our Tweets

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs