NEW YORK ( TheStreet) --
That's the response I received from TheStreet's Doug Kass after he told me he didn't understand the thinking I presented in my response ( Will the Drunken Twitter IPO Double?) to his most likely accurate prediction that Twitter will indeed double ( Kass: How Tweet It Is.
Outside of referring to my life as "modern," Papa Kass hit me with the one play on my name I have only heard three million times before.In all seriousness, though, given Kass' knowledge and prowess as a trader and investor, there's no way he doesn't comprehend what I am saying in that article. In fact, he has likely forgotten more about investor psychology than I'll ever know. Before reiterating thoughts on Twitter, consider Apple (AAPL - Get Report). A classic case where some investors have nothing to blame for their losses -- realized or not -- but their externally influenced emotions. You had cats like AAPL analyst Brian White (I'm not sure where he works now or if he uses an 'i' or a 'y' in his name) with cute price targets of $1,111 as the stock topped $700. Seemingly everybody (except for Kass!) jumped aboard the AAPL train. It turned into this Bushian battle between good and evil. Tons of retail slugs and, I would assume, more than a few institutional guys bought Apple stock to fight against the unjust forces -- often referred to as "manipulators" (I think some of these hacks use that term, idiotically, to refer to Papa Kass) -- they perceive as keeping it down. It wasn't an investment thesis; rather it was fighting the good fight when these people bought AAPL at the top. And they had the perfect rationalization standing by their sides cheering them on. Folks such as White with their $1,111 targets. We know the story there, epitomized in the extreme by all Apple hedge fund manager Andy Zaky. Here's the background on that:
Apple Bulls Having Love Fest: Please Get a Room (October 11, 2012)
The rise and fall of Andy Zaky (March 4, 2013)I love Philip Elmer-Dewitt (great journalist, even better guy it seems) and feel for Zaky's peril, however it is what it is. That's just one illustration of investor psychology crushing people.