Kass: The Headwinds Keep Getting Stronger

This post by Doug Kass appeared at 8:50 a.m. today on TheStreet.com's Street Insight.

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The market's advance continues to surprise me because the disconnect between a worsening economic reality and generally rising investment expectations is striking -- and growing.

To date, the U.S. consumer has had only a runny nose, led by the downturn in the residential real estate markets. However, there is evidence that the consumer's cold is worsening. Berkshire Hathaway (BRK.A Quote) Vice Chairman Charles Munger apparently agrees, saying over the weekend at the company's annual meeting that "consumer spending is posed to wilt and potentially will contribute to a slowdown in corporate profits." ...