Kass Nailed Private Equity and Harvard

The posts referenced below originally appeared on RealMoney Silver.

On Oct., 30, I predicted that private equity would be the next shoe to drop. Yesterday, Fortress Investment Group (FIG Quote) announced it was halting redemptions of its private equity funds, causing the shares to crumble 25%, to a new low of $1.87, by the close. Fortress shares have lost 89% of their value over the past year. Also, Carlyle Group cut 100 jobs, making up 10% of its workforce, because of weak market conditions.

Back on Nov. 25, I mentioned that the Harvard University endowment would be another casualty of the widespread wealth destruction. This morning, it has been reported that the fund is bleeding crimson ink to the tune of about $8 billion.

I'll continue to try to stay ahead of the curve for my RealMoney Silver subscribers. Stay tuned. ...