Blackstone/GSO and Disney: Doug Kass' Views - TheStreet

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My Latest Moves

Originally published at 11:41 a.m. EST on November 27, 2015

Here's a rundown of my latest moves:

Blackstone/GSO
I've added to my long of the Blackstone/GSO Strategic Credit closed-end fund (BGB) - Get Report on nearly every trading day over the last two weeks. As such, my position has now moved to large from medium-sized.

As I mentioned earlier this week, BGB's trading volume has swelled, with more than 500,000 shares traded on both Monday and Tuesday. That could mark a selling climax similar to what we saw in closed-end municipal-bond funds in December 2013.

Muni-Bond Funds
As aggressive as I've been on my BGB long, I've been equally aggressive on the sell side of muni-bond funds. I'm now down to tag ends on most of my muni-fund longs.

Disney and GLD
I put Walt Disney Co. (DIS) - Get Report on my "Best Short Ideas" list this morning at $116.25, but I'm taking off the SPDR Gold Shares ETF (GLD) - Get Report.

I'm maintaining a small long on GLD, but can't justify its inclusion on my "Best Ideas" list any more.

Position: Short DIS, Long BGB (large), BLE, BKN, BTT, GLD NPI, NAD, VCV, VPV, ETX, NAD, NMA, NMO, NRK, NPI, NPM, NQU, NQS (all small)

At the time of publication, Kass and/or his funds were long BGB and short DIS, 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.