Originally published at 10:19 AM EDT on August 21, 2015
"In the hole" I have added to Ford (F) - Get Ford Motor Company Report, General Motors (GM) - Get General Motors Company (GM) Report, Bank of America (BAC) - Get Bank of America Corp Report, Citigroup (C) - Get Citigroup Inc. Report, JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report and Twitter (TWTR) - Get Twitter, Inc. Report this morning.
My addition to Citigroup replaces Oaktree as one of my largest longs.
I see more relative value in C over OAK now.
Position: Long F, GM, C, JPM, BAC, TWTR, TBF, OAK (small)
Dipping the Toe Into Long Waters
Originally published at 9:47 AM EDT on Aug. 21, 2015
The conventional view is that after this week's schmeissing the market can't rally from here on a Friday, as who wants to be long over the weekend?
I would say, by contrast, if there is a growing likelihood of a Chinese "shock and awe" over the weekend and in light of the magnitude of the drop, who wants to be short over the weekend?
I am judiciously adding to banks and selected longs this morning.
Position: Long WFC, FITB, FMER, RF, C, MSL, SONA, EFSC, STL, MBFI, JPM, BBT
So Long, Facebook Short
Originally published at 9:32 AM EDT on August 21, 2015
I made about $7 a share on the short but have a loss on the Twitter leg, which I am holding and adding to.
Position: Long TWTR
At the time of publication, Kass and/or his funds were long WFC, FITB, FMER, RF, C, MSL, SONA, EFSC, STL, MBFI, JPM, BBT, F, GM, JPM, BAC, TWTR, TBF and OAK 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.