investment debacle continues apace.
Berkshire lost another $500 million in
in the first 15 minutes of trading today, and this came on the heels of losing nearly $350 million in the two names around the lunch hour yesterday.
Moreover, the mark on Berkshire's $30 billion-plus derivative short put trade on the
probably now exceeds $10 billion.
A billion here a billion there, and soon it's real money!
Finally, it is interesting to note that normally non-volatile stocks, such as
Constellation Energy Group
are under pressure today.
The reason might be that they are large Berkshire Hathaway holdings and short sellers could be smelling blood.
Doug Kass writes daily for
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Investing A-to-Z section.When will the downturn end? How can you profit now? Find out at The Traders Expo, a "must-attend" event featuring, among others,
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At the time of publication, Kass and/or his funds were long American Express and Wells Fargo and short Kraft, although holdings can change at any time.
Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.