Editor's note: This column by Doug Kass is a special bonus for RealMoney readers. It first appeared on Street Insight on Nov. 8 at 8:17 a.m. To sign up for Street Insight, where you can read Kass' commentary in real time, please
- Defense ( PowerShares Aerospace & Defense ( PPA)) Pharma ( Pharmaceutical HOLDRs ( PPH)) High-end retail ( Retail HOLDRs ( RTH)) Energy ( Oil Services HOLDRs ( OIH))
- "Kudlow & Company" recorded its biggest year-to-year growth (134%) in the key 25-54 demographic of any show on its network, and just delivered its highest monthly ratings ever last month. (That is not a sign of market disinterest! This does not happen at market bottoms!) Hedge fund Fortress L.P. has filed to go public. There's a Pavlovian response to Jim "El Capitan" Cramer's "Mad Money" recommendations. Consider the immediate (and wrong) response to headline earnings at General Motors ( GM), despite their poor quality and inclusion of nonrecurring tax benefits. Or consider the reaction to Wal-Mart's ( WMT) analyst day announcement of a cut in capital expenditures. It led to a 7% one-day rise, only to be followed by a 10% swoon after poor comps were released days later.