This sampling of blog posts from Doug Kass was originally published today on Street Insight. It's being republished as a bonus for and readers. For more information about subscribing to Street Insight, please click here .

10-Year U.S. Note Yield Up Over 40 Basis Points
1/24/2007 12:18 PM EST

Now above 4.81%, the yield on the 10-year U.S. note is up over 40 basis points in the past few months. We have now made up half of last year's second-half decline in yields.

Thus far, this weakness has had zero impact on other asset classes -- even though it has been accompanied by the markets' no longer expecting a federal funds rate cut.

One would think that any further increase in the yield will likely be accompanied by a building of rate hike expectations, a further slowdown in mortgage activity and some pressure on equities.

In a normal world, that is!

iPhone Searches Surpass iPod Searches
1/24/2007 8:21 AM EST

Not surprisingly, given the introduction of the product, the volume of "iPhone" searches (for the week ended Jan. 13) have passed the weekly record iPod searches at any point last year, and in the latest week, the amount of searches for "iPhone" surpassed the searches for "iPod."

It will be interesting to follow the quantity of searches during the next month or so as the excitement dies out a bit following the MacWorld announcement.

Stay tuned -- I will!

At the time of publication, Kass held positions in Apple.

Nothing New in State of Union
1/24/2007 7:46 AM EST

President Bush took the center stage last evening in the annual State of the Union address.

According to the Washington Post, the address was two speeches in one and sent three themes to the country. The president plowed through his domestic initiatives and then moved onto his policy decisions regarding the Iraq conflict. The themes -- bipartisan cooperation, the threat of terrorism (and the need to be patient in the Mideast) and his visions for a robust domestic agenda over the balance of his presidency -- permeated his State of the Union address.

The Democrats said that his tone was less confident and that his objectives more constrained than in the past.

The president's allies, not surprisingly, objected to many of the Democrats' "knee-jerk" objections and initiatives (especially the health care position). Some, like Sir Larry Kudlow ("If it ain't broke, don't fix it"), seem to suggest that the economy should be the message -- and, in that regard, it's in great shape.

In the main, President Bush's speech was gracious and well written, but, like the Democrats' response, highly predictable. From the standpoint of investors, neither the Republicans nor the Democrats had anything incremental to say -- nor did it contain any new actionable investment ideas.
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 Short Offshore Fund, Ltd. Until 1996, he was senior portfolio manager at Omega Advisors, a $4 billion investment partnership. Before that he was executive senior vice president and director of institutional equities of First Albany Corporation and JW Charles/CSG. He also was a General Partner of Glickenhaus & Co., and held various positions with Putnam Management and Kidder, Peabody. Kass received his bachelor's from Alfred University, and received a master's of business administration in finance from the University of Pennsylvania's Wharton School in 1972. He co-authored "Citibank: The Ralph Nader Report" with Nader and the Center for the Study of Responsive Law and currently serves as a guest host on CNBC's "Squawk Box."

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