A day before Merrill Lynch shocked Wall Street with a massive writedown, RealMoney Silver's Doug Kass had it first in his blog.

Check out his post below, and check out these other must-read Doug Kass articles. Want a free trial to RealMoney Silver so you can get Kass in real-time? Click here. Or check out RealMoney, where Kass participates all day in the Columnist Conversation.

More from Doug Kass:

They're Still Not Getting It on Housing

Market Divergence Should Worry You

Blinded by the Derivatives Boom

iPhone Makes Me an Apple Believer
At time of publication, Kass and/or his funds had no positions in stocks mentioned, 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 Short Offshore Fund, Ltd.