NEW YORK (TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.
Among the posts this past week were items about bears as an endangered species and the Bank of Japan.
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Originally published on Friday, April 4, at 3:38 p.m. EDT
No Market Cushion
I recently wrote that short sellers are an endangered species.
There are NO (except for permabears) emboldened bears out there now, because their ranks have been diminished.
As a result, there is no apparent market cushion provided by the ursine cabal.
Even my buddy/friend/pal Billy Fleckenstein recently said it wasn't time to be short.
Despite the almost-3% Nasdaq dip today, Facebook (FB) still possesses a $140 billion market cap. Twitter's (TWTR) capitalization exceeds $25 billion. LinkedIn (LNKD) trades at a market cap of more than $20 billion and a cool 768x earnings. Salesforce.com (CRM), which has been an awful stock, still has a $33 billion market cap (with financial statements that belong in the cloud because they are so damn confusing). Tesla (TSLA), down $50 from its high, is still priced as if gasoline won't have a commercial use in five years. Zillow (Z), although its commercials are touching, is priced at 18x sales, and, last time I checked, it sells advertising and subscriptions. Then there is Yelp (YELP), a collection of restaurant reviews, clocking in at 20x revenues.