Doug Kass shares his views every day on RealMoneyPro. Click here for a real-time look at his insights and musings.
Osborne cited a substantial growth in U.K. childhood obesity as a catalyst for the tax, which the British government intends to impose in two years. Many other countries are also considering similar moves.
Coca-Cola is a darling for Warren Buffett, but faces plenty of headwinds in addition to today's British tax announcement. Stated simply, it's an Old Economy company with a limited runway for growth.
Still, my new KO short position is small -- at least for now.
I still like junky credit!
The Commerce Department said today that retail sales dropped 0.1% in February -- but the real bad news was a revision to January's numbers. Commerce revised its initial reading of a strong 0.2% gain down to a dramatic 0.4% decline.
Reflecting this and my bearish market and global economic concerns, I'm selling my long of Best Buy (BBY) and taking the stock off of my "Best Long Ideas" list.
This follows the elimination over the past week of my longs of Bed Bath & Beyond (BBBY) , Blackstone Group (BX) , Goldman Sachs (GS) , Morgan Stanley (MS) , Potash (POT) , Radian (RDN) and Twitter (TWTR) .
I've also taken all of these names off of my "Best Long Ideas" list. All told, my "Best Ideas" list is now down to just 13 longs, but has 21 shorts.