Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 86.27

+0.1%

Nov 12 3:59 PM EST

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To: Road Walker who wrote (646)	9/2/2009 12:47:29 PM
From: tejek	Read Replies (1) of 1428

Seabreeze's Kass betting S&P falls 10 pct by yr end Tue Sep 1, 2009 11:38am EDT NEW YORK, Sept 1 (Reuters) - Hedge fund manager Doug Kass said he is betting on a 10 percent decline in U.S. equities during the second half of the year, on the belief that economic performance and corporate profits will disappoint well into next year. "I am shorting this market because we are facing a period of disappointing economic and corporate growth," Kass, founder and president of Seabreeze Partners Management, told Reuters. "My guess would be that the Standard & Poor's 500 Index will be about 920 or so by year end." The S&P .SPX is currently trading at 1004. In a short sale, investors borrow shares and sell them, betting that the stock price will fall. The goal is to buy the shares back at a lower price, allowing the investor to return the shares to the broker while taking a profit on the spread between the original sale price and the cost of buying the shares back. reuters.com

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