Being selected as the bear to Warren Buffett's Berkshire Hathaway at the company's annual meeting was like going to the "Woodstock of capitalism," Doug Kass said Monday on CNBC.
On Friday, Buffett, in his annual letter to shareholders, had said he was looking for an investor with a bearish view of Berkshire Hathaway to present the case against the company.
The Oracle of Omaha announced Monday on CNBC's "Squawk Box" that he had selected Kass for the role.
On "Fast Money," the founder of Seabreeze Partners Management, based in Palm Beach, Fla., Kass said he had attended the legendary 1969 music festival near Woodstock, N.Y.
"And now, 44 years later, in May of 2013, I'm going to the Woodstock of capitalism in Omaha," he said. "It's really cool, and I'm anxiously looking forward to Charlie Munger to call me 'a damned fool,'" referring to Buffett's partner at Berkshire Hathaway.
Kass explained that he had prodded CNBC's Becky Quick and Andrew Ross Sorkin, along with Whitney Tilson of T2 Partners, to forward his application to Buffett, along with four references who were known to Buffett and "were willing to give me a nice reference."
Asked by StockMonster's Guy Adami for a fair valuation on the stock, Kass demurred.
"I appreciate the question, my friend, but I'm not going to spill the beans, and I don't really want to take away from the questions at the annual meeting," he said.
Kass also praised Buffett.
"I would just say this one thing, that his willingness to take on a bear as a panelist at the annual meeting and to ask what I believe to be tough questions, is really testimony to his uniqueness, his transparency," he said. "He differs from almost any other corporate manager that I've ever met or known about, who typically lock bearish analysts and their analysis and opinion in the closet, away from investors, who sometimes get a bit too giddy and bullish."
Kass will face off May 4 in Omaha against two Berkshire Hathaway bulls, Cliff Gallant of Nomura Securities and Jonathan Brandt of Ruane, Cunniff & Goldfarb.
Berkshire Hathaway stock closed at $152,955.