He’s said it before and on Thursday strategic investor Doug Kass said it again. Go long.
Although the president of Seabreeze and CNBC contributor concedes he was early when he told us on August 9th that the market had made its lows, he’s convinced that Tuesday’s lows will, in fact hold.
And he suggests putting money to work in non-bank financials. “Life insurance companies are stupid cheap,” he says.
Trader Pete Najarian agrees. “I saw a lot of activity that suggests bulls are stepping into names like Hartford .”
But in this space, Kass tells us he’s most excited by an online broker. “My largest position in this space is in E*Trade ,” he says.
Kass is betting that published reports prove prescient and that billionaire hedge fund manager Ken Griffin, who is E*Trade's largest shareholder, will successfully agitate for the company to sell itself. "And I think Ameritrade or Schwab will buy the company around $16," Kass says.