Kass: Fed's Mandate Elevating the Dow, S&P

1:11 PM ET Tue, 7 May 2013

Seabreeze Partners' Doug Kass explains why his market call was wrong. It's a P/E-driven market, he says, with CNBC's Mandy Drury and the Futures Now Traders. What he didn't realize, he says, somewhat facetiously, is that the Fed's mandate had gone from employment and inflation to elevating the Dow Jones and the S&P 500.