Money manager and columnist Doug Kass, who has made some very good calls in the past couple years, is getting “longer” on stocks.
“I think it’s approaching a time to re-risk,” Kass tells CNBC. “If the market continues to decline, I will expand the long book further.” He says he’s buying financials, including Bank of America and “a lot” of Citibank. He also says he likes JP Morgan because of its credit quality.
Kass says uncertainty about tax and regulation has created a “paralysis” in the markets. But he thinks recent economic data increases the chance that “we’ll see some relief from this tax and regulatory logjam”.