Letter from Doug Kass - Weekend Reading

This man called the bottom (link below) and now read his lead from today to the public...I see the Mr. Kass is also a student of Benjamin Graham, as is RF.
http://www.businessinsider.com/kass-calls-the-bottom-2009-3


Please Mr. Market

By Doug Kass, The Edge

I am still waiting for Mr. Market to deliver my letter.So many days you passed me by See the tears standin' in my eyes You didn't stop to make me feel better By leavin' me a card or a letter Marvelettes, "Please Mr. Postman" To paraphrase Herodotus, "Neither Microsoft (MSFT), nor Amazon (AMZN), nor snow, nor rain, nor heat, nor gloom of night stays these couriers from the swift completion of their appointed rounds." The "What, Me Worry?" crowd, who arguably appear unconcerned about the threats to a self-sustaining economic recovery, continue to deliver with an unrelenting confidence. If their ignorance is bliss, I would certainly appreciate a bit more of it! Ahead of the U.S. stock market opening, futures have reversed the late-Thursday afternoon post-Microsoft/Amazon-induced weakness. The cover of this morning's Wall Street Journal speaks volumes: The lead article describes a roaring world bull market in equities (which the bulls describe as forward-looking) and the columns below it contain downbeat content regarding Microsoft's earnings and a worse-than-expected U.K. GDP report (which the bulls describe as backward-looking). No doubt, we saw a bull market in pessimism reach its crescendo into the first week of March 2009, as the big-money investors screamed "get me out!" Today, in late July 2009, the bull market in optimism continues in force but is getting equally stretched as investors yell, "get me in!" Clearly, the bullish talking heads in the media say they are looking over the economic valley as stocks reach their highest close of the year. I, too, am looking over the valley, and I don't like the headwinds I see as the odds favoring a consumer-based double-dip remain high. Color me confused and increasingly impatient as I wait for Mr. Market to deliver my letter -- the sooner, the better.