March 6, 2013

Doug Kass apple mistake

Seabreeze Partners founder Douglas Kass admitted on Tuesday what a growing number of analysts have been forced to acknowledge as Apple's slump deepens: he may have been all wrong.

"Frankly, I'm thinking I probably made a mistake," said Kass on CNBC's "Futures Now."

The investing guru bought Apple at the close on Friday, when the stock was pinned on expiration, and continued to add to his position. Yet when the stock popped Tuesday morning, he immediately sold his shares.

"At $425 or $430 or so, there seems to be substantial value in the company from a trading standpoint," Kass said. "The problem facing fundamental investors and Apple, is that we still have a lot of earnings reductions from Wall Street coming ahead."