November 30, 2015

Doug Kass latest on Blackstone, MuniBonds, Disney and Gold

Here's a rundown of my latest moves:

I've added to my long of the Blackstone/GSO Strategic Credit closed-end fund (BGB) on nearly every trading day over the last two weeks. As such, my position has now moved to large from medium-sized.

As I mentioned earlier this week, BGB's trading volume has swelled, with more than 500,000 shares traded on both Monday and Tuesday. That could mark a selling climax similar to what we saw in closed-end municipal-bond funds in December 2013.

Muni-Bond Funds
As aggressive as I've been on my BGB long, I've been equally aggressive on the sell side of muni-bond funds. I'm now down to tag ends on most of my muni-fund longs.

I put Walt Disney on my "Best Short Ideas" list this morning at $116.25, but I'm taking off the SPDR Gold Shares ETF  (GLD). 

I'm maintaining a small long on GLD, but can't justify its inclusion on my "Best Ideas" list any more.

Position: Short DIS, Long BGB (large), BLE, BKN, BTT, GLD NPI, NAD, VCV, VPV, ETX, NAD, NMA, NMO, NRK, NPI, NPM, NQU, NQS (all small)