August 30, 2017

Volatility is an opportunity for traders who understand value

"I recently concluded, based on my analysis of the S&P 500 Index, that the potential downside exceeds the potential upside by a factor of four times. Though stock prices were trending higher and as recently as a week ago were at all-time highs, my view of the very unattractive reward vs. risk and the widening of stock prices relative to intrinsic value caused me to be more aggressive and anticipatory rather than waiting for a price trend change; it is the essence of my approach to trading and investing." - Doug Kass