Doug Kass on the Market: A Life on TheStreet

Praise for DOUG KASS ON THE MARKET "Dougie Kass tells it like it is as he navigates the capital markets during one of the most volatile periods in history. The ultimate contrarian, Dougie made the call heard 'round the investment world when he predicted 'A Generation Market Bottom' on The Kudlow Report during the first week of March in 2009—amazingly within 24 hours of the U.S. stock market's actual low." —Lawrence Kudlow, CNBC senior contributor and radio host of The Larry Kudlow Show "A must-read for any serious stock market investor. Doug gives the reader invaluable insights garnered over a 40-plus-year investment career. You will be a better investor after learning from Doug's experiences." —Leon G. Cooperman, Founder and CEO, Omega Advisors, Inc. "Doug Kass demonstrates profound awareness of financial history, cycles and their extremes, and the need for a value-conscious, unemotional, contrarian approach. These are essential elements in investment success. By reflecting them, Doug helps his readers negotiate the extremes of euphoria and depression—and overvaluation and undervaluation—that victimize so many investors." —Howard Marks, Chairman, Oaktree Capital Management "From longs to shorts to Buffett to Ben Stein and, of course, poker, Doug Kass shares decades of common-sense wisdom on the markets, investing, and life. It is a real treat to read this selection of writings from one of the most levelheaded practitioners of a generation." —David Einhorn, Founder and President, Greenlight Capital "Doug Kass has been a serious student of the financial markets and popular culture for decades. He has combined this passion with his exceptional intelligence and common sense to write daily commentaries which I read carefully. Some of his best work is in this book. Over the years he has helped me become a better investor." —Byron R. Wien, Vice Chairman, Blackstone Advisory Partners LP "Doug provides both a theoretical and, more importantly, a practical approach to the unfolding dynamics of the U.S. capital market—with emphasis on understanding equities and investigating behavior. He provides a good motion picture of what has occurred in the world in the last two decades." —Mario J. Gabelli, Founder and Chairman of GAMCO Investors

Foreword James J. Cramer Preface Where it Began Introduction The Contrarian A Longtime Bear Turns Bull What a Long, Strange Trip It′s Been Short–Selling Introduction The Case for Short–Selling Short–Sellers Under Fire How to Short Lehman Can′t Blame Shorts Stop Pointing Fingers at Short–Sellers Blame Game Is Dishonest 11 Ways to Fix the Short Ban Leave the Short–Sellers Alone In Defense of Short–Selling Lessons Learned Introduction Sniffing Out Bad Stocks Laugh at Your Own Expense When the Bond Market Talks, Listen Poker Is Flush With Insight for Traders My Tenets of Investing 12 Investment Principles for the Abyss My Recession Checklist Chase Value, Not Price Six Ways to Right Your Wrongs Four Stages of Market Turning Points Moving On Adapting to Mr. Market America′s Pastime Applies to Markets Let the Trading Day Commence A Delicate Balance The Lion’s Share What to Do When You′re Wrong Beware the Stock Market Trading Jones One Shining Moment Time Frames and Exposures 10 Laws of Stock Market Bubbles My Stock Market Super Bowl Indicator Kill the Quants, Punish the ProBears In Bernanke We Trust? Addressing the Fiscal Cliff Such a Long Time to Be Gone and a Short Time to Be Here The Great Decession: Subprime and Credit/Debt Crisis Introduction Trouble Looms for the Homebuilders Stretched Consumer Nears Tipping Point When the Walls Come Tumbling Down When the Walls Come Tumbling Down (Part Deux) Housing Headed to the Woodshed Housing′s Softness Has Long Reach Subpar Subprime a Growing Problem Ratings Are Subprime′s Dirty Secret Subprime Fungus Will Spread Subprime′s Siren Call Four to Blame for the Subprime Mess Fed Is No Savior in Subprime Slide The Simple Math of Subprime′s Slide Housing Red Ink Could Spell Recession Hedge Funds′ Dirty Little Debt Secret Loaded Up on Leverage Don′t Underestimate How Bad Things Are No Quick and Easy Fix for This Market Brokers′ Profits Riskier Shaking Off the Credit Nightmare Blinded by the Derivatives Boom A Market on the Brink Two Solutions to What Ails the Market Ready for the Bear Stearns Challenge? Investors Have Lost Their Innocence Wall Street Has Sold Out America Welcome to Dystopia Harder Than the Average Bear Recovery Introduction The Parable of the Mustard Seed On the Road to Recovery Fear and Loathing on Wall Street Bottoms Up, Mr. Market Bottom Call (Part Deux) Printing an Important Market Bottom It Ain′t Heavy, It′s a Bottom The Little Market That Could Against the Grain Introduction Experts Agree, Recession Is Over Market Has Likely Topped Bearish Arguments Are Roaring Top 20 Signs How Bad the Economy Is More Nuance Is in Store We Are the World The Decade of the Temporary Worker The Scale Tips to the Bullish Side The Lost Decade Has Passed Us Equities Edge Toward a Top More on Screwflation A Contagion of Black Swans Apocalypse Soon 10 Reasons to Buy American The Case for Shorting U.S. Bonds Residential Real Estate Is Ready to Recover The Bear Case for Apple A House Divided Against Itself Beware the Interest Rate Cliff Housing Faces a Credit Event QE′s Growing Impotence Flawed Case for a Bull Market Everybody in the Pool Expect the Unexpected in 2014 Climbing a Wall of Complacency Turn, Turn, Turn Wall Street Personalities Introduction A Soros Story The Bearded Prophet of the Apocalypse On Being Jim Cramer Defending Cramer Defending Cramer (Part Deux) Leon Cooperman and James Brown: The Godfathers of Hard Work Ben Stein Whistles Past Mortgage Mess Curb Your Enthusiasm, Ben Stein Ben Stein Blames You Eat My Shorts, Ben Stein My Q&A With Nouriel Roubini The Orchid Indicator The Most Important Book The Gospel According to Barton Biggs Walt′s Wit Alan Abelson and Me An Open Letter to Sir Larry Kudlow More Remarkable Tales of Boca Biff Buffett Watch Introduction 11 Reasons to Short Berkshire Buffett Veers Off His Investment Path Warren Buffett Has Lost His Groove Buffett Brought Down to Earth Is This the End of Warren Buffett? One of the Worst Beatings Ever Buy American? I′m Damned! Burlington Bet Could Derail Berkshire Omaha, Here I Come! My Pilgrimage to Warren Buffett′s Omaha Warren and Me Little–Known Facts About Warren Buffett Conversing With the Oracle My Berkshire Q&A Recap The Rabbi and the Oracle Lessons Never Learned Surprises Introduction 25 Surprises for 2003 Surprises in Store for 2004 Some Surprises in Store for 2005 Surprises for 2006 25 Surprises for 2007 20 Surprises for 2008 20 Surprises for 2009 20 Surprises for 2010 15 Surprises for 2011 15 Surprises for 2012 Five More Surprises for 2012 15 Surprises for 2013 15 Surprises for 2014 Epilogue

DOUG KASS is the president of Seabreeze Partners Management Inc. From 1994 to 1996, he was a senior portfolio manager at Omega Advisors, a $10 billion investment partnership. Formerly, he was executive senior vice president and director of institutional equities of First Albany Corporation and JW Charles/CSG. He was a General Partner of Glickenhaus & Co., and held various positions with Putnam Management and Kidder, Peabody. Doug is the coauthor of Citibank: The Ralph Nader Report with Nader and the Center for the Study of Responsive Law, and since 2003 he has been a guest host on CNBC's Squawk Box . He has an MBA from The Wharton School of the University of Pennsylvania.