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Home > Real Estate > Archives > 2006 > May > 24

Wednesday, May 24, 2006

Flippers flop

By Jeff Ostrowski | Wednesday, May 24, 2006, 02:57 PM

After reading Eve Samples’ story Sunday about speculators’ broken dreams, I couldn’t help but remembering a prescient warning I heard last year.

Back in July, Doug Kass, manager of a Palm Beach hedge fund and a prominent commentator on the stock market, offered this diagnosis: “It’s eerily reminiscent of the stock market back in 1999. You combine the speculation with the egregious use of leverage and more creative financing tools. It ends in a ramping up in interest rates. It ends by speculators, as they always do, getting caught.”

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