Outstanding hedge fund supervisor Doug Kass lately took goal at cryptocurrency bull Tom Lee, arguing that his short-term predictions “indicate a level of precision that’s fatuous, feckless and non-rigorous.”
In keeping with Kass, Lee is just making uber-bullish predictions with a purpose to acquire media consideration.
He has recalled that the Russell 2000 Index, a small-cap U.S. inventory market index, is now down 3% over the previous two weeks and is flat since mid-September. Nonetheless, the Foundstrat co-founder, as Kass recollects, beforehand predicted that the index would surge by 40%.
Kass additional quoted legendary investor Warren Buffett, who argued that short-term market forecasts had been “poison” that must be “stored locked up in a secure area.”
Staunch permabull
Lee’s value forecasts have lengthy been a supply of some ridicule. In late 2018, Fundstrat seemingly threw within the towel amid a particularly brutal bear market. Lee said that Fundstrat was bored with folks asking about crypto costs, including that the agency would cease naming any particular timeframes.
Nonetheless, Fundstrat’s prediction hiatus didn’t final lengthy. In early 2020, Fundstrat’s Lee (precisely) predicted that Bitcoin might surge by 100% by the tip of the yr. Lee continued to make routine bullish forecasts by means of the years.
Throughout his most up-to-date CNBC look, Lee predicted that the worth of Bitcoin might attain $200,000 by the tip of the yr.