Doug Kass, president and founder of Seabreeze Partners, says animal spirits reached excessive levels in stocks in 2013 and valuations have “lost their moorings” with fundamentals. Kass says after the sell-off in biotech shares in early March he started to see a more “bifurcated” market as part of a shift in leadership. He says this typically occurs in a maturing bull market and as part of the topping process. Kass speaks with Bloomberg’s Kathleen Hays and Vonnie Quinn on Bloomberg Radio’s "The Hays Advantage”.
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