‘Fatuous’ and ‘Feckless’: Famous Short-Seller Slams Crypto Bull Tom Lee

Prominent hedge fund manager Doug Kass recently took on cryptocurrency bull Tom Lee, arguing that his short-term forecasts “imply a degree of accuracy that is fatuous, feckless and not rigorous.”

According to Kass, Lee is just making super-bullish predictions to gain media attention.

He recalled that the Russell 2000 Index, an index of the US stock market with a small capitalization, is now down 3% in the last two weeks and is flat since mid-September. However, the co-founder of Foundstrat, as Kass remembers, predicted that the index would rise by 40%.

Kass also quoted legendary investor Warren Buffett, who argued that short-term market forecasts were “poison” that should be “kept locked away in a safe space.”

Staunch permabull

Lee’s price predictions have long been a source of some ridicule. At the end of 2018, Fundstrat apparently throw in the towel in the midst of an extremely brutal bear market. Lee stated that Fundstrat was tired of people asking about crypto prices, adding that the company stopped naming any specific timeframes.

However, Fundstrat’s prediction hiatus didn’t last long. At the beginning of 2020, Fundstrat’s Lee (accurately) predicted that Bitcoin could rise by 100% by the end of the year. Lee has continued to make routine bullish forecasts through the years.

During his most recent CNBC appearance, Lee predicted that the price of Bitcoin could reach $200,000 by the end of the year.