KASS: Well, my major investment theme - you know, I have a number of secular and intermediate term fundamental concerns. And the one big one - I hate - I'm beginning to hate Republicans and Democrats -
HOLLAND: Well, join the crowd, right.
KASS: - to be quite honest with you.
HOLLAND: I mean join the rest of the listeners.
KASS: A lot of - one of my biggest theme is that we have this populist uprising and it is producing numerous non-traditional headwinds to growth. So we have - and, Mike, I'll be honest with you, its nothing to do with my propensity to vote Democrat. It means that we're going to have - first of all, we have disdain for incumbents whether they are Republicans or Democrats. We have - the average Joe has an unprecedented dislike for the wealthy individuals and large corporations.
So we face, one, rising taxes. We have these fiscal imbalances in our Federal, state and local governments. Three, we have the absence of drivers to replace the prior cycle's strength, particularly referring to residential and non-residential construction. And as I mentioned, as you implied in the question, we have inept and partisan politicians.
You know, when we - when you and I grew up, Mike, there were three networks.
HOLLAND: I'll respond to the former.
KASS: There was ABC, -
HOLLAND: We haven't grown up yet, Doug, but that's okay.
KASS: Yes, that is true. At least we recognize that it was three networks - ABC, NBC and CBS. And there were not Congressional testimonies on C-SPAN. That over time we have begun - its - we are almost like Dorothy, the Lion, the Tin Man going to see the Wizard of Oz. Remember when Dorothy removes the curtain, it is just a human being. Well, as we've unpeeled our politicians for what they are, we realized that they're just people and in many ways they have very little understanding of economics and running businesses and this is very disconcerting. To me it is growth deflating and PE reducing.
HOLLAND: Well, but going back to the earlier comments we were making, do you think most of what is going on in terms of the lack of happiness with Washington and other capitals around the world, that it is pretty well reflected in where we are in the equity markets.
KASS: Yes, I don't think its - I don't think it has anything to do - it is a general populist theme, whether it is Democratic populism or Tea Party populism. I think it is political party agnostic and its a theme that we're going to have to deal because we have to pay for what we've done.
HOLLAND: Well, what I'd like to hear in the next segment, - we've got about 20 seconds left here and we're going to come back with you, - I'd like to hear how you are investing today and what you would recommend the listeners do with their own money in the next segment.
