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Hubris of Market Bulls; Second-Quarter Big Picture: Best of Kass

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NEW YORK (TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.

Last week, Kass wrote about what market hubris tells us, and less than meets the eye in the quarterly earnings increases.

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The Hubris of Bull Markets

Originally published on Monday, Aug. 25, at 12:33 p.m. EDT

Hubris: excessive pride or self-confidence. Synonyms: arrogance, conceit, haughtiness, hauteur, pride, self-importance, egotism, pomposity, superciliousness, superiority.

Informal bigheadedness, cockiness

"The hubris among economists was shaken."

Antonyms: humility

(In Greek tragedy) excessive pride toward or defiance of the gods, leading to nemesis.

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I have long reasoned and written that the crowd usually outsmarts the remnants (except at inflection points). Today, the crowd possesses strong animal spirits, and investors/traders have taken the S&P to all-time highs.

There is nary a bear remaining.

Shorts are routinely criticized and even laughed at.

And maybe the bears should be scolded and criticized, but in listening further to the parade of self-confident talking heads who are so complacent of view (and not heeding any possible adverse outcomes), my antenna is up -- way up -- now.