Kevin Duffy is a principal of Bearing Asset Management which he co-founded in 2002 with Bill Laggner. The firm manages two long/short hedge funds with a flexible mandate.
Bearing Asset Management
Bearing warned about the housing and credit bubble of 2005-07, shorting stocks such as New Century Financial, Bear Stearns, Lehman Brothers, MBIA, Countrywide Financial, Wachovia, and Citigroup. Duffy wrote extensively on the subject, including articles, “Alan, We Have a Problem,” “Mr. Mozilo Goes to Washington,” and “Honey, I Shrunk the Net Worth.” In May 2007 he gave a speech in NYC titled, “It’s a Mad, Mad, Mad, Mad World,” identifying root causes of the bubble. A month later, he issued a warning in an op-ed for Barron’s titled “For Whom the Bells Toll.” The Bearing Credit Bubble Index was cited by Marc Faber in speeches and The Gloom, Boom & Doom Report. Despite their success in shorting the credit bubble, Duffy and Laggner were regrettably overlooked by Michael Lewis when writing The Big Short.
Prior to Bearing, Duffy co-founded Lighthouse Capital Management and served as Director of Research from 1988 to 1999. He chronicled the excesses of the Japan and technology bubbles of the late 1980s and late 1990s respectively. Lighthouse was later sold to Fisher Investments.
Duffy bought his first stock at the age of 13. He earned a B.S. in Civil Engineering from the University of Missouri-Rolla and has a passion for revisionist history and Austrian economics.
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