April Fool’s Gag Pranks Financial Media
by Katy Marquardt
U.S. News & World Report
April 1, 2008
As I was enjoying my own April Fool’s joke this morning””which involved a fake E-vite to a lame smoothie party””hedge fund manager Doug Kass was pranking the financial media. In his early market commentary, “Time to Buy the Bull?” the typically bearish Kass announced he was raising his year-end targets for the S&P 500:
While I initially expected a 5% to 10% decline in the S&P 500 this year, my new year-end S&P target is 1,666, for a gain of 26% from current levels. I might be low.
The Big Picture gives a rundown on which news organizations fell for the stunt (all links are now wiped clean).
cartoon: inkcinct.com.au