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Kevin Duffy

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Kevin Duffy is principal of Bearing Asset Management which he cofounded in 2002. The firm manages the Bearing Core Fund, a contrarian, macro-themed hedge fund with a flexible mandate.

Bearing gained notoriety during the Great Financial Crisis by betting against stocks like New Century Financial, Fannie Mae, Bear Stearns, and Lehman Brothers. Duffy wrote extensively on the housing and credit bubble, 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 Do the Bells Toll?” The Bearing Credit Bubble Index was cited by Marc Faber in speeches and The Gloom, Boom & Doom Report.

Prior to Bearing, Duffy cofounded 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. The firm was later sold to Fisher Investments.

Duffy bought his first stock at the age of thirteen. He earned a BS in Civil Engineering from Missouri University of Science and Technology and has a passion for financial history, Austrian economics and pithy quotes. He also publishes a bimonthly investment letter called the Coffee Can Portfolio.

All Works

Defending the Undefendable Investments

Economic FreedomThe EntrepreneurMedia and CultureProtectionism and Free Trade


In the spirit of Walter Block's classic Defending the Undefendable, Kevin Duffy looks at the "undefendable" investments and economic choices and finds them profitable.

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Would Stress Tests Have Prevented the Failure of SVB? Probably Not

Bureaucracy and RegulationThe FedInflationMoney and Banks


While progressives are claiming the collapse of Silicon Valley Bank was due to poor regulation, the real problem is the easy money policy of the Fed.

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Has the USA Reached Another Historical Inflection Point?

Economic PolicyU.S. EconomyU.S. HistoryWorld History


More than thirty years ago, Japan Inc., seemed like a global economic juggernaut. Today, no country fits that category, thanks to massive government spending and economic intervention.

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Eileen Gu, Jingoism, and Olympic Politics


The idea that an athlete—in this case, Eileen Gu—somehow "betrays" her country by playing sports for a foreign team is the worst kind of jingoism.

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The American Rescue Plan: Limits of the Highly Visible

Booms and BustsCronyism and CorporatismEconomic Policy


In the long run, economic stimulus creates no shortage of losers. The state’s objective is always to extract as many eggs from the golden goose as possible, only now it's not important to keep the goose alive.

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