Profiles

Home | Profile | Kevin Duffy
  • Kevin Duffy

Kevin Duffy

Works Published inSpeeches and PresentationsMises Daily Article

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

Has the USA Reached Another Historical Inflection Point?

Economic PolicyU.S. EconomyU.S. HistoryWorld History

Blog10/10/2022

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.

Read More

Eileen Gu, Jingoism, and Olympic Politics

Blog02/28/2022

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.

Read More

The American Rescue Plan: Limits of the Highly Visible

Booms and BustsCronyism and CorporatismEconomic Policy

Blog05/01/2021

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.

Read More

Bulls, Bears, and Beyond: In Depth with James Grant

U.S. HistoryBusiness Cycles

03/17/2021The Austrian
"The Fed is arsonist and fireman all rolled up into one," says James Grant.
Read More

Bulls, Bears, and Beyond: In Depth with James Grant

U.S. HistoryBusiness Cycles

02/25/2021The Austrian
"The Fed is arsonist and fireman all rolled up into one," says James Grant in the latest issue of The Austrian .
Read More