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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

The Dystopian Bubble: George Orwell Meets Charles Mackay

Cronyism and CorporatismMedia and CultureU.S. History


The opening pages of the new decade feel like we’re living through a combination of George Orwell’s 1984 and Charles Mackay’s Extraordinary Popular Delusions and the Madness of Crowds.

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Austrian Economics and the Financial Markets

05/28/2011Mises Media
Jeffrey Tucker interviews Kevin Duffy, a Principal of Bearing Asset Management, and discusses navigating the financial markets with an Austrian compass. [19:54]
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Navigating the Financial Markets with an Austrian Compass

Financial MarketsAustrian Economics Overview

05/25/2010Mises Media
Recorded at The Mises Circle in Manhattan, on May 22nd, 2010. PPT [28:04]
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Current Market Conditions: 8 Oct. 2008

Financial MarketsGlobal Economy

10/08/2008Mises Media
Jeffrey Tucker interviews Kevin Duffy. Recorded 8 October 2008.
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Looting the Responsible

Corporate WelfareThe FedInterventionism

10/08/2008Mises Daily Articles
For the economy and country to begin healing, we need capital, credibility and authority to move from the wasteful to the productive. The power elite, predictably, is attempting to achieve the exact opposite.
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