Month

June 2012
One of the reasons why I thought the Facebook IPO price was outrageous was due to the increasing competition that the company is facing, which I expect to only get worse moving forward.  Technology changes so frequently and what is cool now, can be old news in six months.  In a digital age it really...
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This video shows that Bill Ackman still supports the strategic direction of J.C. Penney (JCP).  It certainly was alarming to see Michael Francis let go after such a short tenure, but the core investment thesis remains the same.  In my opinion the best opportunities surrounding the stock are in cost cuts where there is a...
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This article is bad news for coal companies hoping that India and China would be the key to raising prices.  While I do believe that coal will remain a key cog in a comprehensive energy plan, I do think that cheaper natural gas, and improving renewable alternatives are decreasing long term demand for coal.  The...
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Walgreen’s (WAG) made big news after spending $6.7 billion to buy 45% of Alliance Boots.  This acquisition doesn’t make sense to me unless Walgreen’s eventually ends up buying the whole company.  I understand that this acquisition should help the combined companies lower procurement costs, but it also increases the risks by doubling down on retail...
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Procter & Gamble’s (PG) struggles continue as the the company lowered its earnings guidance for the current quarter as well as for the 2013 fiscal year.  The problems aren’t just from a lackluster global economy but instead are also market share related.  The company announced that they are going to cut spending in emerging markets...
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Berkshire Hathaway hit a 13 month high today as the recent rebound in equities has boosted confidence in the stock.  Berkshire (BRK/B) is one of the core positions at T&T Capital Management as we believe that the company is misunderstood and undervalued.  The market isn’t adequately pricing in the fact that the majority of Berkshire’s...
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The housing market continues to show slow but solid improvement with single family starts rising by 3.2% from April on a seasonally adjusted basis.  While I don’t believe that housing starts or building permits are the best indicators for housing recovering as those numbers are more indicative of new construction.  The key to lifting housing...
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I think this is a very intelligent article written by Dick Bove of Rochdale Securities.  In the article he argues that the best way to stimulate the economy would be to take off the handcuffs that Dodd-Frank has put on the banks.  Because various types of consumer loans have higher capital requirements and risk weightings,...
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I agree 100% with Meredith Whitney when she says that the JP Morgan trades were prop trades.  It is rare for me to agree with Whitney but calling them anything else would simply be inaccurate.  A greater question is whether or not there is anything wrong with this.  I don’t have a problem with banks...
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I thought Jamie Dimon handled himself very well in front of Congress.  While so much has been made about this trading loss, which really is relatively small compared to the size of the firm, the bigger issue is on the transparency of banking operations.  No bank should engage in financial dealings that aren’t understandable to...
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