Day

November 12, 2013
I feel like the below article makes some really good points about the many risks that exist when buying Netflix (NFLX) at current prices.  While I like the product and find it a reasonable value, I don’t love the business model of constantly having to acquire and renegotiate content deals, while having questionable pricing power....
Read More
Assured Guaranty (AGO) has been a wonderful investment for myself and clients of T&T Capital Management.  The municipal bond insurance industry is extremely confusing and it has taken a ton of work to really understand the complexities and nuances of the accounting treatment.  Basically, GAAP accounting is extremely limited and operating metrics tend to provide...
Read More
One of the most prominent investors in the Hedge Fund industry, Daniel Loeb was interviewed on CNBC today and discussed some of his various investments.  At T&T Capital Management, we also took advantage of the sell-off in Herbalife but I just wish we would have invested considerably more capital into the position.  Loeb’s shareholder letters...
Read More
Today Fiesta Restaurant Group (FRGI) announced that it is issuing $100MM of common stock to buy back some of its most expensive debt.  This is extremely intelligent because the stock is trading at extremely expensive multiples in relation to book, earnings and cash flow.  FRGI owns two incredibly promising quick service restaurants, Pollo Tropical and...
Read More
One of the hardest things to evaluate when investing in businesses is how management will allocate capital.  The best thing to do is look at management’s historical track record, but there is no perfect way to measure things.  Great capital allocation can make an average business a great investment if bought at the right price....
Read More

Recent Comments

    7242 East Cortez Rd
    Scottsdale, AZ 85260
    Phone: 805-886-8140
    Fax : 949-335-9784