Month

December 2013
Warren Buffett’s Berkshire Hathaway (BRK/A) made an interesting move today, offering to exchange stock in Phillips 66 (PSX) for a pipeline-services business.  PSX stock has been a real winner since being spun-out of Conoco Phillips.  This deal for PSX is a way to unveil additional value in its various operations, which it doesn’t view as...
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There is very little concern in the markets right now in regards to risk, which should be a huge warning sign for investors.  One example of this is the fact that 2013 has actually now surpassed 2008 in terms of junk bond issuance.  Rates on those bonds are extremely low, meaning that lower quality companies...
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Below is a really fascinating article about the path that both Todd Combs and Ted Weschler took to become the investment lieutenants to Warren Buffett’s Berkshire Hathaway.  Both men have done a stellar job thus far and seem to have the intangible characteristics to really fit into the Berkshire culture.  It is very much like...
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The saga regarding BlackBerry (BBRY) is still in its early stages after the hiring of John Chen as CEO.  Today marks an important step as the company wrote down a great deal of inventory and intangible assets and the company is beginning to look forward.  Finally, the decision was made to outsource hardware manufacturing, which...
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One of the biggest bubbles I see in the markets right now is in student loans, which have proliferated in size and scope over the last decade and more.  Many students and families of students aren’t performing the proper due diligence to ensure that there will be a reasonable expectation that the education and career...
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Below is a link to a fabulous interview with value investor Mario Gabelli on CNBC.  Gabelli touches on how he takes a long-term approach to stocks and is not overly worried about tapering because he is not buying an ETF or index fund, but instead is buying businesses at discounts to intrinsic value.  Gabelli is...
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Herbalife finally received notification that its re-audit went fine and very few changes were made to the last several years financial statements.  Carl Icahn has made a fortune on the stock, buying after it had plummeted following the bear-raid from Bill Ackman.  At TTCM we had bullish positions on Herbalife but they were too small...
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Today is a big day for AIG as it finally was able to unload its aircraft leasing company ILFC to AerCap Holdings (AER).  AIG is getting about $3 billion in cash and now the company will get about a 46% stake in the combined company.  AER is up big today on the deal, which benefits...
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This was a very interesting article about the changes that have occurred within GM since bankruptcy.  It mainly discusses some of the people involved and how the culture has changed from being one of the worst run large company’s in the world.  It also discusses the climb of GM-lifer Mary Barra to CEO, which will...
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Every year I look forward to Arnold Van Den Berg of Century Management’s Client Review where he outlines different themes on the economy and various businesses.  He is an extraordinary value investor and his insights in relation to business and the economy are extremely helpful.  This is a very long video but I assure you...
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