Month

February 2014
Below is a link to the 2014 Sears Holdings Chairman’s Letter written by Edward Lampert.  I always find Eddie’s insight to be extremely valuable despite the obvious struggles that he has had in improving the financial results of Sears Holding.  The biggest critique I have of Eddie is not offloading more real estate and shutting...
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Below is a simple article with a few basic rules for successful investing outlined by Warren Buffett.  It is important to understand that cash is a depreciating asset.  When we have the opportunity to invest in attractive businesses at reasonable prices, our prospects for attractive investment returns are quite high.  The reason that most market...
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The story below is very interesting as Barnes & Noble has received two separate takeover offers from G Assset Management.  The idea behind the deals is to separate the unprofitable Nook business from the highly profitable bookstore business.  Barnes & Noble had some early success with its Nook reader and reached a compelling deal with...
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“Diversification is protection against ignorance, but if you don’t feel ignorant, the need for it goes down drastically.” – Warren Buffett   Probably the biggest misconception of the financial services industry is the idea that there is a direct correlation between diversification and safety.  This might apply to an advisor that doesn’t perform extensive research...
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In what is quite a bit of good news for Apple shareholders’, Tim Cook has finally loosened the purse strings over the last couple of weeks and has increased the buyback pace materially.  Apple (AAPL) holds far too much cash on its balance sheet, which is earning a paltry interest rate.  If Cook believes in...
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Warren Buffett’s business partner Charlie Munger is extremely fond of quoting the 1800s German mathematician Carl Gustav Jacob Jacobi who once said “man muss immer umkehren” which translates to “Invert, always invert.”  The idea is that by looking at problems backwards in addition to forwards, one can identify ways to avoid the problem entirely.  Munger...
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Fairholme Funds and Bruce Berkowitz had another fabulous year in many of the same positions that we are heavy in at T&T Capital Management (TTCM).  He has large positions in AIG, Bank of America and Sears Holdings to name a few.  I found it very interesting that he mentioned his appraisal of Sears’s NAV to...
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It seems that Microsoft insider Satya Nadella is the favorite to replace Steve Ballmer as the CEO.  Nadella’s broad set of experiences at Microsoft from Windows to the Cloud should position him to have a good understanding of the technological direction that the company needs to go in.  I also really respect that he has...
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