Below are two interesting articles from today’s WSJ.  One discusses the fact that because stock prices in general are relatively expensive, but with bond yielding being so low, it is very possible that this type of range-bound market that we have seen this year could continue.  The second article discuss bond yields, which have just...Read More

  In the aftermath of the Great Recession, the biggest asset that is owned free and clear is often a 401K or IRA.  Unfortunately for investors, most of these 401Ks and IRAs are invested in cookie cutter mutual funds or ETFs, which stack the odds of even keeping up with the market against them.  Did...Read More

While history might not repeat itself, it does tend to rhyme.  Nowhere is this more evident than in the psychological behavior of market participants.  Between 1995-2000, tech stocks and day trading were the rage regardless of valuations.  Ultimately the Nasdaq crashed 75% from the high to the low, wiping our many retirees savings along with...Read More

Below is a great article that was on Gurufocus describing some of Warren Buffett’s past sales of naked put options.  This is a strategy we use extensively at T&T Capital Management and we believe it is akin to Buffett’s “workout” strategy, which he used when he was running the Buffett Partnership L.P.  The L.P. was...Read More

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...Read More

When markets become volatile my job gets a lot more exciting and this year is off to a good start, so I thought I’d continue the education process.  Emerging markets are experiencing extreme volatility out of concerns that money is flowing out of their economies, making them unable to pay off debt in U.S. dollars. ...Read More

Severe disruptions in emerging markets are roiling financial markets across the globe.  Ineffective government leadership in Argentina and political upheaval in Ukraine and Turkey are some of the primary contributors.  In addition, data out of the Chinese economy, which is the world’s 2nd largest, has been quite poor.  While the S&P 500 was down about...Read More

Many people ask me why we don’t just buy stocks when we find an undervalued business, as opposed to some combination of buying stock and selling cash-secured puts, among other strategies.  If a stock is more than 50% undervalued, we will usually primarily buy the stock outright.  If the discount isn’t as great, selling puts...Read More

It has been a great couple of years for T&T Capital Management (TTCM) and I believe that we are well positioned for the future.  Please click the link below to see our performance report and portfolio manager commentary.   Performance Report and Portfolio Manager Commentary    Read More

Barrick Gold (ABX) has been chronically mismanaged and has suffered through dismal capital allocation.  This has pressured the balance sheet and subjected the company to significant risks as the price of gold has declined from its record highs.  New management has taken over and has begun making some painful but necessary decisions, which should help...Read More