News

TTCM Newsletter

Our newsletter explores emerging trends and important news.  Stay current on the subjects that affect your money and investments.  Explore the wide range of topics in our newsletter by clicking any of the links below.

Another Major Vaccine and Historical Perspective on Value

On Monday, we saw additional positive news on the Covid-19 vaccine front, with Moderna’s initial data looking very promising.  This is another revolutionary MRNA vaccine, similar to Pfizer’s, which released impressive data last week. More traditionally developed vaccines are coming down the pipeline as well, and treatments such as the Eli Lilly and Regeneron antibody...
Read More

Major Vaccine Development

Today we received some very good news in that Pfizer’s Covid-19 vaccine is supposedly proving itself to be 90% effective in the latest trials, which is quite a bit better than what is required to be deemed successful.  This is an MRNA vaccine, which is a revolutionary technology that would greatly reduce the time it...
Read More

Major Vaccine Development

Today we received some very good news in that Pfizer’s Covid-19 vaccine is supposedly proving itself to be 90% effective in latest trials, which is quite a bit better than what is required to be deemed successful.  This is an MRNA vaccines, which is a revolutionary technology that would greatly reduce the time it takes to develop...
Read More

Strong GDP, More Restrictions in Europe, Setup for Election

Running up to the election in 2016, I believe the market was down 12 days in a row or something along those lines. We’ve seen a substantial selloff once again running into this one as tensions are high and stimulus is not happening prior to the election. Facebook, Amazon, Apple, and Google were down by...
Read More

Value versus Growth Market Cycle Comparison

  I came across a very interesting article written by value investor and market historian Richard Pzena.  As you know, the closest comparison to the current market environment is the Tech Bubble, as the most expensive companies have seen P/E multiple expansion, while value stocks have seen multiple compression.  As you can see on the...
Read More

Improving Fundamentals and Cheapest Valuations since 2009

Earnings season has begun and thus far almost every one of the banks that have reported have beaten their earnings estimates.  The stock prices haven’t yet reflected the improving metrics, but over time prices follow business fundamentals, so there will be convergence.  ALLY Financial posted an absolutely sensational quarter this morning with record earnings and...
Read More

Retirement Income Opportunities and Challenges

As we retire or get closer to retirement, the need to generate investment income takes on a much greater importance.  Historically, it was much easier, as one could divert a larger portion of their stock portfolio into bonds, while capturing yields that might vary from 5-10%.  Those yields, combined with the nearly 40-year bull market...
Read More

President Trump and First Lady Test Positive for Covid-19 and Stimulus Talks

Last night, it was announced that the President and First Lady tested positive for Covid-19.  We aren’t sure how symptomatic they are thus far but of course it adds uncertainty to an already tense time.  Hopefully they, and all other afflicted by the virus, will be okay! Congress continues to negotiate a potential stimulus deal. ...
Read More

3 Positive Indicators Amidst Nasty Market Sentiment

The market is in a bit of a tailspin again as concerns about a lack of progress on fiscal stimulus and the tumultuous election way down sentiment.  While it seems unlikely a new stimulus package will get put out before the election, I think it is very likely one of significant size will come within...
Read More

Stocks Enter Correction Territory- Comparison to 2016

Equities have sold off quite hard over the last few weeks, starting with the mega-cap Technology names, some of which are down more than 20%, and filtering into the overall market.  Volatility was heightened further over the weekend with the sad news of the passing of long-time Supreme Court Justice icon Ruth Bader Ginsburg.  The...
Read More

Isaac Newton South Sea Bubble

Few things are more frustrating in investing than when you feel like you are missing out on an opportunity, which often can occur in speculative bubbles, so I just wanted to share a fun one with you.  You see people making money engaging in an activity, which you might believe intrinsically to not make sense,...
Read More

Interesting Development in Value vs Growth

I’ve talked a lot about how the current market environment has a lot of similarities to the Tech Bubble.  I just wanted to share an interesting chart I found.  September has been a pretty good month for value so far, as it has outperformed growth by over 5%.  Obviously that isn’t a big deal given...
Read More

Positive Trends Starting to Become More Clear

I wanted to provide a bit of good news in relation to Covid-19.  The Sun Belt wave, which peaked in late July has seen a substantial decline over the last 45 days.  Hospitalizations, ICUs, deaths, and even cases, have dropped meaningfully.  Keep in mind that many deaths we see reported daily actually occurred weeks or...
Read More

Patience and Perseverance, The Keys for Long-Term Value Investor

“So, ironically, if you’re a value investor, if you’re a contrarian investor, you can’t succeed unless you’re willing to look and feel like an idiot for a period of time, until the turn happens.  If you’re willing to look and feel like an idiot, you will average in gradually and, at the turn, you’ll have...
Read More

The Tesla Bubble

I’ve written quite a few times about the Tech Bubble that currently exists in the U.S. stock market.  No stock better epitomizes this madness than Tesla.  Over the last 12 months, Tesla generated $24.578 billion in total revenue and generated EBIT (earnings before interest and taxes) of negative $69MM.  Tesla’s market capitalization is a staggering...
Read More