Hello Everybody, Earnings season has started off very strongly for the big U.S. banks, which we’ve owned for over 5 years now.  Credit conditions started improving about 3 or 4 years ago and is now absolutely pristine.  Unfortunately, litigations and most importantly penalties imposed by government agencies have cost these companies and shareholders tens of...Read More

Read our latest research report from Chief Investment Officer Tim Travis on Citigroup Inc. (C) Citigroup – As The Fog Lifts, The Stock Will Go HigherRead More

Below you’ll find a link to today’s recorded webinar.  I’d strongly suggest that you take the time to watch it.  It is very important to understand that most of the market is extremely expensive and risky.  This is the case in both equities and fixed income.  Over the short-term, it is impossible to know what...Read More

Hello Everybody, Today, the results of the stress tests including capital allocation plans were announced and the results were quite favorable.  These tests are honestly rather silly as the Fed uses hypothetical models and the most draconian assumptions possible to forecast the results.  Also, there are extremely subjective measurements made by a lot of bureaucrats,...Read More

Hello Everybody, January has been a month of extreme volatility in everything including stocks, bonds, commodities and currencies.  Historic moves have occurred causing massive distortions throughout financial markets.  For instance; to deposit money at the German or Swiss central banks’, the depositor has to pay the bank.  Earnings season started with financials selling off and...Read More

“The big money is not in the buying and selling…but in the waiting.” -Charlie Munger   Hello Everybody, Some of the large banks have reported earnings for the 4th quarter of 2014 and the results were underwhelming.  Much of this had already been forecasted as the decline in interest rates and incredible volatility pressured fixed...Read More

Hello Everybody, 2015 has started with tremendous volatility.  The major issues are the continued rise in the U.S. dollar, declining commodity prices and turmoil in Greece.  We are now in year 6 of a bull market so it is to be expected that it would get more difficult to make money and volatility is to...Read More

Assured Guaranty (AGO) has been a pillar investment for first myself in 2009 and T&T Capital Management since its founding in late 2011.  For an example of our investment thesis please review this article I wrote in 2011: http://seekingalpha.com/article/476071-assured-guaranty-an-undervalued-diamond-in-the-rough. Due to record low interest rates, municipal bond insurance market demand has declined, which has reduced...Read More

On behalf of our Chief Investment Officer Tim Travis… Hello Everybody, For those of you that have followed me for a while, you likely know that there are few money managers that I regard as highly as Bruce Berkowitz of Fairholme Funds.  Similarly to T&T Capital Management, Berkowitz runs a focused portfolio and has no...Read More

This weekend, the WSJ had an interesting article discussing momentum-based technology stocks.  Many of these securities have come down by 20-75% over the last several months, as the same momentums that had lifted them higher in the absence of profitability, have now turned against them.  For market participants’ that speculated on these securities, betting that...Read More