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GM
Historically, it has made reasonable sense for retirees to have a sizable allocation to bonds.  A minimum of 40% was certainly not uncommon.  The logic behind this was that retirees regularly draw from their accounts and are less comfortable with the enhanced volatility that stocks can at times provide.  The supposedly steady income from the...
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The most important factor to producing strong investment returns are valuations, and lately with a slight increase in volatility, valuations on some key opportunities have become more attractive.
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The panic of 2016 is opening up opportunities that we haven’t seen since 2009.  Like Bruce Berkowitz of Fairholme Funds said in his last letter “My three decades of experience dictates that the seeds of great performance are planted during the toughest of times.  Above-average returns only seem painless in hindsight.  After all, if it...
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I’ve been writing about the divergence between the fundamentals of our businesses that we are invested in versus the stock prices due to a recent market panic.  To dive deeper into this I wanted to touch on General Motors common stock.  This is a position we have done well in over the years through the...
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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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It looks like Kyle Bass sees the same value in GM that we at T&T Capital Management (TTCM) have been pounding the table on for quite some time. http://seekingalpha.com/article/453621-general-motors-stock-price-is-far-too-pessimistic  GM has traded at an extremely low multiple to earnings and on an EV/EBITDA basis.  The government ownership overhang has likely been a big contributor and I...
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  At T&T Capital Management, we have long-believed that GM has offered significant value since emerging from bankruptcy.  The bankruptcy process cleansed the company of some of the excessive liabilities and costs, while new management has improved the efficiency of the company.  In addition, pent-up demand from the Great Recession has caused car sales volumes...
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Here is Tim Travis’ research report on General Motors Company (GM) on Jul 24th 2013.   http://seekingalpha.com/article/1578702-general-motors-this-business-is-under-earning-relative-to-potential-implying-additional-upside
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Here is Tim Travis’ research report on General Motors Company (GM) on Apr 11th 2013.   http://seekingalpha.com/article/1333931-general-motors-the-stars-are-aligned-for-a-double
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Here is Tim Travis’ research report on General Motors Company (GM) on Nov 1st 2012.   http://seekingalpha.com/article/968491-gm-still-chugging-along-undervalued
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