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Puerto Rico
There has been a tremendous amount of news over the last few weeks with the phase 1 trade deal with China, progress on the successor to NAFTA, and the Tories winning in the UK by a wide margin.  We don’t want to overthink individual political or economic data-points, which is a mistake that far too many...
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This has been a very busy week for earnings releases on some of our largest investments.  I just wanted to provide a quick update on a few of them, as they were meaningful. Assured Guaranty (AGO), was up roughly 7% after reporting a very strong quarter and a particularly attractive acquisition.  Net income was $142MM,...
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On August 1st, markets across the globe were rattled as President Trump announced new tariffs on China.  Stocks plunged and the 10-year Treasury yield dropped below 1.9%.  The news shouldn’t have been such a shock as it has become increasingly clear that China hopes to stall.  If a new administration takes over in 2020, it...
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On May 4th, Assured Guaranty reported another phenomenal quarter of financial performance. Operating income was $273MM, or $2.14 per share in the quarter. These figures were up from $123MM, or $.89 per share in the prior year’s quarter. These returns were achieved despite the company adding an extra roughly $100MM in reserves for Puerto Rico,...
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At T&T Capital Management, (TTCM) our core competencies are research and money management. The first step in our investment process is identifying deeply undervalued securities...
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It looks as though the PROMESA legislation is going to be approved by the Senate and signed by the President in the very near future. While far from perfect, this legislation is also far from being a worst case scenario for both creditors and bond insurance companies. It is hard to overstate just how attractive...
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Last night’s vote for Great Britain to exit the EU was a massive shot to the bow of the European establishment. While polls had been even, the betting odds were basically 8-1 that the country would stay in the EU, so markets are quite shocked at the result. In overnight trading, just about every asset...
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  Since the extremely weak May jobs report, interest rates have plummeted across the globe. There are now over $10 trillion in bonds that are trading at negative interest rates. This is unprecedented as the buyers of these bonds are guaranteeing themselves losses if they hold until maturity. This has pushed asset prices up as...
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If one studies the history of financial markets, a consistent theme emerges. Short-term fads tend to dictate short-term performance, but long-term performance is determined by value and fundamentals. There are periods where prices flat out do not make sense, either for the market as a whole or for individual stocks and sectors. The current investment...
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Yesterday, Assured Guaranty reported very strong 1st quarter earnings and once again saw an increase in both operating and adjusted book value. Over the last year, the company has grown both metrics by roughly 15%, despite adding material reserves for its Puerto Rico exposures and paying a respectable 2% dividend. The stock still trades at...
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