Today’s higher than expected August CPI report, rattled the market dramatically, causing the Nasdaq to drop by 5.2%, the S&P 500 by 4.3%, and the Dow to drop by 4%.  This was the biggest down day since June of 2020 and the 8th daily decline of greater than 3% on the year.  The recent decline...Read More

Today the Federal Reserve raised interest rates by 25 bps.  With inflation so high, it almost certainly would have been 50 bps if not for the concerns over the economy related to the impact of the Russian/Ukraine war, which is exasperating things materially.  There has been some very positive dialogue from both Ukraine and Russia...Read More

Today was a very sad day with Russia executing a rather substantial invasion of Ukraine.  The events certainly shook up markets, causing a massive selloff to begin the day, only with the indices ending up positive, bolstered by Technology stocks.  It’s obviously a tragic scenario and it seems as though Putin is committed to “demilitarize”...Read More

There have been a few interesting market developments the last few days.  10-year Treasury yields have increased to levels around where they were last year at this time, before the pandemic and lockdowns had really been felt.  The $1.9 Trillion stimulus package seems to be getting closer to getting done.  Inflation expectations are ticking up...Read More

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...Read More

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,...Read More

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...Read More

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,...Read More

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...Read More

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...Read More