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The biggest U.S. banks have now reported 3rd quarter earnings and they have all exceeded expectations.  2016 started so horribly for the big banks.  Poor economic data globally diminished the prospects of rate hikes, oil’s plunge created worries about the need for increased reserve provisioning, and Brexit had investors worried of a systemic collapse.  I...
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After a month and a half of low volatility, where stock indexes failed to move by more than 1%, volatility has rushed back onto the scene over the last several days. Frankly, this is very normal market behavior, as periods of calm usually presage periods of volatility. One shouldn’t get complacent when things are quiet,...
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I’ve been writing extensively about the incredible undervaluation of the big banks relative to intrinsic value. Financials in general are by far and away the cheapest and most attractive area of the stock market.  Remember banks have been around for many centuries, and the reason for that is it’s a pretty good business to be...
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July 29th, the Federal Reserve announced the results of the CCAR process including the requested capital return actions for the big banks. Unsurprisingly to those that have been reading this newsletter, the results were very good and we have seen an influx of dramatic dividend increases and stock buybacks. Below I’ll outline a few of...
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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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In perusing the WSJ today, an article caught my eye. The venerable Charles Schwab has become the latest company to discontinue offering load mutual funds, where investors pay what generally is a high commission in addition to regular fund fees, as a result of the new Department of Labor law requiring brokers to act as...
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Please enjoy TTCM’s latest research report on Bank of America: Valuation And Earnings Growth Potential Make BofA A Buy
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