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Stock Options
Well that was one heck of a week.  While I certainly was not smart enough to predict the results of the election, it has had a profound impact on my expectations for us as investors.  For the last 7 years, I’ve been one of the most vocal advocates of financial stocks that I am aware...
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As a firm, our biggest position has been Assured Guaranty (AGO) for quite some time. We have written about it extensively and covered the attractiveness of the opportunity in great detail. Today was a great day, as we really got confirmation of the incredible progress that this company is making.
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I’ve been warning all year about a clear and obvious bubble in consumer staples stocks.  The same can be said for utilities and many areas on the fixed income market.  This bubble has been built on the pervasive market sentiment that as long as the dividend yield is reasonably greater than what can be obtained...
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Over the last month, we have begun to see financial stocks outperform the overall market.  If one was to ask why, most market participants would say that the perception that interest rate hikes are more likely to be forthcoming in 2016 is driving the stocks.  In a market where short-termism is the status quo, these...
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“Successful Investing takes time, discipline and patience.  No matter how great the talent or effort, some things just take time:  You can’t produce a baby in one month by getting nine women pregnant.”- Warren Buffett The bull market that started in March of 2009 is now on the verge of its 6th and a half year,...
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Today it was announced that TIAA was buying Everbank (EVER) for $19.50 per share.  Everbank is a very average bank with lower returns on equity than the big banks.  As of the 2nd quarter 2016, Everbank’s tangible book value per share was $13.24 meaning that TIAA is paying right around 1.5 times tangible book.  Because...
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I’ll be writing about this in more detail in a few weeks, but new information has been released about the negotiations between Puerto Rico and its creditors.  While no deal has been agreed to as was expected, Puerto Rico has been raising the prices at which it is willing to settle the debts for.  The...
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As earnings season continues to develop, we have seen a bit of divergence in favor of value stocks. Companies that have been out of favor, due to difficult short-term business conditions, and that have incredibly low valuations have outperformed glamor stocks that trade at high multiples, based on the perception of safety. It is essential...
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It has been over 10 months since the S&P 500 has seen a new high and many market pundits are of the belief that the bull market starting in 2009 is now over.  It is my belief that stocks overall are priced within the realm of reason, and are neither extremely expensive or extremely cheap. ...
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Warren Buffett was interviewed today on CNBC and as always, he provided a great deal of insight into investing.  What is so great about Buffett and value investing in general is the consistency of the method used to make money investing.  It is about buying fractional shares of a business at material discounts to the...
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