Earnings season has begun with very positive results shown thus far from the big banks, albeit a small sample size.  I’ll be posting a lot of commentary on the market and specific investments as these results continue to come in.  While there is tremendous uncertainty in so many areas, it is important not to let...Read More

I’d like to direct your attention to the two images at the top, which were brought to my attention by a friend of mine in the industry, Tobias Carlisle.  The first chart shows the compound returns of the highest 10% price to cash flow stocks (glamour) and the lowest 10% price to cash flow stocks...Read More

2023 has been a really strange year.  AI euphoria has captured the attention of Wall Street and investors.  To be clear, the impact of AI is likely to be as powerful as that of the internet in many respects, or at least on the same wavelength.  With that said, euphoria tends to create bubbles and...Read More

Today I had the opportunity to do the podcast Value After Hours with Tobias Carlisle and Jake Taylor.  We discussed current market valuations, the banking “crisis”, the opportunities we are finding in high-yield bonds, ALLY Financial, etc.  I hope that you enjoy!   Podcast VideoRead More

Value After Hours S04 E27: Small Value is Quality, Energy in Food, Financials and the Consumer  Read More

The image above was presented by famous value investor Richard Pzena.  As you can see, it shows that the best returns from value investing come after periods of stress.  We’ve seen this same phenomena in our portfolios after every major selloff we have experienced over the years.  While this crisis is extraordinary, so it is...Read More

Respected author and value investor Tobias Carlisle, interviewed T&T Capital Management CEO/CIO on his Acquirers Multiple podcast.  The two discussed various investments such as Assured Guaranty, Puerto Rico bonds, and Kennedy-Wilson.  They also delved into topics such as passive investing and market valuations.  We hope that you enjoy!Read More