Tag

TTCM
Investors and market participants often get told that the way to get rich is buying quality companies or properties.  Firstly, it is important to define quality.  For many, quality is conflated with credit risk.  For example, U.S. government debt is often seen as having the least chance of a default than any other bonds, mostly...
Read More
The last two weeks have been about as volatile and fear-driven as we’ve seen since March 2020.  While these crises always seem existential at the time, the reality is that we get these periods of high stress just about every year, and the reasons are always different.  Just last year, the Russian/Ukraine war and rampant...
Read More
Markets remain quite chaotic after the events of the past week lingering in the air.  As more information has come out, the more obvious the problem becomes.  You had 3 idiosyncratic banks that had grown deposits like crazy based on the backs of crypto and venture capital money flowing in.  These New Age banks, invested...
Read More
A decade-long policy of virtually zero interest rates impacted assets globally and built the everything bubble.  It would be naive of us to think that the unraveling of this would not cause things to break.  Last week, we saw it occur with the implosion of two large crypto and venture capital-focused banks.  These institutions (Silvergate...
Read More
Markets continue to exhibit higher volatility due to economic data that indicates that higher for longer Federal Reserve interest rate policies are more likely.  At TTCM, we view predicting macroeconomic data as being a rather pyrrhic enterprise, as success rates for even supposed experts, are far less than 50%.  By focusing on individual securities and...
Read More
Volatility has begun to pick up in equity markets as bond yields have continued to creep higher, based on fears of higher for longer inflationary pressures.  I’ve warned before about being too aggressive in this environment.  Too many people expect equity markets to perform like they did in exceptionally low interest rate periods and that...
Read More
In early 2023, we have seen a bit of a return of the speculative euphoria that was so pervasive in 2020 and 2021, which has driven up asset prices once again.  Market participants are more optimistic about things based on the belief that inflationary pressures are headed far lower, which should result in the end...
Read More
  “You don’t find out who is swimming naked until the tide comes out.” Warren Buffett   Financial markets over the short-term are akin to middle school popularity contests.  The euphoria or pessimism of the day generally reflects recent price performance.  Because there is 24/7 coverage, media pundits feel like they have to give reasons...
Read More
We are in the early weeks of earnings season, and overall, the results have been quite impressive.  The banking sector saw continued improvement in net interest margins, with credit normalizing a bit.  One must remember that we are coming off the most enormous stimulus package in history in 2020, which created the best credit environment...
Read More
Markets have been off to a nice start to begin 2023.  Today’s CPI was quite positive, increasing by 6.5% from a year earlier, marking the sixth straight monthly deceleration since peaking in the middle of last year.  While 6.5% is still an ugly number, which I know we all feel when we go out to...
Read More
1 2 3 4 5 116

Recent Comments

    Archives

    [vc_separator type=’transparent’ position=’center’ color=” thickness=” up=’6′ down=’6′]

    7242 East Cortez Rd
    Scottsdale, AZ 85260
    Phone: 805-886-8140
    Fax : 949-335-9784

    [vc_separator type=’transparent’ position=’center’ color=” thickness=” up=’6′ down=’6′]