“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,...Read More

    “Many that are fallen shall be redeemed, and many shall fall that are now in honor.” Horace 20 B.C. During the late 1990’s, tech stocks reached valuations that nobody could explain. While most people saw the dynamically changing marketplace and felt the extraordinary impact of the internet, traditional valuation metrics such as P/E...Read More

The basic tenets to value investing and margin of safety are the following: Every stock is a fractional share of an actual business. Every business or stock has an “intrinsic value.” The “intrinsic value” of a business generally changes at a much slower rate than the price of a publicly traded stock can change. Over...Read More

I spent my weekend catching up on some of the recently released annual reports of the big banks. The more I read, the less I could explain current share prices, which are down quite a bit on the year. Despite these companies growing in intrinsic value each year over the last 5 years, some of...Read More

From the 1964 Buffett Partnership Limited Letter: “In looking at the table of investment company performance, the question might be asked.  ‘Yes, but aren’t those companies run more conservatively than the Partnership?”  If you asked that question of the investment company managements, they in absolute honesty, would say they were more conservative.  If you asked...Read More

For many of you that have been with me for 5 years now, even prior to when T&T Capital Management (TTCM) was established, 2016 might feel a little bit like 2011.  In 2011, a global bear market and severe U.S. correction coincided with fears that a collapse of European Sovereign Debt would lead to a...Read More

I hope that you had a fabulous and safe Labor Day holiday.  This morning Warren Buffett was on CNBC where he discussed the economy, interest rates, and the outlook for long-term investing in stocks.  He made excellent points in that the U.S. economy has really not accelerated beyond the 2-2.25% level on a year over...Read More

Current stock market volatility remains extremely high and hysteria is quite significant.  It is my opinion that we are in a classic stock market correction.  I wouldn’t necessarily call it a panic yet, but clearly fear is very high.  It is important to look at the underlying fundamentals and see if they line up with...Read More

Hello Everybody, Needless to say, the last 30 days have been quite dramatic for world markets.  In China, roughly $4 trilling in equity value was wiped out in a crash that has many similarities to that experienced in 1929, partly for the interventionist policies that transpired as a result.  This story is likely not over...Read More

Below you’ll find a link to today’s recorded webinar.  I’d strongly suggest that you take the time to watch it.  It is very important to understand that most of the market is extremely expensive and risky.  This is the case in both equities and fixed income.  Over the short-term, it is impossible to know what...Read More