March 2012
Today Treasury announced that they will be selling $6 Billion of AIG stock, and AIG announced that they will be buying up to $3 Billion of it.  This is enormously accretive to AIG shareholders being that if AIG were to pay $29 a share from Treasury, they would be purchasing their own stock at 52%...
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Fortune has a great article on Eddie Lambert, who happens to be the best performing Hedge Fund thus far in 2012 after a rough 2011.  While three months performance doesn’t make him a genius, one bad year doesn’t make him incompetent either. The only way to assess a money manager is through understanding the investment...
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The article below does a good job of pointing out some of the supply/demand problems that Baby Boomers face in meeting their retirement goals.  It isn’t practical to invest in overly diversified mutual funds or ETF’s and expect the returns that most investors need to maintain their same living standards into retirement.  At T&T Capital...
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Over the weekend Third Avenue Funds released their quarterly commentary, which always includes wonderful commentaries from their fund managers let by their Chairman Martin Whitman, whose investment philosophy as articulated by his shareholder letters and books, have become a  key component to our core value investing philosophy at T&T.  Whitman is unique in that he...
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On December 19th I sent out an email discussing the unbelievably cheap valuations that we were seeing, which you can see from the forwarded email below.  This is just a quick update on how they are faring.  The point is not to get overly excited, just as we don’t want to get overly pessimistic when...
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