I think this is an excellent call by UBS as Morgan Stanley (MS) is an absolute steal trading at 50% of tangible book value.  This is one of the finest investment banks out there with a balance sheet that is marked to market that you can buy for 50 cents on the dollar.  This panic...Read More

Provisions for loan losses in Spain continue to rise deepening the financial problems in the European economy.  Unlike in the United States many of these banks haven’t raised the necessary capital but instead merged with other larger banks.  The EU needs to have mechanisms in place to recapitalize the banks and stimulate growth. If banks...Read More

In a sign that we are in a tech IPO bubble, Pinterest was able to raise $100 million at a valuation that implies the company is worth $1.5 billion.  While the company may go on to be extremely successful, the company currently has no real business model.  This access to capital that so many new...Read More

While we never want to hear of massive layoffs unfortunately in a capitalistic economy it is sometimes necessary.  It seems that Meg Whitman is taking the drastic steps that are necessary to revitalize HPQ, and make them a lean enough enterprise to right their financial ship.  HPQ has some strong businesses with adequate returns on...Read More

It looks like the issue with delaying the sale of Maiden Lane III CDO’s was based on transparency as opposed to lack of market demand.  AIG sold off yesterday as the news of the delay broke, but the sooner the sale goes through at a good price, the sooner AIG can use the money to...Read More

We’ve alluded to the inherent value of Yahoo’s (YHOO) assets, and the fact that you are basically getting their search and display business for free.  News coming out that they may be close to selling 20% of Alibaba for $7 billion is extremely positive for the company.  While the tax implications are huge the market...Read More

At T&T Capital Management we are firm believers that all credit default swaps should be on regulated exchanges.  The value of these products is far less than the overall risk that they present to the global economy and financial markets in general.  Even worse the lack of transparency is pervasive and while they are an...Read More