This article highlights the divergent paths that both Spain and Ireland have taken.  Where Ireland was quick to realize the severity of their problems, Spain has been living in a delusional state believing that by doing little the situation will somehow correct itself naturally.  To me this is really microcosm for the E.U. which has...Read More

In very encouraging news for the municipal bond sector, the amount of insured municipal bonds jumped 60% in the first quarter of 2012 from a year ago, to $3.7 billion.  One of T&T Capital Management’s core positions is in Assured Guaranty (AGO) which is really the only bond insurer writing new business. http://seekingalpha.com/article/476071-assured-guaranty-an-undervalued-diamond-in-the-rough The only...Read More

This was a really interesting article on some of the concerns that advertisers are having about Facebook, and the inability to track whether sales are coming directly from their advertising efforts.  I remember hearing similar concerns about search advertising earlier in its development and I think it is likely that Facebook will make it easier...Read More

This was a great interview with Jim Chanos where he outlines his short investment theses on China, the PC market, and Petrobras (PBR).  He describes his firms strategy as being long the market, and then his performance fee is based on the performance of his shorts beating the market.  I really agree with his sentiments...Read More

Sears seems to be doing a better job at managing their inventory and halting the decline in same store sales.  These are definitely positive trends but it doesn’t change my agnostic outlook towards the viability of their retail operations.  I think Sears is an asset play and the key thing for investors is to understand...Read More

Starwood Capital Group LLC CEO Barry Sternlicht discusses his investments in out of favor malls in smaller towns as a hedge for inflation.  He believes that malls are attractive because they can be refashioned to improve profitability, and he estimates that current purchases have the potential for double digit cash on cash returns.  He is...Read More

This article provides interesting insight into the buoyant market for junk bonds.  Investors hungry for higher yielding investments have been willing to offer very favorable terms to companies in less than ideal financial condition.  This is actually a decent time to be investing in junk bonds as the economy is improving but has likely not...Read More

While I’m happy to see that the board has taken some action and has split the Chairman and CEO roles, I don’t think this action went far enough.  McClendon has abused his power to an extreme extent and I think that it would be in shareholder best interests if he were to step down.  Chesapeake...Read More

It seems that the Federal Reserve is criticizing the banks models for the stress test.  Some of the concerns revolve around the assumption that the 20% drop in housing would be uniform across the country, and that the banks requested the ability to pay dividends.  I really don’t understand that Fed’s comfort in dealing in...Read More

Avon Products (AVP) continues to struggle as increased costs are eroding margins. This is really a throwaway quarter for Avon as they are transitioning to a new CEO, and they are dealing with the bid from Coty.  There is a lot of work to be done for this company and they really need to streamline...Read More