Month

January 2014
When markets become volatile my job gets a lot more exciting and this year is off to a good start, so I thought I’d continue the education process.  Emerging markets are experiencing extreme volatility out of concerns that money is flowing out of their economies, making them unable to pay off debt in U.S. dollars. ...
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Severe disruptions in emerging markets are roiling financial markets across the globe.  Ineffective government leadership in Argentina and political upheaval in Ukraine and Turkey are some of the primary contributors.  In addition, data out of the Chinese economy, which is the world’s 2nd largest, has been quite poor.  While the S&P 500 was down about...
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Many people ask me why we don’t just buy stocks when we find an undervalued business, as opposed to some combination of buying stock and selling cash-secured puts, among other strategies.  If a stock is more than 50% undervalued, we will usually primarily buy the stock outright.  If the discount isn’t as great, selling puts...
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Bank of America has been a hugely successful investment thus far for T&T Capital Management (TTCM) and we are optimistic that it can still do well into the future.  The company is improving its performance each quarter by reducing costs and reducing exposure to legacy problems.  CEO Brian Moynihan has done a stellar job in...
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Here is a link to our most recent research report on Wells Fargo.  This is the best run big bank and still offers a reasonable relative value.   http://seekingalpha.com/article/1947971-Wells-Fargos-Valuation-And-Earnings-Can-Still-Climb-Higher
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Below is a link to our most recent research report on J.P. Morgan.  We feel that the stock is still reasonably attractive and that market participants are far too critical on the bank and Jamie Dimon.  I hope that you enjoy!   http://seekingalpha.com/article/1945941-perception-is-not-reality-for-jamie-dimon-and-jpmorgan  
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Bill Ackman had a rough and controversial 2013 but 2014 appears to be starting much better.  Today it was announced that Beam Inc. (BEAM) was being taken over by Japanese whiskey and beer maker Suntory.  Ackman helped engineer the spin-off of Beam from Fortune Brands with the idea that BEAM would likely be a hot...
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One of the best investment books that I’ve ever read was Seth Klarman’s Margin of Safety.  His investment prowess is exceptional as is his ability to articulate his ideas.  I do find his investments to be rather difficult to follow as many are quite obscure.  I believe that he does quite a bit with options,...
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This is a fabulous documentary on SAC Capital and the SEC’s pursuit of Stevie Cohen on insider trading.  Cohen’s returns based on what was often short-term trading are virtually impossible to understand, unless there was inside information involved.  It is a lot different looking at someone like Warren Buffett that holds on to businesses for...
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In what I view as to not be a surprising development but a disappointing one for Microsoft shareholders, Ford (F) CEO Alan Mulally has announced that he won’t be taking the CEO position at Microsoft (MSFT).  Mulally could have come in with a fresh set of eyes and ideas to help Microsoft compete more effectively...
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