March 2014
I found a wonderful article on the famous and enormously successful value investor Howard Marks that I thought would be helpful to pass on to you.  The current stock market is filled with media and speculator darlings such as Tesla, 3D Systems, Facebook and LinkedIn.  There are numerous other stocks trading at absurd earnings multiples...
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Below is a link to TTCM’s most recent research report on Assured Guaranty (AGO).  The company trades at a considerable discount to operating shareholders’ equity and the recent increase in interest rates and ratings upgrade should propel earnings higher over the next few years.  I hope that you enjoy!  
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Prem Watsa is one of the most respected investors in the world and I always enjoy his shareholder letters.  Fairfax Financial has dramatically improved the quality of its insurance operating businesses but the financial results have been obscured by huge losses on equity and CPI hedges.  Watsa is a firm believer that the global economy...
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Leucadia has always been a fascinating company to me in that its founders’ Ian Cumming and Joseph Steinberg, have established a company with an extraordinary track record of building shareholder value with a wide variety of obscure businesses.  Now, Cumming and Steinberg have stepped down and the company is being led by Richard Handler and...
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It was a banner 2013 for Berkshire Hathaway, which posted earnings of nearly $20 billion.  Berkshire is heavily levered towards U.S. economic growth and the conglomerate saw strong gains throughout just about all of its operating entities.  Berkshire has increasingly shifted to an owner of large operating businesses, as opposed to being seen as more...
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