“You don’t find out who is swimming naked until the tide comes out.” Warren Buffett   Financial markets over the short-term are akin to middle school popularity contests.  The euphoria or pessimism of the day generally reflects recent price performance.  Because there is 24/7 coverage, media pundits feel like they have to give reasons...Read More

We are in the early weeks of earnings season, and overall, the results have been quite impressive.  The banking sector saw continued improvement in net interest margins, with credit normalizing a bit.  One must remember that we are coming off the most enormous stimulus package in history in 2020, which created the best credit environment...Read More

Markets have been off to a nice start to begin 2023.  Today’s CPI was quite positive, increasing by 6.5% from a year earlier, marking the sixth straight monthly deceleration since peaking in the middle of last year.  While 6.5% is still an ugly number, which I know we all feel when we go out to...Read More

Happy New Year as we at T&T Capital Management are immensely excited to start 2023.  While 2022 was a nightmarish market for both equities and bonds, largely due to out of control inflationary pressure, and the disastrous war in Ukraine, I feel we are in a great position going into 2023.   One Warren Buffett...Read More

The S&P 500 is down roughly 20%, the Nasdaq was down nearly 33%, and the average 60/40 portfolio is down about 17%.  As we’ve discussed many times over the year, it is very rare that both stocks and bonds perform so badly in the same year.  When you think back at 2020 and 2021, you...Read More

When we wrote to you last week, we mentioned an encouraging CPI report, but the market was waiting to see how Powell spoke the next day before showing any real rally.  As has been the status quo for the year, Powell spoke very hawkishly despite the enormous evidence that inflation has peaked and the economy...Read More