Last Saturday was the Berkshire Hathaway annual shareholder meeting and there was an interesting quote from Warren Buffett, after selling a chunk of his Apple stock. “I don’t mind at all, given current conditions, building our cash position.  When I look at the equity markets and the composition of what’s going on in the world,...Read More

Inflationary data continues to run much hotter than the Federal Reserve has expected.  This inflationary pressure is delaying, if not outright halting the Fed’s plans to reduce interest rates this year.  This is a very negative development given financial markets, had been rallying since October in the hopes of a rate -cutting cycle.  We always...Read More

Higher than expected inflation and geopolitical turmoil have begun to roil the equity markets of late, wiping out $1.3 trillion in value last week alone.  This past week, the S&P 500 declined by 3%, recording its 3rd consecutive week of declines.  The Nasdaq declined by 5.3%, which was its worst week since October 2022.  Many...Read More

Due to the rapid ascension of interest rates over the past two years, commercial real estate has seen a considerable decline in prices.  Different sectors of the commercial real estate market such as Office, are clearly more troubled.  However, areas such as multifamily, industrial, and retail are performing much better at an underlying business level. ...Read More

I’m going to tell a story to try to explain a few things that seem relevant in today’s markets and economy.  Driving home from the gym, I drove past my old work from my early 20’s.  It was an amazing job at a small futures and commodities brokerage that specialized on selling options on market...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

I hope you had a great Christmas!  Today I came across an interesting article on Bloomberg discussing the fact that the 6 big U.S. banks have combined to make nearly $1 trillion in profit over the last decade, despite being universally hated stemming from the last Financial Crisis, and dealing with a historically low interest...Read More

We’ve written about sequence risk on many occasions in the past.  While most investment projections are based on average returns, the reality is that returns don’t happen that way.  There is a sequence to them, and for those recently retired, or close to retirement, sequence risk is an extremely important consideration. Losses taken early in...Read More