Dear Investors, On February 25th, Warren Buffett was interviewed at length by CNBC.  I only saw highlights of it, but there was some very interesting conversation regarding banks. “On CNBC, Buffett said that JPMorgan Chase, Berkshire’s newest big holding, is attractively priced. He noted that investors should be willing to pay at least three times...Read More

Dear Investors, It is very easy for market participants to project recent history far into the future.  How many people remember that between 1995 to March 2009, the S&P 500 returns actually lagged those of lowly Treasury bills?  That might not seem like a big deal today looking in the rear-view mirror, but for people...Read More

Dear Investors, On Monday, a positive step was made towards resolving the Puerto Rico debt restructuring, as the judge approved the Plan of Adjustment for Puerto Rico’s COFINA sales tax bonds. COFINA senior and junior bondholders will recover 93 cents and 56.4 cents on the dollar, respectively. Puerto Rico benefits by saving $17 billion in...Read More

Dear Investors, The 4th quarter of 2018 was truly fascinating from the perspective of investor psychology. In the beginning of the downturn, most market participants were still quite optimistic that it was just a temporary setback in a bull market. As the quarter progressed and the selling picked up steam, the psychology turned to fears...Read More

Dear Investors, Lately, I’ve heard from a few different people about some disastrous trading experiences that have occurred from following newsletters and/or broker recommendations. These stories really can be upsetting as people are basically lighting their hard-earned money on fire on activities where the odds are stacked against them. I wanted to write about a...Read More

Dear Investors, What a difference a change in the calendar can make!  The end of 2018 saw some of the worst declines we have seen since the Great Recession, but 2019 has started off extremely well.  Far more importantly than short-term stock performance though, are the earnings developments from the companies that ultimately drive long-term...Read More

Dear Investors, Today’s nonfarm payrolls number blew the top off expectations with a seasonally adjusted 312,000 job gains in December. After upward revisions to October and November, the U.S. added 2.64MM net payrolls in 2018. This was the best year for job growth since 2015. That is a very different narrative than the one market...Read More

Dear Investors, Happy New Year to you all and we are optimistic about a bright 2019 and beyond. I wanted to step away for a moment from commenting on the market and instead engage with you on a broader level about what we hope to accomplish as a firm in the service that we provide...Read More

Dear Investors, October 11th marks our 7th anniversary since we started T&T Capital Management in 2011.  We cannot express to you how thankful we are to each and every client for entrusting us with your hard-earned assets.  Our mission has not changed one iota.  We want to provide what we believe to be the best...Read More

I recently read a WSJ article about a retirement community in Northern California that has become divided due to one group wanting to spend $300K to build a pickleball court, and one group that opposes it because they don’t want to see their association fees increase.  The article rings a tone of income inequality, which...Read More