The recent price action of the banking sector makes no sense whatsoever as I’ve been detailing.  Over the short-term, the stock market can be extremely inefficient particularly in a panicked situation such as that which exists today.  All of the facts indicate that the price of the common stock should be no lower than $60...Read More

In a panicked market, good news is ignored and all of the focus tends to be on the bad.  On Tuesday, J.P. Morgan held its investor day meeting.  In the meeting, the company announced that it was going to add another $500MM to energy-related loan-loss reserves.  This followed a $67MM provision in Q4, which at...Read More

The problem with the world of finance is that you can always count on salesmen preying on investor fear to pitch a product.  We saw it in 2009, we saw it in 2011, and we are seeing it again now.  While volatility is to be expected when one is investing in stocks, just like turbulence...Read More

The recent selloff in stocks has allowed for extremely attractive buying opportunities for financially strong companies, with compelling dividend and earnings growth potential.  In addition to owning the stocks, albeit at times at quite a bit higher prices due to the significant market selloff we have experienced over the past two months, we have been...Read More

Read the latest research report from our Chief Investment Officer Tim Travis on Voya Financial, Inc. (VOYA).   Voya is a Forgotten and Dramatically Mispriced Spin-OffRead More

Similarly to 2011 during the European Crisis, banks have sold off aggressively across the globe during this global bear market.  Financials in general are often viewed as a proxy for investor confidence.  Due to the absolutely traumatizing experience that bank shareholders’ experienced in 2008, it is very easy to cause panic in the sector over...Read More

While volatility and fear are dominating the headlines and market sentiment, a careful analysis of the facts leads me to believe that this is much more likely a normal correction/financial panic, than a true crisis.  While many stocks such as Citigroup have gotten crushed, it is important to understand that to justify the current price,...Read More

Since the beginning of 2016, stocks around the world have been in freefall.  We are seeing volatility and panic at levels, not seen in at least 5 years and in some areas since the Financial Crisis.  There is no doubt that this is a very challenging time to be an investor as virtually no stocks...Read More

The panic of 2016 is opening up opportunities that we haven’t seen since 2009.  Like Bruce Berkowitz of Fairholme Funds said in his last letter “My three decades of experience dictates that the seeds of great performance are planted during the toughest of times.  Above-average returns only seem painless in hindsight.  After all, if it...Read More

Friday February 5th was Freefall Friday for the Glamor Tech stocks that have been the apple of most market pundits’ eyes over the last few years.  Many of these companies are not profitable on a GAAP basis; but use absurd accounting practices where a huge percentage of their expenses, such as stock based compensation, or...Read More