This was a very interesting article about the changes that have occurred within GM since bankruptcy.  It mainly discusses some of the people involved and how the culture has changed from being one of the worst run large company’s in the world.  It also discusses the climb of GM-lifer Mary Barra to CEO, which will...Read More

Every year I look forward to Arnold Van Den Berg of Century Management’s Client Review where he outlines different themes on the economy and various businesses.  He is an extraordinary value investor and his insights in relation to business and the economy are extremely helpful.  This is a very long video but I assure you...Read More

Barrick Gold (ABX) has been chronically mismanaged and has suffered through dismal capital allocation.  This has pressured the balance sheet and subjected the company to significant risks as the price of gold has declined from its record highs.  New management has taken over and has begun making some painful but necessary decisions, which should help...Read More

Tomorrow is the day that Hilton will begin trading publicly again after what has undeniably been quite a wild ride.  The hotel chain was bought by Blackstone at the peak of real estate boom at an extremely rich multiple.  For a long time the deal looked like it going to end up being disastrous but...Read More

The Board of Directors at Abercrombie & Fitch seems to be making a questionable move by agreeing to a new contract with CEO Michael Jeffries after dismal performance over the last couple  of years.  Jeffries is considered to be the founder of the modern company after its spin-off from Limited Brands, but Abercrombie has missed...Read More

Below is a link to another outstanding letter from the managers of the Third Avenue Funds led by the legendary Martin Whitman.  There is tremendous insight about a variety of companies across the globe and extremely sound investment advice.  It is a bit lengthy but is certainly worth your time.  I hope that you enjoy!...Read More

Below is my most recent research report on SandRidge Energy (SD).  This is a company that has been cutting costs and improving its capital allocation, which were both serious problem areas under the leadership of former CEO Tom Ward.  Moving forward and assuming that oil and natural gas prices stay high, I believe the stock...Read More

Below is our most recent research report on 3D Systems Corporation (DDD).  This seems to be an obviously overvalued company that will likely be extremely disappointing for market participants speculating on it.  I hope that you enjoy!     http://seekingalpha.com/article/1879061-3d-vision-is-not-necessary-to-see-3d-systems-is-overvalued?v=1386232017&source=tracking_notifyRead More

It looks like Kyle Bass sees the same value in GM that we at T&T Capital Management (TTCM) have been pounding the table on for quite some time. http://seekingalpha.com/article/453621-general-motors-stock-price-is-far-too-pessimistic  GM has traded at an extremely low multiple to earnings and on an EV/EBITDA basis.  The government ownership overhang has likely been a big contributor and I...Read More

Below is a fantastic interview of the former head of Capital Cities Tom Murphy from the year 2000.  Murphy was a tremendous businessman that grew Capital Cities from an extremely small base to eventually buy ABC, with the help of his good friend Warren Buffett.  Eventually, Murphy sold Capital Cities to Disney, which has obviously...Read More