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AIG
“The big money is not in the buying and selling…but in the waiting.” -Charlie Munger   Hello Everybody, Some of the large banks have reported earnings for the 4th quarter of 2014 and the results were underwhelming.  Much of this had already been forecasted as the decline in interest rates and incredible volatility pressured fixed...
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Hello Everybody, 2015 has started with tremendous volatility.  The major issues are the continued rise in the U.S. dollar, declining commodity prices and turmoil in Greece.  We are now in year 6 of a bull market so it is to be expected that it would get more difficult to make money and volatility is to...
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Read our latest research report from Chief Investment Officer Tim Travis on American International Group (AIG).   AIG – Large Discount to Intrinsic Value, P&C Business Needs to Deliver
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Assured Guaranty (AGO) has been a pillar investment for first myself in 2009 and T&T Capital Management since its founding in late 2011.  For an example of our investment thesis please review this article I wrote in 2011: http://seekingalpha.com/article/476071-assured-guaranty-an-undervalued-diamond-in-the-rough. Due to record low interest rates, municipal bond insurance market demand has declined, which has reduced...
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Today, the Wall Street Journal had an interesting article on the weak performance of “blue chip” stocks such as Coca Cola, IBM, AT&T and Wal-Mart this year.  “Blue chips” is a term that has no relevance to me but has been and still is a popular term for much of the investment community.  A “blue chip”...
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This weekend, the WSJ had an interesting article discussing momentum-based technology stocks.  Many of these securities have come down by 20-75% over the last several months, as the same momentums that had lifted them higher in the absence of profitability, have now turned against them.  For market participants’ that speculated on these securities, betting that...
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Few articles that I have read describe the investment philosophy of T&T Capital Management (TTCM) better than the below one by the great value investor Howard Marks.  My first six or seven years in the investment industry revolved around the substantive differences between the way that the most successful investors in history have invested, and...
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I found a wonderful article on the famous and enormously successful value investor Howard Marks that I thought would be helpful to pass on to you.  The current stock market is filled with media and speculator darlings such as Tesla, 3D Systems, Facebook and LinkedIn.  There are numerous other stocks trading at absurd earnings multiples...
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Fairholme Funds and Bruce Berkowitz had another fabulous year in many of the same positions that we are heavy in at T&T Capital Management (TTCM).  He has large positions in AIG, Bank of America and Sears Holdings to name a few.  I found it very interesting that he mentioned his appraisal of Sears’s NAV to...
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Today is a big day for AIG as it finally was able to unload its aircraft leasing company ILFC to AerCap Holdings (AER).  AIG is getting about $3 billion in cash and now the company will get about a 46% stake in the combined company.  AER is up big today on the deal, which benefits...
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