Sometimes it is easy to look at what is working in the stock market and assume that it is the “safe and prudent” way to invest, because it is working.  Remember that investing is about buying securities at a discount to intrinsic value based on a fundamental analysis that suggests the securities should appreciate over...Read More

As the economy reopens, cyclical value stocks are starting to perform a lot better. Remember, that what we experienced was something that has never happened before, with the major economies across the globe shutting down due to a virus.  I’d suggest the lock-down was more like the black swan rather than the pandemic, which are...Read More

This year has been wild in many terrible ways.  One extremely painful phenomenon (for a value investor) has been the massive growth outperformance relative to value.  Coming into the year, we were at the widest relative spread between growth and value since 2000.  After the pandemic tanked stocks more closely related to the economy, the...Read More

While this optimism ultimately may prove to be valid if interest rates stay this low for many years to come and if earnings continue to grow, there is also a very real chance that many market participants will get badly burned. Most of this year's stock returns for the overall market are coming from Amazon,...Read More

Wal-Mart made the decision today to reduce Mike Duke with long-term Wal-Mart executive Doug McMillon.  This is a rather abrupt move considering Wal-Mart’s history of retaining CEO’s for long periods of time.  I still believe that Wal-Mart is the best positioned retailer to fight off Amazon.  It is my opinion, that the company should offer...Read More

Sears Holdings (SHLD) is undoubtedly one of the most hated stocks on Wall Street.  A major reason for the animosity is Wall Street’s focus on the primacy of the income statement and Sears is not a profitable retail operation.  Analysts’ that also cover profitable retailers such as Wal-Mart (WMT) or Target (TGT) are befuddled by...Read More

Below is the interview with TTCM CEO on Bloomberg discussing Apple and Amazon.  Enjoy! http://www.ttcapitalonline.com/media/ INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.Read More

Often times the stock market will offer an absolutely absurd price for a business.  These mispricing’s can last for quite some time as momentum investors and chartists react to stock “movement” as opposed to business values.  The beautiful thing about the stock market is that you can choose on what terms you wish to play. ...Read More

Amazon’s share of the tablet market dipped to 4% from 17% in the first quarter, while Apple’s market share increased to 55%.  This really highlights the extraordinary strength of Apple and their ability consistently garner sales at a level that crushes the competition.  The Kindle is a wonderful product at a cheaper price point but...Read More

Amazon (AMZN) reported extremely strong earnings last week aided by improving margins.  I believe that Amazon has one of the widest moats of any business, as infrastructure investments over the last 15 years, have built a distribution model that cannot be emulated.  Amazon is one of the all time category killers impacting retailers of all...Read More