This has been a very busy week for earnings releases on some of our largest investments.  I just wanted to provide a quick update on a few of them, as they were meaningful. Assured Guaranty (AGO), was up roughly 7% after reporting a very strong quarter and a particularly attractive acquisition.  Net income was $142MM,...Read More

Warren Buffett's first rule of investing is not to lose money. His second rule is not to forget about the first rule. For those of you that have been with us for years, you have heard us talk a lot about maximizing risk-adjusted returns...Read More

Today it was announced that TIAA was buying Everbank (EVER) for $19.50 per share.  Everbank is a very average bank with lower returns on equity than the big banks.  As of the 2nd quarter 2016, Everbank’s tangible book value per share was $13.24 meaning that TIAA is paying right around 1.5 times tangible book.  Because...Read More

The basic tenets to value investing and margin of safety are the following: Every stock is a fractional share of an actual business. Every business or stock has an “intrinsic value.” The “intrinsic value” of a business generally changes at a much slower rate than the price of a publicly traded stock can change. Over...Read More

It has been quite a bizarre 2016 thus far in the equity markets.  We’ve seen a dramatic selloff and global bear market.  Then we saw a reasonable recovery in March.  Some of the worst performing economies such as Brazil have had the best stock market returns, while many others are still deeply in the red. ...Read More

It has been over 10 months since the S&P 500 has seen a new high and many market pundits are of the belief that the bull market starting in 2009 is now over.  It is my belief that stocks overall are priced within the realm of reason, and are neither extremely expensive or extremely cheap. ...Read More

This morning provided some interesting news as famous activist investor Carl Icahn has announced that he has taken a large position in AIG.  AIG is and has been one of our largest positions, which we have been very successful in over the last 5 years.  We’ve recently added materially to it in many accounts during...Read More

We are about midway through earnings season and most of the big banks have now reported.  The delay of an interest rate increase had a role in the recent selloff as did just the general terrible market sentiment due to the severe correction that took place.  What many market participants fail to understand is that...Read More

Read our latest research report by our Chief Investment Officer Tim Travis on American International Group, Inc. (AIG). AIG – Recent Selloff is Great  Read More

Hello Everybody, The last few weeks have seen a torrential downpour of bad news.  To briefly recap:  Greece is very likely headed out of the Eurozone, barring a massive last minute effort on both sides to come together to preserve the Union.  The Chinese stock market after being up 135% over the last year, has...Read More