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I spent my weekend catching up on some of the recently released annual reports of the big banks. The more I read, the less I could explain current share prices, which are down quite a bit on the year. Despite these companies growing in intrinsic value each year over the last 5 years, some of...
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Below is TTCM’s most recent research report on Assured Guaranty. We believe that Puerto Rico fears are greatly exaggerated for AGO. Follow the link to read more.  I hope you enjoy! http://seekingalpha.com/article/3964126-puerto-rico-fears-greatly-exaggerated-ago   Investing in AGO? You’ll want to read these exclusive PRO articles: Assured Guaranty – 50% Of Growing Adjusted Book Value by Tim...
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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. ...
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From the 1964 Buffett Partnership Limited Letter: “In looking at the table of investment company performance, the question might be asked.  ‘Yes, but aren’t those companies run more conservatively than the Partnership?”  If you asked that question of the investment company managements, they in absolute honesty, would say they were more conservative.  If you asked...
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We’ve been documenting the drastic decline in natural gas prices which is having really large consequences in changing the infrastructure of North America’s energy sector.  High oil prices both provide the impetus for more natural gas development to take advantage of the cheaper relative pricing, in addition to keeping natural gas prices low as drillers...
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Coca-Cola (KO) came out with really impressive earnings today as higher prices and volume resulted in strong growth.  Coca-Cola’s leadership has been exceptional in a very difficult economic environment and their beverages business has really been eating Pepsi’s lunch.  No company matches Coca-Cola when it comes to an international presence and their are still attractive...
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In what can only be described as grand theft, Argentine President Christina Kirchner is proposing to steal 51% of the country’s largest oil producer YPF.  This is a company that prior to this action was majority owned by Spain’s Repsol YPF (REPYY, REP.MC), and it is a clear warning shot to investors seeking opportunities in the...
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Radical changes in the regulatory landscape in addition to enormously expensive costs pertaining to dealing with problem mortgages, have elevated banks’ cost structures over the last several years.  Revenues have been flat due to lackluster economic growth particularly in the banks’ bread and butter areas of real estate and commercial lending.  To confront these issues...
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When most people think of Warren Buffett’s investment philosophy they think of his large positions in iconic companies such as Coca Cola, Burlington Northern, Geico, Wells Fargo, etc.  These investments are core positions where he was able to allocate huge sums of money with the understanding that the franchise values would continue to grow over...
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As we’ve stated before Chinese infrastructure spending has likely gone too far, too fast, and has provided a tremendous boost to many commodity businesses.  The most susceptible to a slowdown in China are mining companies that have created the materials for the heavy-industry infrastructure.  When you combine the inflated prices that this demand has caused...
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