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

Please enjoy TTCM’s latest research report on Bank of America: Valuation And Earnings Growth Potential Make BofA A BuyRead More

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...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

Below is a fabulous article that was in the Wall Street Journal outlining why banks are extremely attractive investment right now, especially in relation to something like Commercial Real Estate. Much of this is due to the greatly distorted political environment in which the banks are still vilified for the Financial Crisis that ended 7...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

While the first 2 months of 2016 were quite terrible, markets are clearly starting to loosen up. This is very good news for the big banks’ that rely on companies issuing equity and debt as part of their investment banking operations. There is no doubt that first quarter earnings will be bad compared to robust...Read More

The recent selloff in stocks has allowed for extremely attractive buying opportunities for financially strong companies, with compelling dividend and earnings growth potential.  In addition to owning the stocks, albeit at times at quite a bit higher prices due to the significant market selloff we have experienced over the past two months, we have been...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

When investing, the fundamental question is what is the value of the business versus the pricing being offered?  If that value is substantially greater than the price offered, one has a strong expectation of attractive profits and a margin of safety, which means that the investor isn’t likely to lose money over the long-term.  Companies...Read More