I think this is a rather naive Barron’s article on Managed Futures.  The Barclay’s CTA index has much higher turnover than the S&P 500 so funds that have the worst performance are usually eliminated from it which greatly distorts the return numbers.  This article also doesn’t even mention fees which I’d bet are quite high...Read More

While my disgust for Aubrey McClendon and Chesapeake Energy’s (CHK) board of directors ethics and self dealing prevents me from investing more than a very minimal amount into the company, I do believe the stock is undervalued.  I’m also very interested in the bonds if they go down a little further to yield 10% to...Read More

Ford’s (F) comeback from the brink of bankruptcy has become more official with the announcement from Moody’s that they have upgraded Ford to investment grade.  This is a fabulous accomplishment as Ford didn’t need to declare bankruptcy despite the worst recession since the “Great Depression.”  I believe Ford’s template will likely be a case study...Read More

Ray Dalio of Bridgewater Associate shares some very pertinent insight into the deleveraging processes taking place in both the United States and Europe.  He correctly identifies that the closest parallel to the current European crisis is situation the United States of America found itself in when it had the Articles of Confederation before the establishment...Read More

Bond insurer MBIA is the subject of this research report.  The premise is that MBIA is likely to win their lawsuit allowing the company to split its public finance and structured finance units.  I think it is highly likely that they will win this lawsuit and that should benefit MBIA’s stock price.  I also believe...Read More

At TTCM we have long been advocating the undervaluation that we see in the Swiss drug maker Novartis.  The company is valued as though it has no growth prospects, but when you look at the pipeline, and the different components of the company, we believe that they have the ability to grow EPS by 7-10%...Read More

Further evidence of the improving economy is seen by the index of home builders confidence which has reached a five year high.  Housing inventory is going down and prices have been depressed due to the high rate of distressed sales.  While consensus is that the housing recovery will take some time, I believe that there...Read More