“Many that are fallen shall be redeemed, and many shall fall that are now in honor.” Horace 20 B.C. During the late 1990’s, tech stocks reached valuations that nobody could explain. While most people saw the dynamically changing marketplace and felt the extraordinary impact of the internet, traditional valuation metrics such as P/E...Read More

Last Thursday’s Brexit vote led to a historically nightmarish day in the financial markets: Indexes across the globe were down between 3-10%. The British pound dropped from a high of $1.50 to $1.32, before finally recovering to $1.37, down an enormous 9% for the currency. European banks stocks were down between 15 and 20%. S....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

What if I told you that with the S&P 500 at an all-time high, you could buy one of the 5 most important companies in the world for 2 times earnings?  The same company has very low leverage and a dividend yield well in excess of 7%.  These are real opportunities that we are finding...Read More

The recent crash in the energy markets reminded me of an article we wrote in 2012, which outlined famous value investor Prem Watsa’s investment in International Coal.  This article is highly relevant to what is going now and how money can be made over the long-term, through investing in cyclical industries during downturns.  Value investing...Read More

This is a really interesting article about the changes in supply and demand that are having transformational impacts on crude oil prices.  I’ve never been an advocate of the “Peak Oil” theory and with natural gas prices at historic lows I believe it makes sense to make a more dramatic shift so that the United...Read More

This article is bad news for coal companies hoping that India and China would be the key to raising prices.  While I do believe that coal will remain a key cog in a comprehensive energy plan, I do think that cheaper natural gas, and improving renewable alternatives are decreasing long term demand for coal.  The...Read More