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General Motors
The most important factor to producing strong investment returns are valuations, and lately with a slight increase in volatility, valuations on some key opportunities have become more attractive.
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The panic of 2016 is opening up opportunities that we haven’t seen since 2009.  Like Bruce Berkowitz of Fairholme Funds said in his last letter “My three decades of experience dictates that the seeds of great performance are planted during the toughest of times.  Above-average returns only seem painless in hindsight.  After all, if it...
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I’ve been writing about the divergence between the fundamentals of our businesses that we are invested in versus the stock prices due to a recent market panic.  To dive deeper into this I wanted to touch on General Motors common stock.  This is a position we have done well in over the years through the...
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Few articles that I have read describe the investment philosophy of T&T Capital Management (TTCM) better than the below one by the great value investor Howard Marks.  My first six or seven years in the investment industry revolved around the substantive differences between the way that the most successful investors in history have invested, and...
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This was a very interesting article about the changes that have occurred within GM since bankruptcy.  It mainly discusses some of the people involved and how the culture has changed from being one of the worst run large company’s in the world.  It also discusses the climb of GM-lifer Mary Barra to CEO, which will...
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It looks like Kyle Bass sees the same value in GM that we at T&T Capital Management (TTCM) have been pounding the table on for quite some time. http://seekingalpha.com/article/453621-general-motors-stock-price-is-far-too-pessimistic  GM has traded at an extremely low multiple to earnings and on an EV/EBITDA basis.  The government ownership overhang has likely been a big contributor and I...
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  At T&T Capital Management, we have long-believed that GM has offered significant value since emerging from bankruptcy.  The bankruptcy process cleansed the company of some of the excessive liabilities and costs, while new management has improved the efficiency of the company.  In addition, pent-up demand from the Great Recession has caused car sales volumes...
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Here is Tim Travis’ research report on General Motors Co.  (GM) on Aug 2nd  2012.   http://seekingalpha.com/article/776341-update-general-motors-stock-price-is-far-too-pessimistic
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Here is Tim Travis’ research report on General Motors (GM) on March 23rd 2012.   http://seekingalpha.com/article/453621-general-motors-stock-price-is-far-too-pessimistic
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Today David Einhorn spoke at the Value Investing Congress. In his presentation he made a bullish case for General Motors (GM). This is a company that we at T&T Capital Management (TTCM) have been very bullish about, and we feel that it is misunderstood coming out of bankruptcy. GM has much lower production costs now...
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