It is absurd to think that because Facebook’s IPO hasn’t resulted in instant gains for investors that bought at the IPO price, the banks that led the underwriting are at fault.  IPO’s have the odds stacked against them for retail investors as insiders are selling their stock to the public.  They aren’t selling their shares...Read More

I think this is an excellent call by UBS as Morgan Stanley (MS) is an absolute steal trading at 50% of tangible book value.  This is one of the finest investment banks out there with a balance sheet that is marked to market that you can buy for 50 cents on the dollar.  This panic...Read More

Two stocks that we at T&T Capital Management (TTCM) think are likely to be big winners over the next 3-5 years are Citgiroup (C) and Morgan Stanley (MS).  This article talks about the possibility that Morgan Stanley will accelerate the purchase of the remaining portion of Smith Barney that Citigroup owns.  This deal which was...Read More

After reviewing the Jefferies earnings call I’m very optimistic as to how this quarter should shake out for the other financials.  CEO Richard Handler has done an amazing job with Jefferies, in the most difficult of environment.  I really appreciate the way that he has opportunistically bought back stock and debt at favorable prices, and...Read More

Today we had some big news with the Federal Reserve announcing the results of the dramatic stress tests.  As a whole the US banking industry did quite well, which is to be expected considering they have double the capital that they had three years ago. I was somewhat surprised to see Citigroup, which has one...Read More

Today (JEF) Jefferies released their earnings which drastically beat low expectations, and as a result the stock is up about 20%.  This is an extremely well run investment bank, and the largest shareholder’s are Leucadia, and the CEO Richard Handler.  Both Handler and Leucadia have proven to be extremely astute managers and investors in the...Read More