From the 1964 Buffett Partnership Limited Letter: “In looking at the table of investment company performance, the question might be asked.  ‘Yes, but aren’t those companies run more conservatively than the Partnership?”  If you asked that question of the investment company managements, they in absolute honesty, would say they were more conservative.  If you asked...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

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

Friday February 5th was Freefall Friday for the Glamor Tech stocks that have been the apple of most market pundits’ eyes over the last few years.  Many of these companies are not profitable on a GAAP basis; but use absurd accounting practices where a huge percentage of their expenses, such as stock based compensation, or...Read More

Bruce Berkowitz of Fairholme Funds has some of the best long-term investment returns in the industry.  He employs a value investing methodology very similar to us, by focusing on fundamentals and taking a more concentrated approach.  Why would you allocate the same amount of money to your 10th best idea as you would your first...Read More

As part of our effort at T&T Capital Management (TTCM) to educate our clients on our positions, I wanted to provide a few quick updates.  Macy’s (M) is obviously a very well know and well run retail operation.  The 52-week range is $34.05-$73.61.  The stock has plummeted as retails sales have been a bit disappointing...Read More

2016 has started with a panic and most markets are in correction territory from recent highs.  One can’t point to any specific data point to explain the declines.  China has a serious stock market problem.  It has been overvalued for a long time and there are certainly some considerable structural flaws to that economy.  It’s...Read More

I always find it extremely important to communicate with clients, particularly during times of fear and turmoil because our history has proven that the more educated the client, the less inclined they are to panic.  We are clearly in the midst of a global stock panic.  While most would point to a fear of slowing...Read More

Record low interest rates have had severe consequences on retirees and net-savers that have found that they are having to work until much later in life than they initially had expected, as the investment income is just not there due to anemic bond yields.  The Federal Reserve’s Quantitative Easing program has forced many investors to...Read More