This week the Federal Reserve will make a decision on interest rate policy where is it expected to raise by 25 bps.  This would be the first raise in nearly a decade, which is stifling to begin with.  There has been a great deal of volatility of late, which is not uncommon before a rate...Read More

Read our latest research report by our Chief Investment Officer Tim Travis on Assured Guaranty Ltd. (AGO)   Puerto Rico Noise Temporarily Obstructing Assured Guaranty’s Value CreationRead More

Yesterday was a significant day for our portfolios’ because there was a lot of news about Puerto Rico, which impacts our positions in AGO, MBI and Ambac Financial Group.  Firstly, Puerto Rico paid all of its $355MM due on its notes issued by the Government Development Bank.  Most of these bonds were backed by the...Read More

This has surely been an interesting year in the equity markets.  The sheer amount of stocks that are down between 40-60% is absolutely incredible.  Part of that is due to the energy sector, which has been a clear disaster outside of the refining companies.  It is also a reflection of the high valuations that exist...Read More

We are about midway through earnings season and most of the big banks have now reported.  The delay of an interest rate increase had a role in the recent selloff as did just the general terrible market sentiment due to the severe correction that took place.  What many market participants fail to understand is that...Read More

Last December, we wrote this article Russia – Scary but Too Cheap to Ignore  Honestly, we got quite a few negative responses from it as people thought Russia was “uninvestable.”  This has also been the general sentiment by many market “experts.”  At T&T Capital Management (TTCM), we are long-term deep value investors.  By nature, we...Read More

The greatest hockey player ever Wayne Gretzky once said that “the key to scoring goals is going where the puck is going, not where it has been.”  I’ve found this to be a very apt quote to describe value investing.  You don’t chase performance irrespective of valuation, which is what most momentum investors do.  Even...Read More

At T&T Capital Management (TTCM), we define risk as the risk of taking permanent losses of capital.  Of course we are going to be susceptible to short-term mark to market selloffs just like anybody else, but we want to be invested in undervalued and profitable businesses that will recover and thrive through downturns.  While the...Read More

Read our latest research report by our Chief Investment Officer Tim Travis on American International Group, Inc. (AIG). AIG – Recent Selloff is Great  Read More

Many people think of the stock market as being akin to a casino.  Truthfully, for many market participants that engage in speculation or market timing, it is very similar to a casino.  This is where Warren Buffett’s mentor Benjamin Graham brought so much value in his epic books Security Analysis and the Intelligent Investor.  In...Read More