Hello Everybody, The last few weeks have seen a torrential downpour of bad news.  To briefly recap:  Greece is very likely headed out of the Eurozone, barring a massive last minute effort on both sides to come together to preserve the Union.  The Chinese stock market after being up 135% over the last year, has...Read More

Hello Everybody, While Western news has been dominated by the “Greek Crisis,” an extremely important and cautionary tale is unfolding in China.  Loosening restrictions on outside investment into mainland Chinese shares have created a bull market of epic proportions.  The Shanghai index returned well over 100% over the last year.  The situation was almost reminiscent of...Read More

Hello Everybody, I hope that you all had a safe and enjoyable Independence Day holiday!  Today’s news is that the people of Greece have rejected the terms of its creditors’ by voting no in the referendum.  Now it will be very difficult for this radical leftist government to come to terms on a package to...Read More

Read our latest research report from Chief Investment Officer Tim Travis on Assured Guaranty (AGO). Puerto Rican Sell-Off Brings Forward Tremendous Opportunity for Assured Guaranty  Read More

Value investing is all about buying companies at a deep discount to intrinsic value.  Often these companies are dealing with short-term issues such as a cyclical downturn.  Today we closed out one of our larger positions, which was in the agricultural equipment manufacturer AGCO.  We bought the stock mostly in the low to mid $40’s...Read More

You can’t go to a financial website or watch financial television without seeing a headline about the huge problems facing Greece.  This is a tiny country of 11 million people and a total GDP that is less than the market capitalization of a number of American companies.  Greece’s problems are similar to those facing most...Read More

The Dow Jones has crept into negative territory for 2015 and bonds have sold off as interest rates have rallied.  As we are now in year 6 of the bull market that started in March of 2009, valuations on both equities and fixed income look considerably stressed.  While most market participants seem eerily complacent with...Read More

Value investing is a somewhat broad term, but the concept is basically the idea of buying securities at a discount to “intrinsic value.”  By doing so and by being willing to take a longer-term approach, the value investor is able to invest with a large margin of safety and also achieve better investment returns.  It...Read More

Hello Everybody, Yesterday I was reading an interesting in interview with Bill Ngyren who is a famous value investor that runs Oakmark.  Ngyren’s funds are also invested in AIG as well as a few other financials similarly to how we’ve been invested for years now.  His rationale is not much different than mine, but I...Read More

Read our latest research report from Chief Investment Officer Tim Travis on American International Group (AIG). AIG – P&C Underwriting Profit Augurs Well For AIGRead More