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

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

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

I hope that you had a fabulous and safe Labor Day holiday.  This morning Warren Buffett was on CNBC where he discussed the economy, interest rates, and the outlook for long-term investing in stocks.  He made excellent points in that the U.S. economy has really not accelerated beyond the 2-2.25% level on a year over...Read More

Current stock market volatility remains extremely high and hysteria is quite significant.  It is my opinion that we are in a classic stock market correction.  I wouldn’t necessarily call it a panic yet, but clearly fear is very high.  It is important to look at the underlying fundamentals and see if they line up with...Read More

There is no doubt that the recent selloff in global markets has been stifling.  The percentages of stocks down 20-40% are incredibly high, but not necessarily shocking if you’ve been watching what has been going on.  Market participants have been bidding up stocks to unsustainable valuations, which have been buoyed by ultra-low interest rates.  Sometimes...Read More

We have now experienced the worst correction since 2011.  While these things are never fun to go through, they are 100% to be expected and 100% not to be feared.  Valuations have been elevated and there has been a great deal of speculative activity on wide swaths of the market, none of which we are...Read More