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

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

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

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

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

I just wanted to share this article with you.  It outlines the fact that the S&P 500 has dropped by more than 5% 28 times since 1980.  On average, the market is relatively flat the next week, up 1.65% over the next 4 weeks , and up close to 5% over the next 12 weeks. ...Read More