I spent my weekend catching up on some of the recently released annual reports of the big banks. The more I read, the less I could explain current share prices, which are down quite a bit on the year. Despite these companies growing in intrinsic value each year over the last 5 years, some of...Read More

Below is TTCM’s most recent research report on Assured Guaranty. We believe that Puerto Rico fears are greatly exaggerated for AGO. Follow the link to read more.  I hope you enjoy! http://seekingalpha.com/article/3964126-puerto-rico-fears-greatly-exaggerated-ago   Investing in AGO? You’ll want to read these exclusive PRO articles: Assured Guaranty – 50% Of Growing Adjusted Book Value by Tim...Read More

It has been quite a bizarre 2016 thus far in the equity markets.  We’ve seen a dramatic selloff and global bear market.  Then we saw a reasonable recovery in March.  Some of the worst performing economies such as Brazil have had the best stock market returns, while many others are still deeply in the red. ...Read More

It has been over 10 months since the S&P 500 has seen a new high and many market pundits are of the belief that the bull market starting in 2009 is now over.  It is my belief that stocks overall are priced within the realm of reason, and are neither extremely expensive or extremely cheap. ...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

Warren Buffett was interviewed today on CNBC and as always, he provided a great deal of insight into investing.  What is so great about Buffett and value investing in general is the consistency of the method used to make money investing.  It is about buying fractional shares of a business at material discounts to the...Read More

I’ll be writing a fully comprehensive research report within the next week to update you on AGO, but their earnings yesterday were spectacular once again.  Book value per share grew to $43.96 from $36.37 a year ago.  Operating book value per share grew to $43.11 from $37.48 a year ago.  Adjusted book value grew to...Read More

The recent price action of the banking sector makes no sense whatsoever as I’ve been detailing.  Over the short-term, the stock market can be extremely inefficient particularly in a panicked situation such as that which exists today.  All of the facts indicate that the price of the common stock should be no lower than $60...Read More

In a panicked market, good news is ignored and all of the focus tends to be on the bad.  On Tuesday, J.P. Morgan held its investor day meeting.  In the meeting, the company announced that it was going to add another $500MM to energy-related loan-loss reserves.  This followed a $67MM provision in Q4, which at...Read More

The problem with the world of finance is that you can always count on salesmen preying on investor fear to pitch a product.  We saw it in 2009, we saw it in 2011, and we are seeing it again now.  While volatility is to be expected when one is investing in stocks, just like turbulence...Read More