Hello Everyone, Over the weekend Berkshire Hathaway’s Chairman’s Letter to Shareholders came out and as usual it was a must-read.  There are numerous fabulous points on it so it if you get the time read it, but I wanted to direct your attention to an excerpt on the reality of risk versus the perception of...Read More

Volatility has started to accelerate in the stock market, which has predictably led to higher anxiety levels.  Many market pundits will point to specific catalysts such as Syria, Ukraine and Ebola, but the reality is that many of these risks have also existed while the market has been rising.  Much of what is going on...Read More

Record low interest rates have had severe consequences on retirees and net-savers that have found that they are having to work until much later in life than they initially had expected, as the investment income is just not there due to anemic bond yields.  The Federal Reserve’s Quantitative Easing program has forced many investors to...Read More

On behalf of our Chief Investment Officer Tim Travis… Successful long-term investing often means finding a route quite different from the path of least resistance that the investing “herd” takes.  Wall Street and financial charlatans play on storylines, which can be sold to scared or perhaps naïve investors.  For instance, there was a tremendous volume...Read More

On behalf of our Chief Investment Officer Tim Travis… In a world where data of just about any kind is literally seconds away with a few strokes from your fingertips, it is not hard to get swallowed up in the hysteria of short-termism, in relation to your investment approach.  The term “investing” means purchasing a...Read More

Below is a great article that was on Gurufocus describing some of Warren Buffett’s past sales of naked put options.  This is a strategy we use extensively at T&T Capital Management and we believe it is akin to Buffett’s “workout” strategy, which he used when he was running the Buffett Partnership L.P.  The L.P. was...Read More

It was a banner 2013 for Berkshire Hathaway, which posted earnings of nearly $20 billion.  Berkshire is heavily levered towards U.S. economic growth and the conglomerate saw strong gains throughout just about all of its operating entities.  Berkshire has increasingly shifted to an owner of large operating businesses, as opposed to being seen as more...Read More

Below is a simple article with a few basic rules for successful investing outlined by Warren Buffett.  It is important to understand that cash is a depreciating asset.  When we have the opportunity to invest in attractive businesses at reasonable prices, our prospects for attractive investment returns are quite high.  The reason that most market...Read More

“Diversification is protection against ignorance, but if you don’t feel ignorant, the need for it goes down drastically.” – Warren Buffett   Probably the biggest misconception of the financial services industry is the idea that there is a direct correlation between diversification and safety.  This might apply to an advisor that doesn’t perform extensive research...Read More

Warren Buffett’s business partner Charlie Munger is extremely fond of quoting the 1800s German mathematician Carl Gustav Jacob Jacobi who once said “man muss immer umkehren” which translates to “Invert, always invert.”  The idea is that by looking at problems backwards in addition to forwards, one can identify ways to avoid the problem entirely.  Munger...Read More