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Wells Fargo
I hope everyone is holding up okay.  We’ve seen some encouraging employment numbers coming off those massive layoffs, but clearly the economy still has a lot of work to do to get close to recovering from where it was.  This month we should see a new stimulus bill negotiated, which will surely be very contentious. ...
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As the economy reopens, cyclical value stocks are starting to perform a lot better. Remember, that what we experienced was something that has never happened before, with the major economies across the globe shutting down due to a virus.  I’d suggest the lock-down was more like the black swan rather than the pandemic, which are...
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2020 has certainly been a tragedy of epic proportions on just about any level imaginable.  There is no sugarcoating that.  When you have tens of thousands of people dying from a new virus, and economies shut down across the world, it is tough to feel cheery, especially when you sprinkle in record unemployment.  The stock...
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This week, earnings began coming out in abundance, starting with many of the Big Banks.  I’ve gotten through J.P. Morgan, Wells Fargo, Bank of America, and Citigroup.  Research reports will be forthcoming.  I will tell you that I am incredibly encouraged.  All 4 banks were profitable, despite posting dramatic and expected reserves to account for...
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There has been a tremendous amount of news over the last few weeks with the phase 1 trade deal with China, progress on the successor to NAFTA, and the Tories winning in the UK by a wide margin.  We don’t want to overthink individual political or economic data-points, which is a mistake that far too many...
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Warren Buffett's first rule of investing is not to lose money. His second rule is not to forget about the first rule. For those of you that have been with us for years, you have heard us talk a lot about maximizing risk-adjusted returns...
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Well that was one heck of a week.  While I certainly was not smart enough to predict the results of the election, it has had a profound impact on my expectations for us as investors.  For the last 7 years, I’ve been one of the most vocal advocates of financial stocks that I am aware...
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The biggest U.S. banks have now reported 3rd quarter earnings and they have all exceeded expectations.  2016 started so horribly for the big banks.  Poor economic data globally diminished the prospects of rate hikes, oil’s plunge created worries about the need for increased reserve provisioning, and Brexit had investors worried of a systemic collapse.  I...
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These last few weeks have been marred by extremely significant volatility as we prepare for the Brexit vote on June 23rd. While most of the impact of any Brexit wouldn’t likely be felt for several years at the minimum, the uncertainty that more countries would leave the Eurozone could mean more volatility for the market...
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Please enjoy TTCM’s latest research report on Bank of America: Valuation And Earnings Growth Potential Make BofA A Buy
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