Month

October 2012
Below is TTCM’s most recent article on Facebook (FB).  This is a company that has obviously sold off quite a bit from the IPO price but it still seems overvalued to us.  It will have to perform perfectly for many years to really grow into its valuation, and while it is possible, we tend to...
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Below is a link to TTCM’s most recent article on Caterpillar (CAT).  This is a stock that a lot of market pundits were advocating to buy above $100 and the logic just didn’t make sense to us as the company has some serious tailwinds, which in our estimation were inflating earnings.  Finally the stock has...
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Below is the interview with TTCM CEO on Bloomberg discussing Apple and Amazon.  Enjoy! https://www.ttcapitalonline.com/media/ INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.
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There are few people in the world as extraordinarily brilliant, yet practical as Charlie Munger, Warren Buffett’s right hand man at Berkshire Hathaway.  In reading everything I can find on him I have significantly improved my own mental models, but there just aren’t many Charlie Munger’s out there.  This is a gem of a speech...
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http://seekingalpha.com/article/930991-bank-of-america-it-s-not-spring-but-i-hear-the-robins INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.
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It seems like Meredith Whitney might be trying to relive her glory days of predicting a dividend cut by Citigroup, as now she is saying that no CEO can fix Citigroup. I honestly have no clue what she is talking about.  Citicorp is posting 15% returns on tangible equity and Citi Holdings is only 9%...
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This WSJ article seems to not really understand bank business models or the current environment.  Right now banks are overloaded with huge litigation and regulatory costs which are effecting profitability.  In addition net interest margins are artificially low due to actions from the Federal Reserve.  As these issues reside, bank profits should grow.  In addition...
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Finally some snail steps towards progress on defining what a “qualified mortgage” is.  There is very little mortgage origination going on, which people don’t fully comprehend because it is overshadowed by the enormous amount of refinancing.  It is essential that there are clear and strong regulations on mortgages but it is really important for these...
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The WSJ has an interesting article on the high stakes that Microsoft has in terms of Windows 8.  It appears that this version is going to be substantially different, which should offer significant risks and reward potential.  I believe there is a large market for non-Apple operating systems and Windows should be well positioned to...
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Billionaire investor George Soros is expressing concern that declining household spending is having detrimental effects on the economy of China.  There is no doubt that China is slowing and there is a substantial risk that things could get worse.  Fortunately the government has a huge war chest of excess reserves but I’d still be careful...
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