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T&T Capital Management
Last Saturday was the Berkshire Hathaway annual shareholder meeting and there was an interesting quote from Warren Buffett, after selling a chunk of his Apple stock. “I don’t mind at all, given current conditions, building our cash position.  When I look at the equity markets and the composition of what’s going on in the world,...
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Earnings season has begun with very positive results shown thus far from the big banks, albeit a small sample size.  I’ll be posting a lot of commentary on the market and specific investments as these results continue to come in.  While there is tremendous uncertainty in so many areas, it is important not to let...
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I’d like to direct your attention to the two images at the top, which were brought to my attention by a friend of mine in the industry, Tobias Carlisle.  The first chart shows the compound returns of the highest 10% price to cash flow stocks (glamour) and the lowest 10% price to cash flow stocks...
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At T&T Capital Management, we avoided the massive losses most investors took from buying bonds at the incredibly low yields that prevailed over the last 15 years.  It was really simple, the interest rate risk wasn’t worth it, regardless of the ridiculous cookie-cutter asset allocation models that most financial advisors use, which almost always must...
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2023 has been a really strange year.  AI euphoria has captured the attention of Wall Street and investors.  To be clear, the impact of AI is likely to be as powerful as that of the internet in many respects, or at least on the same wavelength.  With that said, euphoria tends to create bubbles and...
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The top 10 stocks in the S&P 500 now account for more than 1/3rd of the value of the S&P 500.  Valuations in this group are vastly elevated compared to their historical levels, highlighted by Nvidia trading at a staggering 41 times sales.  It’s hard not to compare today’s environment in the large cap Technology...
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Today I had the opportunity to do the podcast Value After Hours with Tobias Carlisle and Jake Taylor.  We discussed current market valuations, the banking “crisis”, the opportunities we are finding in high-yield bonds, ALLY Financial, etc.  I hope that you enjoy!   Podcast Video
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You likely are sensing a bit of a theme with recent articles discussing what I believe to be a pretty substantial equity bubble, centered on the Megacap stocks dominating the market.  To be clear, I think there is still value in some of them, and we actually own some of them, although our exposures are...
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Today I was reading an interesting article in the WSJ describing the increased risk-taking that many retirees and near-retirees are taking with their investment portfolios.     For instance, “nearly half of Vanguard 401(k) investors actively managing their money and over age 55 held more than 70% of their portfolios in stocks.  In 2011, 38% did so.  At...
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The YTD rally in the S&P 500 has been dominantly comprised from the performance on the top 8 stocks, all of which performed poorly last year.  This is by far the narrowest rally since the Tech Bubble, which ultimately culminated in an 80% drop in the Nasdaq.  These stocks are so big and comprise such...
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    7242 East Cortez Rd
    Scottsdale, AZ 85260
    Phone: 805-886-8140
    Fax : 949-335-9784

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