Our Publications

Our Publications

We send newsletters to our clients, colleagues, and interested parties each calendar quarter. Our newsletters provide us with the opportunity to share our current views on the financial markets as well as timely opinions on various wealth management topics.

Articles

 

Berkshire Trip 2018

Alex Morris, CFA, MBA
Research Analyst
alex@tfginvest.com
In early May, I attended the Berkshire Hathaway shareholder meeting in Omaha, Nebraska. The event, dubbed “Woodstock for Capitalists,” attracted more than 40,000 attendees from around the world.

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Keeping Our Eyes on Access to Capital

Joel Goodman, CFA
Chief Investment Officer
joel@tfginvest.com
 
Scott McGhie, CFA, CPA
Director of Research & Portfolio Management scott@tfginvest.com  
Alex Morris, CFA, MBA
Research Analyst
alex@tfginvest.com
 
Jared Hammers, CFA
Research Analyst
jared@tfginvest.com
  In 2007, you could count the number of companies with a “AAA” credit rating on two hands. General Electric (GE) was among that select group. But decisions made by management over the preceding 10-15 years eventually led GE to lose that top credit rating in 2009 – and seriously tested the company’s financial stability. Consider, for example, the growth of the company’s finance division, GE Capital, which was created in the early 1930’s to facilitate customer purchases in the industrial business. Over time, the focus of GE Capital shifted from industrial purchases into the financing of other assets, including subprime mortgages, auto loans, and credit-card debt. GE capitalized on its “AAA” credit rating, raising billions and billions of dollars of low cost debt. By 2007, GE Capital was big enough to qualify as one of the largest banks in the country and accounted for the majority of GE’s profits.

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