Ray Dalio on CNBC

Amazing that Ray Dalio, founder of Bridgewater Associates, one of the largest hedge funds in the world started with $5M and grew it into $130B in asset under management.  Notice how he sets the stage for the interview.  We like Dalio because he is not about stock tips but how the economic machine works and understanding its cause and effect.

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Hoisington Quarterly Review and Outlook, Fourth Quarter 2012

Each quarter we post the Hoisington Quarterly Review.  There team does a tremendous job of breaking down the future US and global economic outlook.  This quarter there is a keen focus on the increases in taxes and the effects that it could have or will have upon the US economy.  We had listed in a previous post the tax increases that were going to occur as part of the American Taxpayer Relief Act, we have listed them again below as part of the Hoisington Quarterly Review

1. A 4.6% increase in the top marginal tax rate to 39.6%;
2. A phase-out of itemized deductions (mortgage interest expense, various state taxes - income, property and sales - and charitable gifts) for high-earners;
3. A phase-out and elimination of personal exemptions for high-earners;
4. An increase in the tax rate to 20% for capital gains and dividends for highearners;
5. A 3.8% surtax on capital gains, dividends and other investment-type incomes for high-earners;
6. A 0.9% surtax added to the Medicare tax for high-earners;
7. A 2.3% excise tax on medical device manufacturers;

Barron's: The Next Boom

This weekends edition of Barron's featured a great cover story called  Made in America which highlights the cheap natural gas and oil boom occurring within the US and how it is making manufacturing more affordable than producing goods overseas.  This is certainly not a new theme to TAMMA readers as we have been pounding this story for the past few years.

The Barron's article highlights 8 specific companies that they think will do well given the energy boom and related increases in manufacturing.  While we do not agree with all or many of there choices, we do see value in the railroads which the article highlights two companies Union Pacific and Kansas City Southern.

Most of the eight companies featured are large companies but within this strategy we would prefer to find smaller companies with the ability to grow faster or be acquired by one of their larger competitors.

Billionaire Hedge Fund Showdown on CNBC

For those of you that follow the big hedge fund managers, Bill Ackman and Carl Icahn are two of the biggest.  This is an extremely rare event for this type of conversation to take place on air.  Behind closed doors any thing can go.