Deep Value Research

Institutional-quality single-stock deep dives from T&T Capital Management LLC.

Every report is the work of TTCM’s research team. We focus on businesses we’d happily own and write disciplined deep dives on each. The reports below are available at no charge — provide your contact information and we’ll deliver the PDF to your inbox.

Communication Services

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CHTR — Charter Communications, Inc.

Cable & Broadband | 2026-05-20 | BUY

Charter Communications is the second-largest U.S. cable and broadband provider, operating the Spectrum brand across 41 states with approximately 32 million customer relationships. The stock has correc…
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CMCSA — Comcast Corporation

Cable + Content | 2026-05-20 | BUY

Comcast Corporation is the largest U.S. cable and broadband operator (Xfinity, ~31 million customer relationships) and the parent of NBCUniversal (NBC, Universal Studios, Universal Theme Parks, Peacoc…
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META — Meta Platforms, Inc.

Interactive Media | 2026-05-20 | BUY

Meta Platforms operates the world’s largest collection of consumer applications by daily active users — Facebook, Instagram, WhatsApp, Messenger, Threads — plus the Reality Labs virtual-reality and au…

Consumer Discretionary

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BBWI — Bath & Body Works, Inc.

Specialty Retail | 2026-05-20 | BUY

Bath & Body Works is the dominant U.S. specialty retailer of body care, home fragrance, and candles — approximately 1,830 stores across North America selling shower gels, body lotions, candles, hand s…
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DUOL — Duolingo, Inc.

Education Services | 2026-05-20 | BUY

Duolingo is the world’s largest language-learning platform — approximately 110 million monthly active users learning Spanish, English, French, German, Mandarin, Japanese, and dozens of other languages…
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KMX — CarMax, Inc.

Auto Retail | 2026-05-20 | BUY

CarMax is the largest used-vehicle retailer in the United States and the operator of the no-haggle, multi-store, broad-inventory model that disrupted the used-car industry starting in the 1990s. The s…
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M — Macy’s, Inc.

Department Stores | 2026-05-20 | BUY

Macy’s is the largest U.S. department store chain — operating approximately 470 Macy’s, 30 Bloomingdale’s, and 165 Bluemercury locations across the United States, plus a meaningful e-commerce presence…
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RH — RH (Restoration Hardware)

Luxury Home Furnishings | 2026-05-20 | HOLD

RH (formerly Restoration Hardware) is the dominant luxury home-furnishings retailer in North America, operating approximately 90 large-format galleries and a substantial interior-design business. Unde…
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SE — Sea Limited

Internet & Direct Marketing | 2026-05-20 | BUY

Sea Limited is the dominant internet conglomerate of Southeast Asia — operating Shopee (the largest ecommerce platform in Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam, and Taiwan), S…
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WHR — Whirlpool Corporation

Household Appliances | 2026-05-20 | BUY

Whirlpool Corporation is the world’s largest major home appliance manufacturer — operating the Whirlpool, KitchenAid, Maytag, JennAir, Amana, Hotpoint, and Brastemp brands across approximately 50 manu…

Consumer Staples

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CAG — Conagra Brands, Inc.

Packaged Food | 2026-05-20 | HOLD

Conagra Brands is a portfolio of mostly-defensive packaged food brands — Birds Eye, Marie Callender’s, Healthy Choice, Slim Jim, Reddi-wip, Hunt’s, Chef Boyardee, and approximately 70 smaller brands. …
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CLX — The Clorox Company

Household Products | 2026-05-20 | BUY

The Clorox Company is the maker of the eponymous Clorox bleach, Pine-Sol, Brita water filtration, Burt’s Bees personal care, Glad trash bags, Kingsford charcoal, Hidden Valley dressings, and Fresh Ste…
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CPB — The Campbell’s Company

Packaged Food | 2026-05-20 | BUY

The Campbell’s Company (recently renamed from Campbell Soup Company to reflect the broader portfolio) is the maker of Campbell’s soups, Pepperidge Farm cookies and crackers, Snyder’s-Lance pretzels an…

Financials

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AGO — Assured Guaranty Ltd.

Financial Guaranty | 2026-05-20 | BUY

Assured Guaranty is the dominant survivor of the financial-guaranty insurance industry — the business that insures municipal bonds and certain structured-finance securities against payment default. AG…
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ARES — Ares Management Corporation

Capital Markets — Credit Alts | 2026-05-20 | ADD

Ares Management is the credit-focused alternative asset manager — $478 billion of AUM with the deepest pure-play exposure to private credit, direct lending, and structured credit among the listed alt …
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BRK.B — Berkshire Hathaway Inc.

Diversified Conglomerate | 2026-05-20 | ADD

Berkshire Hathaway is unique among S&P 500 companies — a $1.04 trillion diversified conglomerate built over 60 years by Warren Buffett and Charlie Munger, structured as an insurance-and-operating-comp…
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BX — Blackstone Inc.

Capital Markets — Alt Asset Mgmt | 2026-05-20 | ADD

Blackstone is the largest alternative asset manager in the world with $1.30 trillion of assets under management as of Q1 2026, spanning real estate, private equity, private credit, hedge fund solution…
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FSK — FS KKR Capital Corp.

BDC | 2026-05-20 | SPECULATIVE BUY

FS KKR Capital is the externally-managed business development company resulting from the 2020 merger of FS Investment Corporation with KKR Financial. The franchise is co-advised by FS Investments and …
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MTG — MGIC Investment Corporation

Mortgage Insurance | 2026-05-20 | BUY

MGIC Investment is one of the four scale players in the U.S. private mortgage insurance industry, a sector that emerged from the 2008-2009 financial crisis substantially restructured. MGIC is the larg…
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NCDL — Nuveen Churchill Direct Lending

BDC | 2026-05-20 | ADD

Nuveen Churchill Direct Lending is a relatively new public BDC, having IPO’d in January 2024 at $18 per share. The franchise originates and holds senior-secured loans to private-equity-backed lower-mi…
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NMIH — NMI Holdings, Inc.

Mortgage Insurance | 2026-05-20 | BUY

NMI Holdings is the youngest of the four scale players in U.S. private mortgage insurance — founded in 2012 to compete in the post-crisis PMI market under the National MI brand. Today NMIH is roughly …
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OCSL — Oaktree Specialty Lending Corp.

BDC | 2026-05-20 | ADD

Oaktree Specialty Lending is an externally-managed business development company (BDC) investing primarily in senior-secured middle-market loans, sourced and underwritten by the Oaktree Capital Managem…
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RDN — Radian Group Inc.

Mortgage Insurance | 2026-05-20 | BUY

Radian Group is the second-largest U.S. private mortgage insurer and the only PMI in our coverage with a meaningful non-PMI segment — the title insurance and mortgage services business that generates …

Health Care

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CI — The Cigna Group

Managed Care + Pharmacy Services | 2026-05-20 | BUY

The Cigna Group is the largest pure-play U.S. pharmacy benefit manager (PBM) plus a focused commercial-health insurance business after the 2024 strategic decision to sell Medicare Advantage to HCSC. E…
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MOH — Molina Healthcare, Inc.

Managed Care — Medicaid | 2026-05-20 | BUY

Molina Healthcare is a focused Medicaid managed-care organization — providing managed-care services to approximately 5 million Medicaid beneficiaries across 21 states. The company also operates a smal…
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UNH — UnitedHealth Group Incorporated

Managed Care | 2026-05-20 | BUY

UnitedHealth Group is the largest U.S. health insurer (~$450 billion of revenue, ~50 million covered members) and the operator of one of the largest U.S. integrated health services franchises through …

Information Technology

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AMD — Advanced Micro Devices, Inc.

Semiconductors | 2026-05-19 | HOLD

Advanced Micro Devices has executed one of the most successful corporate turnarounds of the past twenty years. From a near-distressed equity at $2 per share in 2015, the company has gained meaningful …
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AVGO — Broadcom Inc.

Semiconductors & Software | 2026-05-19 | HOLD

Broadcom is one of the most thoughtfully assembled large-capitalization businesses in the technology complex. Under Hock Tan’s seventeen-year tenure as chief executive, the company has executed a seri…
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FIG — Figma, Inc.

Application Software | 2026-05-20 | HOLD

Figma is the collaborative design platform that has structurally displaced Adobe XD, Sketch, and most legacy desktop design tools across the global software industry. Founded in 2012 by Dylan Field an…
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INTC — Intel Corporation

Semiconductors | 2026-05-19 | AVOID

Intel Corporation is the most controversial name in the AI-platform peer group and the one that most rewards (or punishes) a clear investment view. Over the past twelve months, the stock has risen 411…
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MRVL — Marvell Technology, Inc.

Semiconductors | 2026-05-19 | HOLD

Marvell Technology is the strategic transformation story among the AI-platform peer group. Under Matt Murphy’s tenure as chief executive since 2016, what was once a sprawling collection of consumer st…
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NOW — ServiceNow, Inc.

Application Software | 2026-05-20 | BUY

ServiceNow operates the leading enterprise workflow-automation platform — software that manages IT service management (ITSM), HR operations, customer service operations, security operations, and an ex…
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NVDA — NVIDIA Corporation

Semiconductors | 2026-05-19 | HOLD

NVIDIA is the rarest of large-cap setups: a business with a defensible software-and-hardware moat, 45-plus percent free-cash-flow margins, a net-cash balance sheet, and a multi-year demand cycle that …

Materials

Real Estate

Thematic

T&T Capital Management LLC is a registered investment adviser. The research presented here reflects the firm’s opinions and is not personalized investment advice. Past performance is not indicative of future results. Form ADV available at adviserinfo.sec.gov.