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.
BAC — Bank of America Corporation
| 2026-05-26
Bank of America is the second-largest United States bank by assets and, in our view at T&T Capital Management, the diversified banking franchise that has done the cleanest job of rebuilding from the 2…
BAM — Brookfield Asset Management Ltd.
| 2026-05-26
BBWI — Bath & Body Works, Inc.
| 2026-05-26
Bath & Body Works is, in our view at T&T Capital Management, the deep-value specialty retail name that has the highest free-cash-flow yield in U.S. retail today. At $19.45 per share the stock trades a…
BN — Brookfield Corporation
| 2026-05-26
Brookfield Corporation at $45.55 per share is, in our view at T&T Capital Management, one of the most distinctive long-duration value-compounding franchises in U.S. equities and one of the highest-qua…
BUD — NV
| 2026-05-25
Anheuser-Busch InBev is the world’s largest brewer, with roughly 27 percent of global beer volume, a portfolio anchored by Budweiser, Bud Light, Stella Artois, Corona (ex-US), Modelo Especial (in Mexi…
C — Citigroup Inc.
| 2026-05-26
Citigroup at $125.39 per share is, in our view at T&T Capital Management, the deepest-value money-center bank we have underwritten in over a decade — and as of Q1 2026, the most credible turnaround in…
CHTR — Charter Communications, Inc.
| 2026-05-26
Charter Communications at approximately $140 per share is, in our view at T&T Capital Management, one of the most compelling deep-value setups in U.S.
CMG — Chipotle Mexican Grill, Inc.
| 2026-05-26
Chipotle is, in our view at T&T Capital Management, one of the highest-quality fast-casual restaurant franchises in U.S. consumer discretionary — operating approximately 3,800 company-owned restaurant…
CNQ — Canadian Natural Resources Limited
| 2026-05-26
COIN — Coinbase Global, Inc.
| 2026-05-26
Coinbase is, in our view at T&T Capital Management, the dominant U.S.-regulated crypto financial-services platform — operating the largest regulated centralized exchange, the leading institutional pri…
CPT — Camden Property Trust
| 2026-05-26
Camden Property Trust at $106.42 per share is, in our view at T&T Capital Management, one of the highest-quality residential REITs in the United States and a clean way to express a value-and-quality v…
CRM — Salesforce, Inc.
| 2026-05-26
Salesforce is, in our view at T&T Capital Management, the most consequential value-debate stock in U.S. large-cap software today. At $177.51 per share — down 32 percent year-to-date and the worst-perf…
CVX — Chevron Corporation
| 2026-05-26
Chevron Corporation at $189.25 per share is, in our view at T&T Capital Management, one of the cleanest large-cap integrated-oil compounders we follow. The franchise just produced the strongest first-…
CZR — Caesars Entertainment, Inc.
| 2026-05-25
Caesars Entertainment is the largest U.S. regional casino operator and one of the two anchor names on the Las Vegas Strip, with approximately 53 properties across 18 states plus a fast-growing digital…
DASH — DoorDash, Inc.
| 2026-05-25
DoorDash is, by every operating metric we care about, an exceptionally well-run platform company. Marketplace gross order value compounded from roughly $24 billion in calendar 2020 to an annualized ru…
DDOG — Datadog, Inc.
| 2026-05-26
Datadog is, in our view at T&T Capital Management, the leading independent cloud observability platform — the single-pane-of-glass that engineering and operations teams use to monitor cloud infrastruc…
DG — Dollar General Corporation
| 2026-05-26
Dollar General is, in our view at T&T Capital Management, the multi-year turnaround story in U.S. discount retail. Todd Vasos returned as Chief Executive Officer in October 2023 — his second tour, aft…
DOCU — DocuSign, Inc.
| 2026-05-26
DocuSign is, in our view at T&T Capital Management, the deep-value e-signature franchise that has substantially completed its post-COVID-bubble normalization and is now trading at one of the most comp…
EOG — EOG Resources, Inc.
| 2026-05-26
EOG Resources at $141.14 per share is, in our view at T&T Capital Management, the highest-quality independent oil and gas exploration-and-production company in U.S. equities and the cleanest expressio…
EPD — Enterprise Products Partners L.P.
| 2026-05-26
Enterprise Products Partners is, in our view at T&T Capital Management, the highest-quality midstream MLP in the United States and one of the cleanest income-and-modest-growth setups available anywher…
ET — Energy Transfer LP
| 2026-05-26
Energy Transfer at $20.07 per unit is, in our view at T&T Capital Management, the cheapest large-cap midstream franchise in U.S. equities relative to its underlying earning power. The partnership oper…
GS — The Goldman Sachs Group, Inc.
| 2026-05-26
The Goldman Sachs Group is the premier investment banking franchise globally — and Q1 2026 was, by any reasonable framing, a vintage Goldman quarter. Net revenues of $17.2 billion were a quarterly rec…
JACK — Jack in the Box Inc.
| 2026-05-26
Jack in the Box is, in our view at T&T Capital Management, a deep-value franchised QSR situation — operating two regional-to-national quick-service brands (Jack in the Box + Del Taco) totaling approxi…
KMI — Kinder Morgan, Inc.
| 2026-05-26
Kinder Morgan at $33.78 per share is, in our view at T&T Capital Management, the cleanest large-cap pure-play on the U.S. natural-gas demand inflection driven by AI data centers, LNG export growth, an…
LLY — Eli Lilly and Company
| 2026-05-26
Eli Lilly is, in our view at T&T Capital Management, the most consequential pharmaceutical franchise of this decade — and as of Q1 2026, the largest pharmaceutical company in the world by market capit…
MAA — Inc.
| 2026-05-26
MGM — MGM Resorts International
| 2026-05-25
MGM Resorts International is the largest operator of integrated resorts on the Las Vegas Strip, a 56-percent owner of MGM China (a top-tier Macau concessionaire), the sole licensed integrated resort d…
MOS — The Mosaic Company
| 2026-05-25
The Mosaic Company is the largest North American producer of potash and concentrated phosphate crop nutrients, and the largest fertilizer producer in Brazil through its Mosaic Fertilizantes segment. A…
MRK — Merck & Co., Inc.
| 2026-05-26
Merck & Co. at $122.55 per share is, in our view at T&T Capital Management, the highest-quality big-pharma franchise trading at a meaningful discount to its long-cycle multiple because of one specific…
MS — Morgan Stanley
| 2026-05-26
Morgan Stanley is, in our view at T&T Capital Management, the financial-services franchise that has executed the most successful structural transformation in modern banking history — from an investmen…
NEE — NextEra Energy, Inc.
| 2026-05-25
NextEra Energy is the largest electric utility holding company in the United States by market capitalization and, in our view, the most strategically advantaged platform in the entire regulated-utilit…
NOC — Northrop Grumman Corporation
| 2026-05-26
Northrop Grumman is, in our view at T&T Capital Management, one of the most strategically positioned U.S. defense primes — with the rare combination of stealth-bomber expertise (B-2 + B-21 Raider), IC…
NVO — S
| 2026-05-26
Novo Nordisk is the Danish pharmaceutical company that originated the modern GLP-1 receptor agonist category — and that, eighteen months after trading at all-time highs above $148 ADR, has been ground…
OXY — Occidental Petroleum Corporation
| 2026-05-26
PFE — Pfizer Inc.
| 2026-05-26
Pfizer at $25.90 per share is, in our view at T&T Capital Management, the deepest deep-value name in U.S. large-cap pharma and one of the highest-yielding stocks in the entire S&P 500 at a 6.6 percent…
REXR — Rexford Industrial Realty, Inc.
| 2026-05-26
Rexford Industrial Realty at $35.01 per share is, in our view at T&T Capital Management, the cleanest pure-play on the Southern California infill industrial real estate cycle and one of the most disti…
RTX — RTX Corporation
| 2026-05-26
RTX Corporation at $177.01 per share is, in our view at T&T Capital Management, the most strategically advantaged aerospace-and-defense prime contractor in U.S. equities. The franchise operates the on…
SAM — The Boston Beer Company, Inc.
| 2026-05-25
The Boston Beer Company is the original American craft brewer, the company that built Samuel Adams from a kitchen recipe in 1984 into a national franchise, then layered on Twisted Tea (now its single …
SNOW — Snowflake Inc.
| 2026-05-26
Snowflake is, in our view at T&T Capital Management, one of the most consequential data-platform franchises in the AI era. The Data Cloud platform — combining data warehousing + data sharing + Snowpar…
T — AT&T Inc.
| 2026-05-26
AT&T Inc. at $24.89 per share is, in our view at T&T Capital Management, the deep-value connectivity-focused telecom name that has emerged from the 2022 WarnerMedia spin as a simpler, more focused fra…
TAP — Molson Coors Beverage Company
| 2026-05-25
Molson Coors Beverage Company is the second-largest brewer in the United States by volume and the parent of two of the country’s three largest beer brands — Coors Light and Miller Lite. It is also the…
TFC — Truist Financial Corporation
| 2026-05-26
Truist Financial is, in our view at T&T Capital Management, one of the most strategically simplified regional banks in U.S. financials — post the May 2024 divestiture of Truist Insurance Holdings (TIH…
TMUS — T-Mobile US, Inc.
| 2026-05-26
TSLA — Tesla, Inc.
| 2026-05-25
Tesla, Inc. is the world’s most valuable automobile manufacturer, the largest stationary energy storage deployer, the operator of the first commercial unsupervised robotaxi service in the United State…
VLO — Valero Energy Corporation
| 2026-05-26
Valero Energy at $247.49 per share is, in our view at T&T Capital Management, the highest-quality independent refiner in North America and one of the cleaner mid-cycle plays available in the U.S. ener…
VSCO — Secret & Co.
| 2026-05-26
Victoria’s Secret & Co. is, in our view at T&T Capital Management, the specialty-retail turnaround story that has the most distinctive brand-IP foundation in the U.S. intimates category. The franchise…
VZ — Verizon Communications Inc.
| 2026-05-26
Verizon Communications at $48.24 per share is, in our view at T&T Capital Management, the highest-yield major U.S. telecommunications franchise — a 5.6 percent dividend yield supported by 19+ consecut…
WES — Western Midstream Partners LP
| 2026-05-26
Western Midstream Partners at $46.01 per unit is, in our view at T&T Capital Management, the most underappreciated mid-cap midstream MLP in U.S. equities today. The partnership operates the largest de…
WFC — Wells Fargo & Company
| 2026-05-26
Wells Fargo is, in our view at T&T Capital Management, the U.S. money-center bank with the most consequential structural catalyst in 2025-2026: the Federal Reserve removed the seven-year asset cap res…
XOM — Exxon Mobil Corporation
| 2026-05-26
Exxon Mobil is the largest publicly traded integrated oil and gas company in the world and, in our view at T&T Capital Management, the highest-quality compounding-income franchise in the entire energy…
ZM — Zoom Communications, Inc.
| 2026-05-25
Zoom Communications is the textbook deep-value debate of the post-pandemic software cycle. The bear case writes itself: revenue growth has decelerated from the triple-digit COVID surge to the mid sing…
Communication Services
CMCSA — Comcast Corporation
Cable + Content | 2026-05-20
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…
GOOGL — Alphabet Inc.
Interactive Media & Services | 2026-05-22
Alphabet Inc. is the parent company of Google, the world’s most valuable advertising business, the second-largest cloud-infrastructure platform measured by growth (Google Cloud now growing at 63% year…
META — Meta Platforms, Inc.
Interactive Media | 2026-05-20
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
ABNB — Airbnb, Inc.
Hotels, Resorts & Cruise Lines | 2026-05-21
Airbnb is one of the rare consumer-internet franchises that emerged from the post-COVID travel cycle with a genuinely improved competitive position, a fortress balance sheet, and free-cash-flow margin…
CCL — Carnival Corporation
Hotels, Resorts & Cruise Lines | 2026-05-21
Carnival Corporation is, in our view, a deep-value cyclical that the market is still pricing against its 2020-2022 trauma rather than against the business it has become in 2025 and 2026. The company e…
DUOL — Duolingo, Inc.
Education Services | 2026-05-20
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…
FND — Floor & Decor Holdings, Inc.
| 2026-05-21
Floor & Decor is a high-quality specialty retailer trading near the low end of its post-IPO valuation range because the housing-turnover cycle has been stuck at multi-decade lows for nearly three year…
H — Hyatt Hotels Corporation
Hotels, Resorts & Cruise Lines | 2026-05-21
Hyatt Hotels Corporation is mid-transformation. The company we are underwriting today is not the asset-heavy, owned-real-estate operator that came public in November 2009 at $25 per share; it is a del…
KMX — CarMax, Inc.
Auto Retail | 2026-05-20
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…
LULU — Lululemon Athletica Inc.
Apparel, Accessories & Luxury Goods | 2026-05-21
Lululemon Athletica is the dominant premium athletic-apparel brand in North America, the originator of the modern technical-athleisure category, and — at $125.40 — a stock that has lost roughly 63 per…
M — Macy’s, Inc.
Department Stores | 2026-05-20
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…
MAR — Marriott International, Inc.
Hotels, Resorts & Cruise Lines | 2026-05-21
Marriott International is the largest hotel company in the world by room count, with nearly 1.78 million rooms across roughly 9,800 properties at year-end 2025 and a development pipeline of approximat…
MCD — McDonald’s Corporation
Hotels, Restaurants & Leisure | 2026-05-22
McDonald’s Corporation is the largest restaurant company in the world by systemwide sales, with roughly 45,000 restaurants across 100+ countries and a refranchised model that converts a global footpri…
NVR — NVR, Inc.
Homebuilding | 2026-05-21
NVR is the homebuilder we keep coming back to. Not because it has the biggest footprint — it doesn’t, D.R. Horton and Lennar each ship roughly three times the homes — but because it is the only large-…
RCL — Royal Caribbean Group
Hotels, Resorts & Cruise Lines | 2026-05-21
We at T&T Capital Management view Royal Caribbean Group as one of the best-run operators in the consumer-discretionary universe and a business that the market, in our view, is now testing rather than …
RH — RH (Restoration Hardware)
Luxury Home Furnishings | 2026-05-20
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…
SBUX — Starbucks Corporation
Hotels, Restaurants & Leisure | 2026-05-22
We at T&T Capital Management have followed Starbucks Corporation (SBUX) for the better part of two decades — first as a high-quality compounder, then as a stalled franchise wrestling with self-inflict…
SE — Sea Limited
Internet & Direct Marketing | 2026-05-20
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…
ULTA — Ulta Beauty, Inc.
Specialty Retail | 2026-05-21
Ulta Beauty is the largest specialty beauty retailer in the United States, operating 1,519 stores across the country as of March 2026 and an expanding international footprint following the 2025 acquis…
WHR — Whirlpool Corporation
Household Appliances | 2026-05-20
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
BF.B — Brown-Forman Corporation
| 2026-05-21
Brown-Forman is a 156-year-old family-controlled premium-spirits franchise trading at the lowest valuation we have seen in fifteen years, on the back of a cyclical spirits-industry destock, a generati…
CAG — Conagra Brands, Inc.
Packaged Food | 2026-05-20
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. …
CLX — The Clorox Company
Household Products | 2026-05-22
The Clorox Company is the 113-year-old American owner of one of the most trusted brand portfolios in the consumer staples sector: Clorox bleach, Pine-Sol, Liquid-Plumr, S.O.S, Tilex, Formula 409, Clor…
COST — Costco Wholesale Corporation
Consumer Staples Distribution & Retail | 2026-05-21
Costco Wholesale is the cleanest moat in retail and — at $1,050 — the most expensive way to own that moat we have seen in our analytical careers. The business is built on a structurally elegant model:…
CPB — The Campbell’s Company
Packaged Food | 2026-05-20
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…
DEO — Diageo plc
| 2026-05-21
Diageo plc is the largest spirits company in the world, owner of Johnnie Walker, Smirnoff, Captain Morgan, Tanqueray, Don Julio, Casamigos, Crown Royal, Bulleit, Baileys, and Guinness, and the stock h…
EL — The Estee Lauder Companies Inc.
| 2026-05-21
The Estee Lauder Companies is a deep-value, recovering-quality compounder we believe is mispriced at $78.20. Three years ago this stock traded above $370 on the strength of a Chinese travel-retail boo…
GIS — General Mills, Inc.
Packaged Foods & Meats | 2026-05-22
We at T&T Capital Management are initiating coverage on General Mills, Inc. (NYSE: GIS) with a constructive long view. GIS is the cleanest example we can find in the U.S. consumer staples complex of a…
KO — The Coca-Cola Company
Beverages | 2026-05-22
The Coca-Cola Company (NYSE: KO) is, in our view, the closest thing in equity markets to a perpetual royalty on global beverage consumption. With more than 200 brands sold in over 200 countries, appro…
PEP — PepsiCo, Inc.
Beverages | 2026-05-22
We at T&T Capital Management believe PepsiCo, Inc. is one of the most attractive risk-adjusted opportunities in U.S. consumer staples today, and arguably the cheapest the franchise has been at any poi…
PG — The Procter & Gamble Company
Household Products | 2026-05-21
Procter & Gamble is the kind of business our framework is designed to own at the right price: a global household-products franchise with twenty-one billion-dollar brands, sixty-nine consecutive years …
PM — Philip Morris International Inc.
Tobacco & Smoke-Free | 2026-05-22
Philip Morris International is, in our view, the highest-quality consumer-staples franchise in the global tobacco and nicotine complex — and one of the cleanest growth-in-staples names available in U….
PRNDY — Pernod Ricard SA
| 2026-05-21
Pernod Ricard is a classic deep-value setup hiding inside one of the best brand portfolios in global consumer staples. The world’s second-largest spirits company — owner of Absolut, Jameson, Chivas Re…
TGT — Target Corporation
Consumer Staples Merchandise Retail | 2026-05-22
We at T&T Capital Management view Target Corporation (NYSE: TGT) as one of the most compelling deep-value opportunities in U.S. large-cap retail. The shares closed at $125.60 on May 22, 2026, leaving …
WMT — Walmart Inc.
Consumer Staples Merchandise Retail | 2026-05-22
Walmart Inc. is the dominant brick-and-mortar retailer in the United States and the second-largest e-commerce platform in North America, with roughly 10,500 stores globally, ~$725 billion in trailing-…
Energy
Financials
AGO — Assured Guaranty Ltd.
Financial Guaranty | 2026-05-20
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…
ALLY — Ally Financial Inc.
Consumer Finance | 2026-05-22
Ally Financial is the largest pure-play auto lender in the United States and the country’s largest all-digital direct bank by deposits. The investment case here is straightforward and, in our view, ma…
ARES — Ares Management Corporation
Capital Markets — Credit Alts | 2026-05-20
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 …
BRK.B — Berkshire Hathaway Inc.
Diversified Conglomerate | 2026-05-20
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…
BX — Blackstone Inc.
Capital Markets — Alt Asset Mgmt | 2026-05-20
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…
CG — The Carlyle Group Inc.
Asset Management & Custody Banks | 2026-05-22
We at T&T Capital Management view The Carlyle Group (NASDAQ: CG) as the most compelling discount-to-quality opportunity in the publicly traded alternative asset manager universe today. At $45.68 the s…
FSK — FS KKR Capital Corp.
BDC | 2026-05-20
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 …
IBKR — Interactive Brokers Group, Inc.
Capital Markets | 2026-05-21
Interactive Brokers is a forty-eight-year-old technology business wearing a brokerage license, and the distinction matters more than Wall Street typically gives it credit for. Founded by Thomas Peterf…
JPM — JPMorgan Chase & Co.
Diversified Banks | 2026-05-22
JPMorgan Chase is, by every measure that matters, the best-run diversified bank in the United States. The fortress-balance-sheet thesis Jamie Dimon began articulating two decades ago has been borne ou…
MCO — Moody’s Corporation
Capital Markets | 2026-05-21
Moody’s Corporation is the kind of business that does not come along often, and when it does, it almost never trades at a discount. Half of the company is one of two firms permitted by the institution…
MKL — Markel Group Inc.
Insurance & Diversified | 2026-05-22
Markel Group is what we politely call the “Baby Berkshire” — a three-legged compounder built around specialty insurance, controlled operating businesses housed in Markel Ventures, and a large public-e…
MMC — Marsh & McLennan Companies, Inc.
| 2026-05-21
Marsh & McLennan is the world’s largest insurance brokerage and human-capital consulting firm, and at $164.32 the market is giving us a quality compounder at a discount we rarely see in this franchise…
MTG — MGIC Investment Corporation
Mortgage Insurance | 2026-05-20
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…
NCDL — Nuveen Churchill Direct Lending
BDC | 2026-05-20
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…
NMIH — NMI Holdings, Inc.
Mortgage Insurance | 2026-05-20
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 …
OCSL — Oaktree Specialty Lending Corp.
BDC | 2026-05-20
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…
RDN — Radian Group Inc.
Mortgage Insurance | 2026-05-20
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 …
SPGI — S&P Global Inc.
Capital Markets | 2026-05-21
S&P Global is the closest thing the public equity market offers to a toll-road on global capital formation, and at $416.50 — roughly 28 percent below the 52-week high of $579.05 — we believe it is the…
Health Care
BMY — Bristol-Myers Squibb Company
Pharmaceuticals | 2026-05-22
Bristol-Myers Squibb is, at $58.48, the deepest-value large-cap pharma name we are tracking and one of the cleaner asymmetric setups in the broader U.S. health-care complex today. The stock trades at …
CI — The Cigna Group
Managed Care + Pharmacy Services | 2026-05-20
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…
MOH — Molina Healthcare, Inc.
Managed Care — Medicaid | 2026-05-20
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…
UNH — UnitedHealth Group Incorporated
Managed Care | 2026-05-20
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 …
Industrials
CAT — Caterpillar Inc.
Heavy Equipment | 2026-05-22
Caterpillar is the largest and most defensible heavy-equipment franchise in the world — Number-one or Number-two share globally in earthmoving equipment, mining trucks, marine engines, and reciprocati…
LMT — Lockheed Martin Corporation
Defense Prime | 2026-05-22
Lockheed Martin is the world’s largest pure-play defense prime contractor and the right name to add defense exposure to a value-focused portfolio. The franchise ended fiscal 2025 with a record order b…
Information Technology
AAPL — Apple Inc.
Technology Hardware, Storage & Peripherals | 2026-05-22
Apple Inc. is, in our view at T&T Capital Management, the best-run consumer franchise in the world — and at roughly 36x trailing earnings, it is also the most expensive version of itself we have under…
AMD — Advanced Micro Devices, Inc.
Semiconductors | 2026-05-19
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 …
AVGO — Broadcom Inc.
Semiconductors & Software | 2026-05-19
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…
FIG — Figma, Inc.
Application Software | 2026-05-20
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…
INTC — Intel Corporation
Semiconductors | 2026-05-19
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…
INTU — Intuit Inc.
Application Software | 2026-05-21
Intuit is the dominant small-business and consumer financial-software franchise in North America, and on May 21, 2026 the stock is down approximately 60 percent from its $813.70 high and roughly 20 pe…
MA — Mastercard Incorporated
Transaction & Payment Processing Services | 2026-05-21
Mastercard is the smaller half of the global payments duopoly and, in our view, one of the highest-quality businesses in the public market. The company sits in the middle of roughly $10 trillion in an…
MRVL — Marvell Technology, Inc.
Semiconductors | 2026-05-19
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…
NET — Cloudflare, Inc.
Application Software | 2026-05-21
Cloudflare is not a deep-value name and we will not pretend otherwise. At $210.52 the stock trades at roughly 26 times forward sales, a multiple that only makes sense if you believe the company’s dist…
NOW — ServiceNow, Inc.
Application Software | 2026-05-20
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…
NVDA — NVIDIA Corporation
Semiconductors | 2026-05-20
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 …
V — Visa Inc.
Transaction & Payment Processing Services | 2026-05-21
Visa is the toll road of global commerce. The company operates one of two payment networks that, together with Mastercard, route the overwhelming majority of branded card payments outside of mainland …
Materials
DOW — Dow Inc.
Commodity Chemicals | 2026-05-20
Dow Inc. is one of the largest U.S. commodity-chemicals producers — ethylene, polyethylene, polyurethanes, silicones, and industrial intermediates produced from the company’s integrated petrochemical …
LYB — LyondellBasell Industries N.V.
Polyolefins | 2026-05-20
LyondellBasell Industries is the world’s largest producer of polypropylene and polyethylene — the two highest-volume polyolefin plastics used in consumer packaging, automotive interiors, construction,…
Real Estate
AVB — AvalonBay Communities, Inc.
Residential REITs | 2026-05-21
AvalonBay Communities is no longer just an apartment REIT — as of May 20, 2026, it is one half of the largest residential-REIT combination in U.S. history. AVB and Equity Residential have signed an al…
CCI — Crown Castle Inc.
Tower REIT | 2026-05-20
Crown Castle is the largest U.S. communications tower REIT, owning approximately 40,000 macro cell towers and an associated small-cell network. The April 2025 divestiture of the fiber business to EQT …
EPR — EPR Properties
Specialized REITs | 2026-05-21
EPR Properties is the only public, pure-play experiential net-lease REIT in the United States, and at $57.89 the market is paying us a 6.4 percent dividend yield and roughly 11 times forward FFO to ow…
EQR — Equity Residential
Residential REITs | 2026-05-21
Equity Residential is no longer a straightforward standalone residential REIT — as of May 20, 2026, it is the junior partner (by ownership percentage) in the largest residential-REIT combination in U….
HHH — Howard Hughes Holdings, Inc.
Master-Planned Communities | 2026-05-20
Howard Hughes Holdings (renamed from Howard Hughes Corporation in August 2024) is a real estate developer and owner-operator focused on large-scale master-planned communities (MPCs). The portfolio inc…
O — Realty Income Corporation
Specialized REITs | 2026-05-22
Realty Income is, in our view, the highest-quality net-lease real estate investment trust in the United States and one of the cleanest income compounders available in U.S. equities. The company has pa…
