At T&T Capital Management (OTCPK:TTCM) we run a more concentrated portfolio, and one of our highest conviction investments is Assured Guaranty (NYSE:AGO), which we have profiled on two previous occasions. Few industries have seen as much drastic change as the municipal bond industry, in which AGO has been leading over the last several years. According to a report by Standard & Poor's, at their peak in 2005, bond insurance companies covered 57% of newly issued municipal bonds. In 2012, only 3.6% of bonds were insured due to a confluence of issues. Many of the former leading bond insurers such as MBIA (NYSE:MBI) and Ambac have seen their credit ratings downgraded to a level...
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