At T&T Capital Management, we seek to buy businesses at a discount to their intrinsic value. Often this means buying companies when they are facing short-term headwinds, as the stock prices more than reflect some of the most pessimistic outcomes, creating substantial long-term upside as the picture brightens. The Covid-19 lockdown has created stress on nearly every aspect of life and the global economy, including municipal finance. That has clouded the outlook for the leading bond insurance company Assured Guaranty (AGO), which has also been dealing with the nightmarish conduct of the Puerto