Despite the buoyancy in the stock market over the past 12 months, it has been surprising to see so few new businesses apply for listing on the Australian Securities Exchange. Fewer still we would deem to be quality.
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The Montgomery [Private] Fund and The Montgomery Fund – performance to 30 April 2013.
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Last week, within the first few minutes of sitting in a conference room listening to an update by Terry Smart, one of Australia’s smartest retailers, he announced a sales and profit upgrade. Naturally having a position in JB Hi-Fi (JBH) is pleasing.
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The world according to Charles Munger.
Why are bankers like heroin addicts? Why is the USA unlike Japan? Why does QE concern Charlie Munger? Are Greek’s built for capitalism? If Charlie Munger was running US healthcare how would you fare?
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Healthcare is one of the investment themes we like at Montgomery. In most OECD countries, healthcare spend has been growing at around GDP +2% for many decades, and ageing populations will provide a tailwind for some time to come. This is a challenge for governments, who can’t readily grow revenues faster than GDP and so will need to reduce their share of the total spend. However, with demand growing, we expect that private contributions will increase to fill the gap. Baby boomers who can afford to look after themselves will likely choose to do so.
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