Monthly Archives: December 2014

In this interview with Ros Childs for the ABC News, Roger suggests that the stock market conditions may worsen before improving. Watch here.

by Roger Montgomery Posted in TV Appearances.

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In this interview with Ticky Fullerton, Roger talks about structural decline in the print media business, as well as Gina Rinehart’s 19% share in Fairfax. Watch here.

by Roger Montgomery Posted in TV Appearances.

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by Roger Montgomery's Team Posted in Old Content.

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As we start to turn our minds to enjoying a well-earned break, we wanted to wish you all a happy, safe and peaceful Christmas.

Thank you sincerely for following us in 2014, and for inspiring to share our investing philosophy with you.  We hope our insights have informed you, provoked you and generally kept you up to date.

We are now taking a short break, and the team will return here to the blog in early-January.

If you would like to share your ideas about the topics, industries or companies you would like us to cover in 2015, we’d be delighted to hear them.  Be sure to leave a comment.

Until then, may your Christmas be all that you hoped it would and don’t forget to be sun smart.

by Roger Montgomery Posted in Value.able.

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Adam Courtenay writes anyone reading about the Australian investment scene cannot escape the pull of BHP Billiton and to a slightly lesser extent, Rio Tinto. He quotes Roger’s perspective on this stock. Read here.

by Roger Montgomery Posted in On the Internet.

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One of our peeves at Montgomery is fund managers who ‘hug’ the index. A manager might for example take an underweight position in BHP by allocating 5 per cent of a portfolio to it, when BHP makes up around 7 per cent of the index. This leaves them with a 2 per cent underweight position, which can fund an overweight position in some other large cap stock. If they charge investors a fee of 100 basis points for this type of ‘active’ management, the investors are getting a raw deal. Continue…

by Tim Kelley Posted in Insightful Insights, Investing Education, Value.able.

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Court finds Coles engaged in unconscionable conduct and orders Coles pay $10 million penalties.

 The Federal Court has today, by consent, made declarations in two proceedings instituted by the ACCC that Coles Supermarkets Australia Pty Ltd engaged in unconscionable conduct in 2011 in its dealings with certain suppliers.

 The Court has also ordered Coles pay combined pecuniary penalties of $10 million and costs. Continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Insightful Insights.

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As we start to turn our minds to a well-earned break, we cannot help to ponder what the year ahead might unearth and whether we’ll find something useful and attractive that others have thrown out.

What we know today however, is that Materials and Energy stocks are under the pump from rising supply and falling demand.  Some of them, along with those in the mining services game, will shutter operations or go broke – don’t forget there are over 700 mining services companies in Australia and 90 per cent of them are unlisted.  Given that China is forecast by the US Conference Board to be growing at only 5.5 per cent in the next few years and by 3.5 per cent in the years to 2025, it is difficult to see any rapid turn around in the economics of materials exploration, mining and production. Continue…

by Roger Montgomery Posted in Consumer discretionary, Energy / Resources, Financial Services.

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David Rowley published a story in late-December about the different approaches to investing in Australian equities. He covers the approach of Montgomery Investment Management. Read here.

by Roger Montgomery Posted in On the Internet.

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