Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
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Daily Journal Corporation (DJC) publishes newspapers and websites covering California and Arizona, as well as the California Lawyer magazine, and produces several specialised information services. Sustain Technologies, Inc. (Sustain), a wholly owned subsidiary, supplies case management software systems and related products to courts and other justice agencies, including administrative law organisations. These courts and agencies use the Sustain family of products to help manage cases and information electronically and to interface with other critical justice partners.
The company’s Chairman is none other than Charles T. Munger. Here’s a transcript of his comments from last week’s DJCO Shareholders meeting.
We’ve copied it here raw and unedited, but there are many pearls. It’s long, so print it off and enjoy.
For reasons we can only marvel at, Montgomery Investment Management has attracted some incredibly talented individuals. Perhaps it’s the ‘learning with humility’ culture, or perhaps it’s the size and the associated ability to respond quickly and remain flexible. Continue…
In this article for Cuffelinks, Roger Montgomery follows up from an earlier discussion on growth, and reminds us that not all growth is good growth. Read here.
In his first interview with Naomi Rosenthal on Eagle Waves Radio on September 9, Roger shares his insights into value investing. Listen here.
In this interview on Eagle Radio, Roger is a guest expert on Meet the Moneys. He speaks with Naomi about his insights into value investing. Listen here.
On Bloomberg Radio, Barry Ritholtz chatted with James O’Shaughnessy of O’Shaughnessy Asset Management. You might know James O’Shaughnessy; he wrote the multi-variable stock selection guide book called What Works on Wall Street.
The interview challenges the bedrock of our beliefs when it comes to investing; that we add value. More specifically the interview challenges the ideas that smarter people make better investment decisions.
Here’s an excerpt:
O’Shaughnessy: “Fidelity had done a study as to which accounts had done the best at Fidelity. And what they found was…”
Ritholtz: “They were dead.”
O’Shaughnessy: “…No, that’s close though! They were the accounts people who forgot they had an account at Fidelity.”
Ritholtz also follows with some of his experiences in estate planning, where a family fighting over some inherited assets might not touch them for say, 10 or 20 years while they work out the problem, and later find that those 10 or 20 years are the best period of performance.
We reckon the ‘hands-off’ approach makes a lot of sense. Billionaire oilman J. Paul Getty famously advised: “Buy when everyone is selling and hold until everyone is buying”. He was onto something.
You can download the podcast of the interview here.
In this interview with Ross Greenwood on Radio 2GB on September 2, Roger chats about the impending float of government-owned Medibank Private. Listen here.
Writing for Finsia’s InFinance daily report, Robin Christie has quoted the Big Four banks’ head economists speaking at the AB+F Breakfast with the Economists event in Sydney late last week. Continue…
We interrupt our regular programming to take a quick look at what our friends over at Skaffold have been cooking up. Continue…
