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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“There is a tide in the affairs of men, which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.” William Shakespeare
At Montgomery we have received innumerable requests to launch an offshore fund. The Montgomery Global Fund, for example. This is something we have the capability to do.
Enjoy the next in our 2013 exclusive subscriber-only Whitepaper series.
Recently I have been ramping up the discussion about a serious fix we need for our business. The business of Australia requires motivated staff, great products and services, and a lid to be kept on costs.
Looking at our balance of payments however, you can see that we are a profligate country, spending more than we earn and selling off assets to pay for it. Keep going and eventually all our assets will be owned by foreigners from whom we will rent the properties, sending our income offshore at an even faster rate.
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In these highlights from the Sky Business’ Switzer program broadcast 4 April 2013, Roger gives his view on whether bank stocks are good dividend yield buys.
For the 30 seconds before the Reserve Bank’s decision flashes across the RBATCTR page of trader’s Bloomberg terminals, silence descends on dealing room floors around the country. Someone then cries out; “up 25bips” or “no change” and mayhem ensues. As a young graduate in a dealing room it all seems very exciting and front line. But as a more seasoned observer and participant, one does wonder what all the fuss is about.
Investors can do much better investing in ‘businesses’ rather than trying to use interest rate changes as a predictor of stock prices. In any case, once you have predicted correctly whether interest rates will rise or fall, you then have to predict what the reaction will be by investors in each individual stock. And generally it is worth being reminded of the fact that economists have had a mixed track record over the long run at predicting rates in the first place.
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Dear Value Investors,
Please find below our updated returns to the end of March. With many of the companies we have purchased at lower prices now reaching our intrinsic value estimates, and in some cases exceeding them, there is not a lot of activity at Montgomery. Indeed it seems investors would be well served to always be prepared.
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Roger talks about finding value in a rising market in nabtrade’s Trading Tips newsletter. Read here.
In this month’s column for Money magazine, Roger anaylses why an undertaker has taken the market’s fancy. Read here.
In this article, published in The Australian, Roger talks about the troubled mining services sector. Should value investors look away? Read here.
