Andrew Macken
Andrew Macken is the Chief Investment Officer of the Montaka funds and the Montgomery Global funds. He established MGIM in 2015 in partnership with Montgomery.
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articles by Andrew Macken
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Montaka’s fourth quarter update
Andrew Macken
January 17, 2020
In this video Andrew shares a summary of Montaka’s Q4 2019 letter to investors. Discussing the view that the world is favourable for equities at the moment with monetary policies highly accommodative around the world. Andrew also shares a holding in the portfolio – Floor & Decor. Continue…
by Andrew Macken Posted in Global markets, Montgomery News and Updates, Video Insights.
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When unconventional policy becomes the convention
Andrew Macken
January 15, 2020
In the first days of the new calendar year, as the world braced itself for a potential war in Iran, Ben Bernanke, the former Chair of the Federal Reserve, gave a speech to the American Economic Association in San Diego. The topic? “The new tools of monetary policy”. Continue…
by Andrew Macken Posted in Global markets, Market commentary.
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- POSTED IN Global markets, Market commentary.
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Fear of downturn overshadows attractive returns of equities
Andrew Macken
January 9, 2020
In this article for the Herald Sun Andrew discusses why Mr Equity Market is paying you relatively handsomely for taking equity risk, while Mr Bond Market is not paying you much at all for taking lending risk. And yet, on a near daily basis, headlines are published suggesting that equities are expensive and the longest bull market in history must soon be coming to an end. Why? Read here.
by Andrew Macken Posted in In the Press.
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When earnings streams are music to the ears
Andrew Macken
January 9, 2020
In this article for the Herald Sun Andrew takes a closer look at the low interest rate world that we live in. There are many reasons why interest rates are low. These include ageing populations all around the world, very high indebtedness by many corporations and governments, an increasing dominance of technology which is less labour and capital intensive, and an increasingly globalised world connected by US dollar-denominated trade. Read here.
by Andrew Macken Posted in In the Press.
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Part II: low rates, assets inflate
Andrew Macken
December 18, 2019
Since the Global Financial Crisis (GFC) in 2008, central bankers worldwide have pursued expansionary monetary settings to buoy tepid economic growth by cutting policy rates and buying government bonds. As a result, low interest rates have been a fact of life in large developed economies for the past decade – and counting. Continue…
by Andrew Macken Posted in Whitepapers.
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- POSTED IN Whitepapers.
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The market’s expensive, right?
Andrew Macken
December 17, 2019
Finance theory teaches that when you invest in a firm, your expected percentage annual return is some spread over and above the risk-free interest rate (typically viewed as the annual yield on a government bond). The size of this “spread” is proportional to the risk that you bear. Continue…
by Andrew Macken Posted in Global markets, Market commentary.
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Part I: low rates, assets inflate
Andrew Macken
December 3, 2019
Across the developed world, historically low interest rates are the new normal – not just temporary. Our latest Whitepaper points to five structural reasons driving this change. Continue…
by Andrew Macken Posted in Editor's Pick, Whitepapers.
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Five key numbers we have learnt from earnings season
Andrew Macken
November 5, 2019
Earnings season for the third calendar quarter of 2019 is well under way. While the team at Montaka are busy analysing the results of many global businesses, here are five key numbers that have stood out to us over recent days. Continue…
by Andrew Macken Posted in Companies, Stocks We Like.
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The power of compounding when rates are low
Andrew Macken
November 4, 2019
The new low interest rate world in which we find ourselves is strange. Why does it make sense that an investor should have to pay for the privilege of lending to the German government for 20 years, for example? And yet, the yield on German 20 year bunds is negative – effectively implying exactly this. Continue…
by Andrew Macken Posted in Global markets, Stocks We Like.
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Short seller reveals secrets of a reliable bet
Andrew Macken
October 28, 2019
In this article for the Sydney Morning Herald Lucy Battersby discusses the recent wake of multiple negative reports on large Australian companies that sent stock prices tumbling. Lucy draws on Montaka’s short position strategy by identifying the four characteristics they look for before taking a short position. Read here.
by Andrew Macken Posted in On the Internet.
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