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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Dirt cheap high-quality growth
Andrew Macken
February 11, 2021
In a world of many high-flying, high-multiple, profitless tech stocks, it is rare these days to find genuine earnings growth at dirt cheap prices. And yet, the world’s leading alternative asset managers appear to offer investors exactly this. Continue…
by Andrew Macken Posted in Companies, Stocks We Like.
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Five ways to build investment portfolios amid growing inequality
Andrew Macken
January 19, 2021
In this article for Firstlinks Andrew Macken analyses the broad forces he observes in the global economy today, and shares the key investment implications that are guiding the construction of the Montaka portfolios today. These include a preference for businesses which are likely to deliver high-quality growth over a long period of time and businesses with strong and expanding data advantages. Read here.
by Andrew Macken Posted in On the Internet.
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Five ways to build investment portfolios amid growing inequality
Andrew Macken
January 19, 2021
Most investors are aware that COVID-19 is accelerating economic forces such as indebtedness, low interest rates and asset price inflation. But there is perhaps less awareness of another powerful trend that COVID is also accelerating: the ‘Gilded Age’-style economic inequality that has been emerging in recent decades. Continue…
by Andrew Macken Posted in Investing Education.
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The new post-pandemic world of marketing
Andrew Macken
December 1, 2020
In the space of five months, consumer online buying in the United States grew from around 15 per cent to 45 per cent for most categories. This is an extraordinary acceleration in consumer behaviour towards digital channels – and one that is likely here to stay. For those in the business of marketing to consumers, this new reality has significant implications, as McKinsey points out in their recent note on the subject. Continue…
by Andrew Macken Posted in Market commentary.
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Why are stocks going up?
Andrew Macken
November 24, 2020
With COVID-19 cases surging again in the US, Europe and elsewhere, you might reasonably be scratching your head at the ongoing surge in stock prices. After all, if it was the pandemic that caused the severe sell off in March, wouldn’t a resurgence in cases and deaths in the world’s largest economies have a similar effect? Continue…
by Andrew Macken Posted in Global markets, Market commentary.
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The uncertainty of chasing true value
Andrew Macken
November 23, 2020
In this article for the Herald Sun Andrew discusses logical analytical steps that can be taken by diligent investors to ascertain, with some degree of accuracy, the true value of businesses — or range of values more typically — with a reasonable degree of confidence. Read here.
by Andrew Macken Posted in In the Press.
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Tencent, the quiet achiever
Andrew Macken
November 16, 2020
With all the noise in recent days over new antitrust initiatives in the Chinese technology space, the stellar ongoing performance of Tencent’s many businesses seems to have been lost in the mix. Continue…
by Andrew Macken Posted in Companies, Stocks We Like.
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Thinking big with Microsoft
Andrew Macken
November 5, 2020
Hidden amongst the barrage of news over recent days was a particularly strong quarterly result by Microsoft (NASDAQ: MSFT) last week. What caught our attention was the framing of the long-term opportunity for the business by CEO, Satya Nadella. Continue…
by Andrew Macken Posted in Companies, Stocks We Like.
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Why investing is hard
Andrew Macken
October 26, 2020
As Warren Buffett once said: “Price is what you pay; value is what you get.” This simple definition underpins the logical pursuit of value investors to make investments in businesses only when prices are materially below their true value. This seems absurdly obvious and yet executing on this approach is rather difficult. Why? Because “true value” is, essentially, unobservable. Continue…
by Andrew Macken Posted in Investing Education.
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Strength in Aussie at whim of greenback
Andrew Macken
October 23, 2020
In this article for the Herald Sun Andrew discusses the recent strength in the Aussie dollar. Putting aside the large dip and rebound in March and April, the Aussie has continued to appreciate by about 10 per cent in the past three months against the US dollar. So what is causing this? Read here.
by Andrew Macken Posted in In the Press.
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