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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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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Montaka’s Quarterly Update (Q3 2020)
Andrew Macken
October 14, 2020
In this quarterly update, Andrew Macken, Montaka’s Chief Investment Officer touches upon a range of possible medium-term economic outcomes. He also shares a brief update on the current portfolio positioning of the global strategies. Continue…
by Andrew Macken Posted in Video Insights.
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EU evolution underappreciated
Andrew Macken
October 7, 2020
With all the news around COVID-19 and the ongoing political dramas surrounding the US general election, it seems a historic change in European philosophy has gone largely unnoticed. In July, EU leaders agreed to an extraordinary €750 billion recovery package called the Next Generation EU (NGEU). Continue…
by Andrew Macken Posted in Global markets.
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Why do good things happen to great businesses?
Andrew Macken
September 28, 2020
For value investors like us who seek to own the world’s long-term winning businesses in attractive markets, there is an ongoing philosophical imperative to ensure the quality we identify is not already fully reflected in the current stock price of the business. After all, if the true quality and growth prospects of any business are accurately reflected in the stock today, then your chance of generating outsized returns is zero, by definition. Continue…
by Andrew Macken Posted in Companies, Stocks We Like.
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- POSTED IN Companies, Stocks We Like.
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Winning in the age of enterprise digital transformation part II
Andrew Macken
September 24, 2020
Digital transformation is accelerating due to COVID-19, presenting investors with compelling investment opportunities. In part two of our whitepaper series, we discuss why the very best businesses are often undervalued by public equity markets and what this means for investors. Continue…
by Andrew Macken Posted in Whitepapers.
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Is political gridlock in America’s future?
Andrew Macken
September 21, 2020
The US general election takes place on November 3, 2020 and, as always, the combination of results between the winners of the Presidency, the House of Representatives and the Senate will shape the political landscape of the world’s largest economy for years to come. Continue…
by Andrew Macken Posted in Global markets, Market commentary.
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Is the Aussie strong or the greenback weak?
Andrew Macken
September 14, 2020
Large moves in global currency markets are always worth pondering. They don’t happen all too often and usually reflect large, global, macroeconomic changes that investors ought to keep an eye on. The recent strength in the Aussie dollar is an interesting case in point. Continue…
by Andrew Macken Posted in Global markets.
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ServiceNow: mission-critical, with no competition
Andrew Macken
September 3, 2020
The digital transformation of the enterprise is a long-term trend which is now accelerating as a direct consequence of the COVID-19 pandemic. Privileged business models operating with the benefit of this structural tailwind, therefore, should be considered carefully for an investment opportunity. ServiceNow is rare in that it operates a privileged ecosystem business model, built in software – which carries superior economics, delivering mission-critical building blocks required by the enterprise and has no meaningful competition today. Continue…
by Andrew Macken Posted in Companies, Stocks We Like.
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Is the sun rising or setting on Facebook?
Andrew Macken
August 27, 2020
The conventional wisdom today is that Facebook is a mature behemoth that is under intensifying risk of being penalised in a multitude of possible ways by regulators. Continue…
by Andrew Macken Posted in Companies, Stocks We Like.
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