Andrew Macken is a Portfolio Manager at Montgomery Global Investment Management. Andrew joined Montgomery in March 2014 after spending four years as a Research Analyst under Jim Chanos at Kynikos Associates in New York.
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Optimism bias describes the human tendency to believe that things will turn out better than they actually do. When it comes to investing, optimism bias can lead you to overpay for assets, and this can impact your investment returns. Thankfully, there are ways we can manage it. Continue…
Australia is one of the few countries in the world that close out their financial year in June. So to Australian investors, we wish you a happy financial new year and ask what will be of the twelve months to come? Continue…
In this article published in the Herald Sun, Andy discusses the close of FY17 and welcomes Fy18. Read here.
If you are an Australian CEO, you are probably wondering if Amazon will one day disrupt your business. The threat of Amazon to Australian business is the topic du jour all of a sudden, so it is worth understanding exactly why Amazon is so scary. Continue…
In this article published in the Herald Sun, Andy discusses Amazon and whether it will disrupt businesses. Read here.
Many global investors are lured first to the United States in search of opportunity given it is the largest economy in the world; with around 320 million relatively wealthy citizens driving significant annual consumption. But in many ways, the US is what is and what has been. Continue…
This week, the Federal Reserve (Fed) hiked its target range for the federal funds rate for the second time this year to 1.00-1.25 percent. In a widely anticipated move, the Federal Open Market Committee (FOMC) said that the labor market has continued to strengthen, economic activity has been rising and household spending has picked up in recent months. But the interest rate decision was not the main event. The market was instead focused on how the Fed planned to deal with its US$4.5 trillion dollar balance sheet (shown below). Continue…
Killian Plastow writes an article for Nestegg where he discusses Andrew Macken’s view on why successful investors should focus on where the market is heading as opposed to where it has been. Read here.
Philip Baker writes an article in the Australian Financial Review where he mentions Andrew Macken and his view on Chinese internet giants such as Alibaba and Tencent. Read here.
Investing is never easy at the best of times. Making sense of complex financial accounts takes both time and the aptitude to anticipate the numerous ways in which CFOs can position their businesses in the most favourable light. Sometimes the business models themselves allow for great subjectivity in arriving at the reported earnings level. Sometimes management actively encourage investors to focus on favourable metrics, while discouraging the unfavourable ones. Continue…
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