As the share market has surged in recent years, many private businesses have conducted Initial Public Offerings (IPOs). We are always sceptical when a business comes to market in search of capital to fund a buyout of current shareholders, particularly if the seller is Private Equity. Continue…

by Russell Muldoon Posted in Health Care, Insightful Insights.

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You might recall we have previously articulated Aldi’s game plan in Australia. Our recent posts here and here, provide some insights. In summary the company is significantly more efficient. They have 1200 Stock Keeping Unit’s per store, instead of 30,000 at Woolies or Coles, which means they can employ six people to run a store instead of 25.

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by Russell Muldoon Posted in Consumer discretionary, Insightful Insights.

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We have previously written at length on Aldi and the threat it poses to the Australian Supermarket Industry. Today we focus on why they have been (and will likely remain) so successful. Continue…

by Russell Muldoon Posted in Companies, Consumer discretionary, Insightful Insights.

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Long-term followers of Montgomery Investment Management would know all too well that we have had very little (we have had some) exposure to resources and energy companies since we began on our investing journey. Looking forward, we are just as unlikely to ever hold anything like benchmark weights to these sectors in our funds and for good reason. Continue…

by Russell Muldoon Posted in Energy / Resources, Insightful Insights.

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Today we are going to keep this post as simple as possible and focus on three key elements that we consider important (but by no means exhaustive) when identifying investments and managing a portfolio. For simplicity we have broken down these categories into quality, quantity and return considerations which we hope may add some value to your investing endeavours. Continue…

by Russell Muldoon Posted in Companies, Insightful Insights.

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One of the amazing things about business is that when one industry prospers, outsiders often find a way to tap into that success. A growing industry can attract new suppliers, distributors or back-office service providers, indeed a whole new world can develop that didn’t exist just yesterday and afford opportunities that allows a range of businesses to benefit, particularly those placed at the head of the pack with market leading positions. Continue…

by Russell Muldoon Posted in Insightful Insights.

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Variant Perception, a US based research firm has published a thematic report on “understanding market tops” which we found interesting. Continue…

by Russell Muldoon Posted in Insightful Insights, Market Valuation.

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In these highlights from Your Money Your Call, Russell Muldoon discusses the market and a range of different stocks. Watch here.

by Russell Muldoon Posted in TV Appearances.

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Challenger Financial Limited (ASX: CGF) has defined the annuities market in Australia, and appears to be one of the few businesses on the ASX that is exposed to enduring (multi-decade) structural tailwinds. We consider it to be one of the highest quality companies on the ASX. This view is also supported by a recent market survey. Continue…

by Russell Muldoon Posted in Financial Services.

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