articles by Tim Kelley
-
What Do Trades by Insiders Tell us?
Tim Kelley
November 14, 2016
Most days you’ll see a company announcement about a director either cutting or boosting their shareholding. These transactions often raise eyebrows. After all, they must know something that we don’t, right? So, should you sell when they sell, and buy when they buy? Continue…
by Tim Kelley Posted in Market commentary.
- 1 Comments
- save this article
- 1
- POSTED IN Market commentary.
-
Why we are still staying clear of Blackmores
Tim Kelley
November 1, 2016
Blackmores (ASX:BKL), which started the year as a ‘market darling’, trading at around $220 per share, is now trading closer to $110. Not only that, it’s also one of the most heavily shorted stocks on the ASX200. Is BKL’s fall justified, or has the market overreacted? Continue…
by Tim Kelley Posted in Companies, Market commentary.
- 11 Comments
- save this article
- 11
- POSTED IN Companies, Market commentary.
-
A step down in the healthcare sector
Tim Kelley
October 25, 2016
Our investment style is focused around value and quality, which are concepts that work well over long stretches of time, but can have very mixed performance over shorter periods of time. This week we discuss the materials and healthcare sectors.
by Tim Kelley Posted in Video Insights.
- 1 Comments
- save this article
- 1
- POSTED IN Video Insights.
-
Is Berkshire Hathaway a victim of its own success?
Tim Kelley
October 19, 2016
There is no debate about the long term investment success delivered by Berkshire Hathaway. Since 1965, compound growth in per-share book value of Berkshire has far outstripped growth delivered by an investment in the S&P500 Index, resulting in an exceptional long term investment experience for Berkshire’s owners. Continue…
by Tim Kelley Posted in Market commentary.
TaggedBerkshire Hathaway, buffett- 12 Comments
- save this article
- 12
-
POSTED IN Market commentary.TaggedBerkshire Hathaway, buffett
-
With a focus on the long term, we’re sticking with quality
Tim Kelley
October 14, 2016
Sometimes, the gyrations of the stock market can make our investment decisions look a bit ordinary. Take this year for example, in which a rebounding materials sector has easily outperformed the broader market. However, such moves don’t affect our investment philosophy. Our focus is strictly on longer term business fundamentals. Continue…
by Tim Kelley Posted in Market commentary.
Taggedmaterials, resources- 3 Comments
- save this article
- 3
-
POSTED IN Market commentary.Taggedmaterials, resources
-
Active vs Index Investing
Tim Kelley
October 10, 2016
Last year, when US basketball star LeBron James asked Warren Buffett for investment advice, Buffett advised him to buy an index fund. “Usually the simplest [idea] is the best,” said Buffett. His advice added to the debate about the merits of active fund management versus index investing. Continue…
by Tim Kelley Posted in Editor's Pick, Market commentary.
Taggedbuffett, index investing- 3 Comments
- save this article
- 3
-
POSTED IN Editor's Pick, Market commentary.Taggedbuffett, index investing
-
Why we steer clear of hockey-stick forecasts
Tim Kelley
September 28, 2016
At Montgomery, our investment approach is strongly evidence based. We look for quality businesses with a history of positive earnings, and we steer away from those with negative earnings even when there is a ‘great turnaround story’ to tell. It means we sometimes miss out on making super-normal gains. But, more often, it means we avoid being disappointed when a hockey-stick forecast falls flat. Continue…
by Tim Kelley Posted in Market commentary.
- save this article
- POSTED IN Market commentary.
-
How to assess JB Hi-Fi
Tim Kelley
September 20, 2016
The recent move by JB Hi-Fi (JBH:ASX) to acquire The Good Guys has a lot of investors excited. Largely, it seems, because the tie-up will help consolidate the retailer’s pricing power in an already concentrated industry. But while we’re happy to shop there, we’re not yet convinced JBH meets our investment criteria. Continue…
by Tim Kelley Posted in Companies.
TaggedJB Hi-Fi (JBH)- 9 Comments
- save this article
- 9
-
POSTED IN Companies.TaggedJB Hi-Fi (JBH)
-
We’d like to sing the praises of Chorus Limited
Tim Kelley
September 12, 2016
One investment that has served us well over the past year is a holding in Chorus Limited (ASX: CNU) – the owner of New Zealand’s copper telecommunications network, and a major player in the construction of New Zealand’s Ultrafast Broadband Project – New Zealand’s equivalent of the NBN. Continue…
by Tim Kelley Posted in Companies.
TaggedChorus (CNU)- save this article
-
POSTED IN Companies.TaggedChorus (CNU)
-
The Alpha Fund One Month In
Tim Kelley
September 2, 2016
The new Montgomery Alpha Fund has just completed its first month of live trading, returning a pleasing 3.24 per cent for August after all fees. Given our target for the Fund is to return 6-8 per cent above the cash rate annually, this is well ahead of what we might consider “normal”. There are a couple of observations around risk and return worth making here. Continue…
by Tim Kelley Posted in Market commentary.
- 3 Comments
- save this article
- 3
- POSTED IN Market commentary.
