The price of gold has been a source of angst in recent years. After getting up to US$1,900/oz in 2011, it has more recently fallen to around US$1,200/oz. This decline, combined with a resurgence of volatility in financial markets, has prompted discussion on whether gold now presents as an attractive investment. Continue…

by Tim Kelley Posted in Energy / Resources, Insightful Insights.

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It’s hard not to be impressed by US dominance of the online world. If you look at a list of the top internet sites in Australia, the leaders are almost all of US origin: sites like Google, Facebook, YouTube, eBay and Wikipedia. Continue…

by Tim Kelley Posted in Insightful Insights.

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So much of investing comes down to time and perspective.

In the short term, the market is awash with random noise – and one of the best things an investor can do is keep it away from their investment decision-making. Continue…

by Tim Kelley Posted in Economics, Energy / Resources.

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Australian and US equity markets have been in a happy mood of late. The index seems to be able to move only in one direction (up), and volatility has dropped to levels not seen for some time. The picture below shows the US market; the Australian market is not too dissimilar. Continue…

by Tim Kelley Posted in Insightful Insights.

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In this column published in the The Australian, Tim discusses three suggested sources of investment outperformance. Read here.

by Tim Kelley Posted in In the Press.

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Michael Lewis’ 2003 book, Moneyball: The Art of Winning an Unfair Game, describes the approach taken by the Oakland Athletics baseball team in the early 2000s. Essentially, the approach involved determining which performance measures contributed the most to the outcome of a baseball game, and recruiting players that rated highly against those measures. Continue…

by Tim Kelley Posted in Insightful Insights, Technology & Telecommunications, Value.able.

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In recent months we have looked at valuation from a few perspectives. Our conclusion has been that the Australian market is on the expensive side of fair value, but not to an alarming degree. Continue…

by Tim Kelley Posted in Insightful Insights, Investing Education, Value.able.

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At Montgomery, we spend quite a bit of time talking to broking analysts to try to deepen our understanding of industry dynamics. Sometimes we get a good return on that investment of time, and this was the case recently when we sat down with UBS to talk about banks. Continue…

by Tim Kelley Posted in Financial Services, Insightful Insights.

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With the equity markets showing some signs of volatility recently, and several commentators starting to flag the possibility of a pullback, we thought it may be timely to revisit our stance on valuation and portfolio composition. Continue…

by Tim Kelley Posted in Insightful Insights, Market Valuation.

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