articles by Tim Kelley
-
Analysing developments at Cochlear
Tim Kelley
June 5, 2013
Disappointing news from Cochlear (COH) this week. Following weak 2nd half sales, the company announced that it expected FY13 NPAT to fall between $130 and $135m – a large step down from what broking analysts had expected. Continue…
by Tim Kelley Posted in Companies.
- save this article
- POSTED IN Companies.
-
A falling A$ good for miners?
Tim Kelley
May 30, 2013
With the A$ having fallen consistently against the US$ we’re seeing a steady flow of commentary aimed at helping investors navigate the changing environment.
Continue…by Tim Kelley Posted in Energy / Resources.
- 1 Comments
- save this article
- 1
- POSTED IN Energy / Resources.
-
What’s happening in equity markets? (28/05/2013)
Tim Kelley
May 28, 2013
by Tim Kelley Posted in Market Valuation, Video Insights.
- watch video
- save this article
- POSTED IN Market Valuation, Video Insights.
-
A super new team member…?
Tim Kelley
May 23, 2013
I was intrigued to read in Wednesday’s AFR that a supercomputer has joined ANZ’s wealth management team.
Continue…by Tim Kelley Posted in Insightful Insights.
- 1 Comments
- save this article
- 1
- POSTED IN Insightful Insights.
-
Is caution being thrown to the wind?
Tim Kelley
May 20, 2013
The financial markets seem to have a lot of moving parts at the moment. Relatively swift changes to exchange rates, commodity prices, interest rates, GDP outlooks and share prices have made it increasingly challenging for a value investor to arrive at a clear view on how best to allocate investment funds. Continue…
by Tim Kelley Posted in Insightful Insights.
- save this article
- POSTED IN Insightful Insights.
-
Is it time for the Australian dollar to decline?
Tim Kelley
May 13, 2013
At Montgomery, we focus more of our attention on the economics of individual businesses, rather than the macro business environment. We do this because we believe it’s very hard to forecast macro variables with any reliability, and we know that the best companies can do well even in a difficult environment.
Continue…by Tim Kelley Posted in Economics.
- 6 Comments
- save this article
- 6
- POSTED IN Economics.
-
An investment theme we like
Tim Kelley
May 6, 2013
Healthcare is one of the investment themes we like at Montgomery. In most OECD countries, healthcare spend has been growing at around GDP +2% for many decades, and ageing populations will provide a tailwind for some time to come. This is a challenge for governments, who can’t readily grow revenues faster than GDP and so will need to reduce their share of the total spend. However, with demand growing, we expect that private contributions will increase to fill the gap. Baby boomers who can afford to look after themselves will likely choose to do so.
Continue…by Tim Kelley Posted in Health Care, Insightful Insights.
- 1 Comments
- save this article
- 1
- POSTED IN Health Care, Insightful Insights.
-
How Far Can The Big Four Banks Go?
Tim Kelley
May 1, 2013
Strong investor support for stocks with high dividend yields has been one of the defining features of the Australian share market over the last year or two. The big four banks have been particular beneficiaries of this, and with a healthy first half result reported this week by ANZ, the theme has additional momentum.
Continue…by Tim Kelley Posted in Financial Services, Insightful Insights.
-
Threats to Cochlear’s market position?
Tim Kelley
April 22, 2013
Many readers will have noticed the dramatic fall in the price of Cochlear (COH) shares from above $80 per share at the start of February to below $60 recently. COH is an Australian-based world beater in cochlear implants (note that “cochlear” is both the name of the company (COH) and the part of the inner ear into which cochlear implants are implanted, whether they are supplied by COH or a competitor). At Montgomery, we are big fans of COH, and in the past it has been a significant holding of the Montgomery [Private] Fund. With the recent decline in share price we have again been taking interest in the business.
Continue…by Tim Kelley Posted in Insightful Insights, Technology & Telecommunications.
-
The value of gold
Tim Kelley
April 19, 2013
A lot has been written about the gold price in recent days. Much of it has been the usual ex-post narrative explaining exactly why the price has moved in the way it has, including reasons such as: lower expectations for quantitative easing, hedge funds being forced to liquidate leverage positions, the loss of “safe haven” status, etc.
Continue…by Tim Kelley Posted in Energy / Resources, Insightful Insights.
