articles by Tim Kelley
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Tough times for quantitative managers
Tim Kelley
July 2, 2019
Anyone following the financial media will probably know that the going has been tough for active managers recently, with only a smallish minority managing to outperform the market. Continue…
by Tim Kelley Posted in Market commentary.
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Are we deluding ourselves?
Tim Kelley
June 20, 2019
Humans are fascinating, complex creatures, capable of amazing achievements. At the same time, as psychology researchers like Daniel Kahneman and Amos Tversky have pushed forward our understanding of the human mind, it has become increasingly clear that we are indeed strange. Far from being the rational decision makers that behavioural theory once assumed, we find that our cognitive processes can be deeply flawed, leading to poor decision making and sub-optimal outcomes. Continue…
by Tim Kelley Posted in Editor's Pick, Insightful Insights.
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Bitcoin: down but not out
Tim Kelley
June 11, 2019
Towards the end of 2017, the price of Bitcoin (along with that of many other crypto currencies) surged to extraordinary highs. At that time, we turned our mind to whether this price growth could make sense, and several of the Montgomery team members wrote opinions (search ‘bitcoin’ on the rogermontgomery.com website) which varied between “maybe” and “certainly not.” Continue…
by Tim Kelley Posted in Foreign Currency.
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Why invest in a market neutral fund
Tim Kelley
May 20, 2019
One of the things that characterises sophisticated investors is the way they use investment strategies that are designed to produce returns uncorrelated with equity market returns. Continue…
by Tim Kelley Posted in Whitepapers.
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Is the proposed TPG – Vodafone merger impacting Telstra?
Tim Kelley
May 14, 2019
In this week’s video insight Tim takes a closer look at the recent developments relating to the TPG-Vodafone merger. Last week the ACCC announced that it has decided to block the merger. Will they still proceed with attempting to build a network? Continue…
by Tim Kelley Posted in Video Insights.
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Bulls and bears: Healius still has a long way to go
Tim Kelley
May 8, 2019
Carrie LaFrenz published an article in the Australian Financial Review discussing one of the more divisive stocks in the market, Healius. Carrie draws on Tim’s view. Read here.
by Tim Kelley Posted in On the Internet.
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Keeping an eye on the dividend
Tim Kelley
May 2, 2019
Australian investors love their dividends, especially fully-franked dividends that can offer an appealing effective rate of income compared with fixed-interest alternatives, and it’s easy to understand why. Continue…
by Tim Kelley Posted in Investing Education.
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How do we determine the cash weighting for The Montgomery Fund?
Tim Kelley
April 15, 2019
We are often asked to explain how we manage the cash weighting, and the most recent market pullback at the end of 2018 provides a useful example to illustrate our approach to managing cash. Continue…
by Tim Kelley Posted in Investing Education.
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An alternative way to look at the largest ASX-listed companies
Tim Kelley
March 8, 2019
One of the more profound changes to the practice of investment management in recent years has been the improvement in the availability of information; a change driven by both regulation and technology. Continue…
by Tim Kelley Posted in Companies, Investing Education.
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A look into Telstra’s half-year results
Tim Kelley
February 20, 2019
In this week’s video insight Tim takes a look at Telstra’s half-year results. Revenue, earnings and cash flow all broadly lined up with expectations so there weren’t many surprises. Although since we last looked at Telstra there have been some interesting developments. Continue…
by Tim Kelley Posted in Video Insights.
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