Energy / Resources
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Listen Up
Roger Montgomery
March 18, 2013
As you know we have long been short Iron Ore. That was clever! “…long been short…”?
Jokes aside, many investors are still buying mining and mining services companies. Their reasoning is that they have underperformed the financials and non resource cyclicals. The rationale is that because they have under performed it is time for them to catch up. Well as you know, I think that is a bit like entering a Formula 1 race with a billy kart and a couple of friends to give you a push. Just because the billy-kart has lost the last 1000 races doesn’t mean its time for it to win. An F1 car accelerates from zero to 150kmh in 1.4 seconds. No matter how hard your friends push, your billy cart simply isn’t going to match it.
continue…by Roger Montgomery Posted in Energy / Resources, Insightful Insights.
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Back to all time highs
Roger Montgomery
March 12, 2013
In discussion with Ross Greenwood on Radio 2GB, Roger discusses how on a total-return basis the Australian stock market is back to pre-GFC levels, and also provides his insights on Silverlake resources. Listen here.
This program was broadcast 12 March 2013.
by Roger Montgomery Posted in Energy / Resources, Insightful Insights, Radio.
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- POSTED IN Energy / Resources, Insightful Insights, Radio
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What impact will the changing Global Economy have on Aussie Stocks?
Roger Montgomery
March 7, 2013
In these highlights from the Sky Business Switzer program broadcast 7 March, Roger provides his insights on how recent developments in U.S. interest rate policy and Chinese domestic construction are likely to impact the Australian market. Watch here.
by Roger Montgomery Posted in Energy / Resources, Insightful Insights, Market Valuation, TV Appearances.
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Wylie E. Coyote or Road Runner?
Roger Montgomery
March 7, 2013
You will have to forgive the rather startling image we have chosen for this blog post. Its really been selected for dramatic effect only.
You may not realise this but all the way back in August 2010 we were BHP bulls, writing; “If you take on blind faith a A$22b profit, BHP’s shares are worth AUD $45-$50 each.”
But then in February 2011 we became a little more circumspect. You can read about the change here.
continue…by Roger Montgomery Posted in Companies, Energy / Resources, Investing Education, Value.able.
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Reporting Season Wrap
Roger Montgomery
February 27, 2013
In these highlights from the 27 February edition of ABC1’s ‘Inside Business’, Roger discusses with Alan Kohler the results of companies including BHP, Origin Energy and Qantas. Watch here.
by Roger Montgomery Posted in Energy / Resources, Insightful Insights, Tourism, TV Appearances, Value.able.
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Swapping leaders 101
David Buckland
February 25, 2013
Jennifer Hewitt’s article in last Thursday’s Australian Financial Review entitled “Swapping leaders 101” focused on the relatively sudden departures of RIO’s Tom Albanese and BHP’s Marius Kloppers. The Sydney Morning Herald claimed “outgoing BHP Billiton Chief Executive will take cash, shares and performance rights worth up to $75.2 million at current prices”.
We believe the timing of the departures was to draw attention away from the substantial erosion in returns and profit, however some discussion about remuneration is warranted.
Andrew Smithers, the author of Valuing Wall Street, makes the following point,
by David Buckland Posted in Energy / Resources, Insightful Insights.
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Marius Kloppers’ scorecard
Roger Montgomery
February 22, 2013
Earlier this week I was interviewed on ABC Radio’s PM program about the announcement of Marius Kloppers’ departure from BHP.
Read the transcript below or listen to the interview here.
by Roger Montgomery Posted in Energy / Resources, Value.able.
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Which Energy Stocks Does Roger Rate?
Roger Montgomery
February 21, 2013
In the highlights from this edition of Peter Switzer’s Sky Business program broadcast 21 February 2013, Roger provides his latest insights into Origin Energy (ORG) and BHP (BHP), and also explains how applying his Value.able investment strategy still makes Wesfarmers (WES) a stock that Montgomery Investment Management won’t hold in the near term, despite its price recovery. Watch here.
by Roger Montgomery Posted in Companies, Consumer discretionary, Energy / Resources, Insightful Insights, TV Appearances.
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Hangover ahead for Miners?
Roger Montgomery
January 30, 2013
Recently a 5.5kg gold nugget was discovered prospecting around an old mine in Ballarat. Sometimes lightning strikes twice but more often trying to repeat past successes is like a dog returning to its vomit.
Spare a brief thought for the hapless long-term investor in businesses with sustainable competitive advantages. Sadly, these are not the businesses the stock market has been enamored with over the past six months.
continue…by Roger Montgomery Posted in Energy / Resources, Insightful Insights.
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Codan – a golden opportunity
Russell Muldoon
January 25, 2013
On 18 January, it was reported here that a 5.5 kg gold nugget (worth up to $300,000) was found in Ballarat with the help of a Minelab GPX-5000 metal detector. Minelab is a world class brand owned and managed by Codan Limited (ASX: CDA), a company that we hold in our investment funds.
continue…by Russell Muldoon Posted in Energy / Resources, Market Valuation.
