Insightful Insights
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Don’t jump at shadows
Roger Montgomery
September 23, 2015
As most readers will know, in July 2015 we launched the Montgomery Global Fund and The Montaka Global Fund. We were rather shocked when, just a month later in August, two or three investors withdrew their investment. When surveyed, the investors who withdrew their investments cited fears about an economic slowdown in China and its potential impact on markets globally. continue…
by Roger Montgomery Posted in Insightful Insights, Investing Education.
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Consumer broadband – brief market overview
Scott Shuttleworth
September 23, 2015
As many readers are aware, the Montgomery funds monitor the telecommunications industry on a consistent basis. With the development of the National Broadband Network over the next decade there appears to be an immense number of opportunities for valuation creation as the spend of each broadband consumer rises and the number of broadband users across Australia continues to grow. continue…
by Scott Shuttleworth Posted in Insightful Insights, Technology & Telecommunications.
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What’s the outlook for mortgage rates?
Stuart Jackson
September 23, 2015
As we have discussed a number of times in the past, the major banks face significant headwinds from increasing capital adequacy requirements over the next few years. This is due to a partial reversal of the significantly lower risk weightings that were applied to major bank mortgages, combined with the need to generally hold more equity capital to reduce the potential risks given their ‘too big to fail’ status in the Australian economy. continue…
by Stuart Jackson Posted in Financial Services, Insightful Insights.
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No home for China shares in a fair-priced portfolio
Roger Montgomery
September 22, 2015
The year to June witnessed enormous variation in sharemarket returns. The Australian All Ordinaries Index recorded a miserly 1.3 per cent return, excluding dividends. The Shanghai Composite Index was easily the best performing major market with a return of 108.8 per cent. continue…
by Roger Montgomery Posted in Insightful Insights.
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Shorting Blacksmiths
Roger Montgomery
September 21, 2015
One suspects when a blacksmith first spotted the horseless carriage driving past his workshop, had he considered it more than a fad, he might have realized his business would be disrupted. But would he have referred to the car or it’s manufacturer as a disrupter? Probably not. Disruption is the new buzzword to describe change or transition. continue…
by Roger Montgomery Posted in Insightful Insights.
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No competitive advantage – now what?
Scott Shuttleworth
September 18, 2015
For a firm to grow in value, it must earn returns in excess of its cost of capital. Typically we expect that firms will achieve this by developing a competitive advantage difficult to replicate by competitors and exploiting said advantage for all it’s worth. But what if the firm has no competitive advantage? continue…
by Scott Shuttleworth Posted in Economics, Insightful Insights.
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ACCC Gas Inquiry – Preliminary Findings
Ben MacNevin
September 17, 2015
We have previously warned of the perfect storm looming in Australia’s LNG market, as substantial export commitments threaten domestic supply. The ACCC has launched an inquiry into this opaque market, and the preliminary findings suggest the market has changed dramatically. continue…
by Ben MacNevin Posted in Energy / Resources, Insightful Insights.
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The transition of Evolution Mining
David Buckland
September 17, 2015
While gold companies generally don’t meet our quality requirements at Montgomery, I thought I would nevertheless focus on a company going through a significant transformation. Evolution Mining (ASX: EVN), led by gold entrepreneur Jake Klein, has completed two significant acquisitions in recent months. continue…
by David Buckland Posted in Energy / Resources, Insightful Insights.
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It’s not easy
Tim Kelley
September 16, 2015
If you haven’t already seen it, this recent memo from Howard Marks at Oaktree contains some very worthwhile insight into what it takes to beat the market as an investor.
If you follow the investing media, you’ll recognise that the first-level thinking Marks refers to is as endemic as it is useless.
by Tim Kelley Posted in Insightful Insights.
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Australia’s economic future
Roger Montgomery
September 16, 2015
In this interview with Ross Greenwood on 2GB Money News, Roger talks with Ross about the leadership changes, what conditions we need for economic growth for Australia and shares his views on supporting small business.
Click here to listen to the radio clip.
You can listen to any of Roger’s radio interviews through browsing our media library, listen to more clips here.
by Roger Montgomery Posted in Economics, Insightful Insights, Market commentary.
