Insightful Insights

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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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.

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by Tim Kelley Posted in Insightful Insights.

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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.

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Let’s define the term ‘competitive advantage’, what does it mean? There’s unfortunately many definitions, confusing a vital tenant of investment theory. Bruce Greenwald of Columbia University defines it as “being able to do what rivals cannot.” We can extend on this in such a way to suggest that having a competitive advantage will enable a firm to earn abnormally high returns.

Interestingly, competitive advantages when defined in this light, can both be thought of as the same as barriers to entry. continue…

by Scott Shuttleworth Posted in Consumer discretionary, Insightful Insights, Manufacturing, Market Valuation.

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Myer (ASX: MYR) recently surprised the market by pre-announcing its financial year 2015 (FY15) results and launching a deeply discounted 2 for 5 entitlement issue. While the FY15 results were roughly in line with market expectations, the greatest focus was on the company’s new strategy announcement. continue…

by Stuart Jackson Posted in Companies, Consumer discretionary, Insightful Insights.

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While filming our next Boardroom Breakfast, the Montgomery team had an extensive discussion about disruption. As an appetiser for our clients interested in the power of disruption in today’s shared economy, Airbnb’s latest figures are well worth a read. continue…

by Ben MacNevin Posted in Insightful Insights.

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This month, I talk to Stuart Jackson, Senior Analyst for The Montgomery Fund who recently joined us from a long career at JP Morgan (formerly Ord Minnett) where he was most recently Deputy Head of Research. continue…

by Scott Phillips Posted in Insightful Insights.

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The Montgomery funds recorded solid results in the twelve months to 31 August 2015.

The Montgomery Fund was up by 5.71 per cent, outperforming its benchmark by 8.94 per cent. Over the period under review, the S&P/ ASX 300 Accumulation Index, which assumes reinvestment of dividends, was down 3.23 per cent. continue…

by David Buckland Posted in Insightful Insights.

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In this interview with Ross Greenwood on 2GB Money News, Roger comments on China’s economy downgrade and the follow on effects for Australian companies like BHP.

Click here to listen to the radio clip.

You can listen to any of Roger’s interviews on radio through browsing our media library, listen to more here.

by Roger Montgomery Posted in Insightful Insights.

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As you already know, we have been very negative about China, it’s impact on iron ore and coal and ultimately Australia, for several years.  We also avoid many, if not all Chinese companies listed in Australia or the United States because auditors can not give unqualified opinions about the numbers because China’s deems them a state secret.  And finally we have often questioned the accuracy of China’s economic data, particularly GDP – which remarkably is released at the end of a quarter before the US releases their number.  

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by Roger Montgomery Posted in Foreign Currency, Insightful Insights.

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