Insightful Insights
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Sizzle to Fizzle
Ben MacNevin
July 15, 2015
When valuing businesses, it is standard practice for analysts to assume that a business will grow at a constant rate forever. Yet this assumption is deeply flawed, as decline is an inevitable part of every business life cycle – just look at Sizzler Restaurants. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Sirtex Update – Part 2
Russell Muldoon
July 13, 2015
The last time we provided an update on Sirtex Medical Limited (ASX: SRX), we signed off our note on the release of their Preliminary SIRFLOX Study Result as follows:
“We have held the view that a clear benefit exists when SIR-Spheres Microspheres (SIRT) – Sirtex’s core medical device – is used for the treatment of inoperable liver cancers, over the current standard of care modalities (chemotherapy), and all that today’s announcement tells us is that it does.”
That was clearly a contrarian view at the time. Shares of Sirtex where facing some pretty aggressive selling from other investors, who either did not agree with us, or simply did not understand what was being presented to them and the likely impact on the businesses future prospects. continue…
by Russell Muldoon Posted in Companies, Health Care, Insightful Insights.
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Don’t yield to income! Part II
Russell Muldoon
July 13, 2015
Back in March with the help from the quant department in one of Australia’s leading investment banks, we prepared some data that allowed us to quantify the impact that lower interest rates have had on asset prices, in particular on the price of the S&P ASX 300 Index. continue…
by Russell Muldoon Posted in Insightful Insights.
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A small cap gem
Scott Shuttleworth
July 10, 2015
Size has its advantages in funds management, especially from a scale point of view. However with the collective Montgomery Funds exceeding $700 million in funds under management, there are many stocks which elude our research efforts due to our inability to buy enough should our investment criteria be met. continue…
by Scott Shuttleworth Posted in Insightful Insights, Value.able.
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Inefficient Allocation of Capital
Ben MacNevin
July 9, 2015
By now you should have heard about the rout that is occurring in China’s stock market. One critical factor which you may not be aware of is the exposure of Chinese companies to the market. And we’re not talking about a listed company’s share price decline here. continue…
by Ben MacNevin Posted in Economics, Foreign Currency, Insightful Insights.
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Shanghai Stock Exchange in Ultimo
Scott Phillips
July 9, 2015
Many have recently seen the picture of the Chinese fruiterer trading the equity market at his ramshackle cart. Last week I had my own experience of a Chinese immigrant taxi driver who was ferrying me from the city back to Ultimo. continue…
by Scott Phillips Posted in Foreign Currency, Insightful Insights.
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Vocus & Amcom: Together at Last
Scott Shuttleworth
July 7, 2015
It almost didn’t happen, but last month Amcom Telecommunications Limited (ASX: AMM) received approval from its shareholders to merge with Vocus Communications Limited (ASX: VOC), creating a $1.2 billion telecommunications giant. continue…
by Scott Shuttleworth Posted in Insightful Insights, Technology & Telecommunications.
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Board movements for June 2015
Roger Montgomery
July 6, 2015
We recently received an interesting email, that we thought we should share with our blog subscribers.
by Roger Montgomery Posted in Insightful Insights.
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Understanding the Value of Growth
Tim Kelley
July 6, 2015
In theoretical terms, company valuation is a simple enough concept. The value of any company should equate to the present value of all the dividends that the company will pay over its lifetime. continue…
by Tim Kelley Posted in Insightful Insights, Investing Education.
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The Speed of Change
Ben MacNevin
July 3, 2015
As you may have heard, the Supreme Court of the United States legalised gay marriage last week. Not a line you may expect to start a blog post on investing, but the ruling provides a fascinating insight into how quickly society is changing. continue…
by Ben MacNevin Posted in Insightful Insights, Investing Education, Market commentary.
