Insightful Insights
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Valuation, not speculation
Ben MacNevin
May 19, 2014
In the space of a fortnight, Treasury Wine Estate (ASX: TWE) has dismissed reports that it has been approached by two separate bidders for the company’s US assets. Speculation of this sort should never form the basis of your investment decision making. continue…
by Ben MacNevin Posted in Companies, Insightful Insights, Investing Education, Manufacturing.
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Budget ideas
Russell Muldoon
May 19, 2014
Now the dust has settled on last week’s budget announcement, we have collectively come up with a number of ways that proposed changes to the budget may impact listed businesses, and provide some of these below. continue…
by Russell Muldoon Posted in Economics, Health Care, Insightful Insights, Market commentary.
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Does a valuable service mean a valuable company?
Ben MacNevin
May 16, 2014
To society, waste management is a valuable service. Consider what would happen if your garbage wasn’t collected for a month. Unfortunately, servicing this critical need does not translate to sustainable long-term value for waste management companies. continue…
by Ben MacNevin Posted in Companies, Insightful Insights.
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Does MTU Offer Value?
Tim Kelley
May 15, 2014
Telecommunications supplier M2 Group (ASX: MTU) is a business we have previously owned in The Montgomery Fund, and it was a rewarding experience. MTU shares rose from around $3.50 when TMF was launched in August 2012, to over $6.00 in August 2013. We parted ways with MTU at that time, as the full-year results announcement showed that MTU’s debt-fuelled acquisition strategy had stretched its balance sheet beyond the limits we consider to be investment grade. continue…
by Tim Kelley Posted in Companies, Insightful Insights, Technology & Telecommunications.
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Sirtex test results: what they mean
Russell Muldoon
May 15, 2014
Longer-term investors in Sirtex Medical Limited (ASX: SRX) might be aware that the business invests heavily – around $60m in recent years – to fund a number of large-scale studies intended to prove the efficacy of their core medical device, SIR-Spheres microspheres (SIRT). The goal is to provide the statistical evidence required to drive earlier adoption globally of their SIRT procedure in the treatment of inoperable liver cancers. continue…
by Russell Muldoon Posted in Companies, Health Care, Insightful Insights.
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Spotlight on: ARB
Scott Shuttleworth
May 13, 2014
ARB Corporation is a well-known small cap company, often quoted as “the stock Warren Buffet would buy”. Today we were lucky enough to hear from the company’s managing director, Roger Brown, whom shared his insights on the company’s current standing and future. A summary of my notes follows: continue…
by Scott Shuttleworth Posted in Companies, Consumer discretionary, Insightful Insights.
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Super Retail Group
Roger Montgomery
May 12, 2014
Super Retail Group (ASX: SUL) owns the Supercheap Auto, Rebel, AMart Sports and BCF branded stores, and has provided a trading update for the 18 weeks to 2 May 2014, a day before the company presents at the Macquarie conference in Sydney. continue…
by Roger Montgomery Posted in Companies, Insightful Insights, Investing Education.
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Long-term value
Ben MacNevin
May 12, 2014
At Montgomery Investment Management, we invite you to invest with us if your investment philosophy is aligned with our own. We might be smaller than we would if adopting an all-things-to-all-people approach but life is short and working with people whose philosophy aligns with ours makes that life a lot more enjoyable. In any event, it takes time for the businesses we acquire to realise value, and discipline is required to maintain confidence in the investment process amidst short-term volatility. With so many people gambling on quick profits, it is perfectly understandable that our approach doesn’t appeal to everyone. Perhaps more intriguingly, our approach is also shared by the management of some of our invested companies and CSL is one of them. continue…
by Ben MacNevin Posted in Insightful Insights, Investing Education.
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It comes with the supply chain
David Buckland
May 9, 2014
Following on from my article on Coca-Cola Amatil’s loss of market share in the Australian soft drink category over recent years, I was interested to read that Rod Sims, Chairman of the Australian Competition and Consumer Commission, has initiated unprecedented proceedings in the Federal Court against Coles after what it alleges is the unconscionable treatment of its suppliers. continue…
by David Buckland Posted in Consumer discretionary, Insightful Insights, Value.able.
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China Watch
Roger Montgomery
May 9, 2014
In February 2014, Robert Brusca, Chief Economist of FAO Economics, was quoted as saying: “U.S. imports are weak. And imports are closely linked to GDP. Weak imports suggest that there will be more weak GDP reports to come. That is bad news and it is the kind of bad news that trumps the good news”. continue…
by Roger Montgomery Posted in Economics, Energy / Resources, Insightful Insights.
