Insightful Insights
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The patience pay-off
Ben MacNevin
April 10, 2014
When one is invested in a high quality company and the share price is below the estimate of intrinsic value, the best thing to do is exercise patience. Of course, this can be easier said than done when Mr Market acts irrationally. continue…
by Ben MacNevin Posted in Insightful Insights.
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Rumours… or Fact?
Roger Montgomery
April 10, 2014
We often see the market jumping at shadows. Take the recent weakness in the share price of McMillan Shakespeare (ASX: MMS). Given the absolute and ‘in writing’ promise by both Abbott and Hockey that changes to fringe benefits tax for salary packaging were off the table, we have been miffed by the swirling rumours that there would be changes in the budget detrimental to MMS. continue…
by Roger Montgomery Posted in Insightful Insights, Market commentary.
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How much is HFT costing you?
Tim Kelley
April 9, 2014
Michael Lewis’ book Flash Boys has shed some much-needed light on the practices of high frequency traders and the use by brokers of dark pools to execute trades. continue…
by Tim Kelley Posted in Insightful Insights.
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The Aussie Peso Rides Again
Roger Montgomery
April 7, 2014
My friend and Joint Chief Executive of Philo Capital Advisers, Ashley Owen, recently penned this piece on the Aussie dollar. As you know, we have suggested since US$1.05 that Australia needs a lower currency. Well, according to Ashley, we’re going to get one. continue…
by Roger Montgomery Posted in Energy / Resources, Foreign Currency, Insightful Insights.
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Talking about: operational leverage
Ben MacNevin
April 7, 2014
Operational leverage can have a powerful effect on a company’s earnings, in both a positive and a negative sense. When considering an investment in companies with high operating leverage, you must be comfortable with the company’s ability to manage downside risk. continue…
by Ben MacNevin Posted in Insightful Insights, Value.able.
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Has the search for yield run out of steam?
Tim Kelley
April 4, 2014
One prominent feature of the Australian equity market in the last few years has been strong support for large dividend-paying stocks. The Big Four banks have been particular beneficiaries of this, and have enjoyed share price gains that seemed to go beyond what might otherwise be justified. The first chart below compares the ASX300 (in yellow) with the banks’ sub-index (in pink) for the past 24 months. Bank shareholders have done very well during this period. continue…
by Tim Kelley Posted in Insightful Insights, Investing Education, Market Valuation.
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House prices ain’t falling?
Roger Montgomery
April 3, 2014
by Roger Montgomery Posted in Insightful Insights.
- 31 Comments
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Carsales: All Shiny and New Again?
Roger Montgomery
March 31, 2014
As an owner of shares in Carsales.com Limited (CRZ: ASX) for some time, we have long thought the blackballing of the site by manufacturers would be short-lived. continue…
by Roger Montgomery Posted in Companies, Insightful Insights.
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Making the change: agent to retailer
Ben MacNevin
March 29, 2014
Flight Centre (ASX: FLT) is transitioning from a travel agent to a travel retailer. You may be wondering: what is the difference between the two, and what effect will it have on the company’s long-term prospects? continue…
by Ben MacNevin Posted in Consumer discretionary, Insightful Insights, Tourism.
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The stock market can wait
Tim Kelley
March 28, 2014
One of the themes we follow here at Montgomery is healthcare. As western populations age, we expect their need for healthcare to increase materially. Also, the Baby Boomer generation is affluent, and it will likely be prepared to pay for quality care. continue…
by Tim Kelley Posted in Health Care, Insightful Insights.
