Insightful Insights
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Still Going Strong
Roger Montgomery
August 8, 2013
For the month of July, a substantial proportion of The Montgomery [Private] Fund’s portfolio was parked in the safety of cash because few new opportunities to invest in quality at cheap prices became available. Despite a lack of value available in the market, the market rose and this resulted in what is conventionally known as ‘cash drag’. continue…
by Roger Montgomery Posted in Insightful Insights.
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US jobs recovery?
Roger Montgomery
August 6, 2013
Despite enthusiasm by equity investors in a US economic recovery, we have been reading a great deal about the changing face of the US workforce. Our view is that some of the changes – along with automation – have produced a rosier outlook for business profitability but possibly a less prosperous country. continue…
by Roger Montgomery Posted in Insightful Insights.
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A comment on WA
Roger Montgomery
August 5, 2013
Lynne Fraser recently posted an interesting observation about business conditions in WA on our Facebook page. While the nation permits itself to be distracted by the You’re-Voting-For-Me-Kevin-Rudd-not-Labour campaign, it is worth remembering what is really going on in the Australian economy. continue…
by Roger Montgomery Posted in Insightful Insights.
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Who’s game to sell CBA?
Ben MacNevin
August 2, 2013
CBA is the market darling of the Big-4 banks, and the quality of the company has historically warranted a premium price relative to its peers. But some analysts are seriously questioning whether the recent rally of the share price is reasonable. continue…
by Ben MacNevin Posted in Financial Services, Insightful Insights.
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McMillan Shakespeare – Part 3
Tim Kelley
August 2, 2013
This is the third in a series of articles we have posted on McMillan Shakespeare (ASX: MMS). The first two articles addressed the valuation framework we used to assess MMS in the context of regulatory uncertainty (read part one here); and some comments on how we think about the risks attaching to an investment that may have binary outcomes (either very good or very bad) (read part two here). continue…
by Tim Kelley Posted in Companies, Insightful Insights.
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What was that? I can’t hear you when you whisper
Roger Montgomery
July 30, 2013
Over the weekend, former fundies Greg Perry and Peter Morgan revealed that selective corporate briefings was/is a practice that is rife, gives advantages to fund managers at the expense of smaller investors, and should be outlawed. We agree. continue…
by Roger Montgomery Posted in Insightful Insights.
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Further thoughts on McMillan Shakespeare
Tim Kelley
July 30, 2013
We posted last week an article that set out some of our thoughts on McMillan Shakespeare (ASX: MMS), and the logic that led us to add to our position following the precipitous price drop last week. continue…
by Tim Kelley Posted in Companies, Insightful Insights.
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F.B.T. – Fairly Badly Trampled?
Tim Kelley
July 25, 2013
Readers will be well aware of the controversy surrounding the Federal Labor government’s proposed changes to FBT legislation and the potential impact of these changes to businesses linked to car leasing and salary packaging. As owners of one of the businesses most directly in the firing line for these changes – McMillan Shakespeare – we have been following the debate with particular interest. continue…
by Tim Kelley Posted in Companies, Insightful Insights.
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Into the unknown
Russell Muldoon
July 25, 2013
According to the Department of Education, Employment and Workplace Relations, job advertisements on the internet fell by 2.8 per cent in June. continue…
by Russell Muldoon Posted in Insightful Insights.
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Consolidation plays – finding value
Ben MacNevin
July 25, 2013
A “roll-up” is a term used to describe a broad-based acquisition process of many smaller and similar businesses by a company. There are two motivations that investors are commonly attracted to with a consolidation play – one increases the parent company’s share price, while the other increases the value to shareholders. It is important for investors to distinguish between these two distinct reasons before making any investment. continue…
by Ben MacNevin Posted in Insightful Insights.
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