Insightful Insights
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Threats to Cochlear’s market position?
Tim Kelley
April 22, 2013
Many readers will have noticed the dramatic fall in the price of Cochlear (COH) shares from above $80 per share at the start of February to below $60 recently. COH is an Australian-based world beater in cochlear implants (note that “cochlear” is both the name of the company (COH) and the part of the inner ear into which cochlear implants are implanted, whether they are supplied by COH or a competitor). At Montgomery, we are big fans of COH, and in the past it has been a significant holding of the Montgomery [Private] Fund. With the recent decline in share price we have again been taking interest in the business.
continue…by Tim Kelley Posted in Insightful Insights, Technology & Telecommunications.
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China doomsayers getting louder…
Roger Montgomery
April 20, 2013
As you know, we have been barking loudly about a deterioration in China for two years. For investors however, it is often less important that fundamentals are deteriorating, and more important that sentiment isn’t. But sentiment does appear to be deteriorating too.
continue…by Roger Montgomery Posted in Economics, Insightful Insights.
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- POSTED IN Economics, Insightful Insights
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The value of gold
Tim Kelley
April 19, 2013
A lot has been written about the gold price in recent days. Much of it has been the usual ex-post narrative explaining exactly why the price has moved in the way it has, including reasons such as: lower expectations for quantitative easing, hedge funds being forced to liquidate leverage positions, the loss of “safe haven” status, etc.
continue…by Tim Kelley Posted in Energy / Resources, Insightful Insights.
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Decisions fit for governments?
Roger Montgomery
April 18, 2013
The recent discussions we have engaged in here – about governments being unwilling to borrow, and separately, how the balance of payments’ current deficit is ‘structural’ only because of a lack of long-term thinking – have generated enormous feedback from every corner of our great country. Interestingly and encouragingly, the issues are part of vernacular across all demographics and socio-economic groups.
At the heart of the issues however (and keep in mind the ‘heart’ has many chambers) is the question about whether the government is the right entity to make important capital allocation decisions.
continue…by Roger Montgomery Posted in Insightful Insights.
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Can’t catch a break
Ben MacNevin
April 18, 2013
It seems that Rio Tinto can’t catch a break. In the past 12 months, the company has had to accept significant impairments, deal with a falling iron ore price, and now it has lowered its full year copper production target by 19 per cent as a result of a significant wall slide at their Kennecott Utah Copper mine.
continue…by Ben MacNevin Posted in Energy / Resources, Insightful Insights.
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Golden opportunities?
Russell Muldoon
April 17, 2013
When prices are collapsing, we tend to get very excited about the prospect of finding any proverbial babies that have been thrown out with the bathwater. Over the years we have built a number of quantitative and qualitative frameworks that rapidly analyse companies, in a range of sectors, in an attempt to quickly uncover potential investee candidates.
continue…by Russell Muldoon Posted in Energy / Resources, Insightful Insights.
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The post-PC revolution
Roger Montgomery
April 17, 2013
At Montgomery we have several investment themes that influence our enthusiasm for an investment that meets all our other criteria.
continue…by Roger Montgomery Posted in Insightful Insights, Technology & Telecommunications, Value.able.
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The gold(en) bear
David Buckland
April 17, 2013
Adam Scott’s superb victory in the US Masters on Sunday at Augusta National means that Australians have now won a total of 15 major golf championships. It’s incredible to think that one of the greatest golfers of all time, Jack Nicklaus, the ‘Golden Bear’, won 18 career major championships by himself.
Whilst we’re on the subject of Gold(en) Bears, at the moment we’re cautiously noting that after jumping from under US$300/oz to over $1,900/oz in the decade to September 2011, gold appears troubled.
continue…by David Buckland Posted in Energy / Resources, Insightful Insights.
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The view from the top of Australia…
Roger Montgomery
April 16, 2013
It was interesting to read in yesterday’s Australian Financial Review that auction clearance rates surged past 70% at the weekend. There’s almost an air of desperation at some auctions. The fear of missing out is a much greater influence on investor behaviour than the fear of loss.
continue…by Roger Montgomery Posted in Insightful Insights, Property.
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Mining’s fiscal cliff arrives early?
Roger Montgomery
April 16, 2013
As you know we have long warned about this. We warned that China’s growth would slow and that even if it didn’t, its appetite for iron ore would. In print, in the press, here on our blog, and on TV and radio we have warned that mining would see its own ‘fiscal cliff’.
continue…by Roger Montgomery Posted in Energy / Resources, Insightful Insights.
