Investing Education
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This time is really different
Roger Montgomery
May 17, 2017
Perhaps the four most dangerous words in investing are; this time is different. History shows however that it is never different, and the belief that today we are more educated, experienced or advanced than ‘last time’, or that conditions have permanently changed, perpetuates the behaviour that is causing the problem. A sign that we might be near the end is the preponderance of died-in-the-wool value investors who simply give up plying their trade and join the momentum. continue…
by Roger Montgomery Posted in Global markets, Investing Education.
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Index funds lack checks on stocks they buy
Roger Montgomery
May 15, 2017
If you’re an educated investor, should you be investing in index funds? We don’t believe so. And the reason is simple: index funds are not selective in their approach to buying and selling stocks, and ignore the long-term drivers of returns, such as ‘value’ and ‘quality’.
continue…by Roger Montgomery Posted in Editor's Pick, Investing Education.
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How to use shrinkage to fine-tune your forecasts
Tim Kelley
May 9, 2017
The acclaimed economist, John Kenneth Galbraith, once quipped: “The only function of economic forecasting is to make astrology look respectable.” Sometimes, it feels like the same can be said of investment forecasting, because predicting the future is not easy. But there are tools we can use to help minimise errors. continue…
by Tim Kelley Posted in Investing Education.
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Investors in index funds should be very cautious
Roger Montgomery
April 27, 2017
In December 2014, I wrote an article for The Australian titled ‘Beware the lure of the ‘cheap’ index fund: it’s full of junk’. Today, I’d like to repeat that warning. Investors who think ETFs give them safety through diversification are no more protected than those who invested in mortgage backed collateralized debt obligations (CDOs) before the GFC. continue…
by Roger Montgomery Posted in Investing Education.
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What to consider when valuing a company
Lisa Fedorenko
April 20, 2017
Have you ever wondered why analysts from different broking firms will value the same business quite differently? It often comes down to the assumptions they make, and the level of simplicity or complexity they build into their models. continue…
by Lisa Fedorenko Posted in Investing Education.
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How to improve your investment returns in one simple step
Ben MacNevin
April 11, 2017
If you invest your own money, and you’re looking to improve your performance, here is one simple tip you should consider: measure your returns. This may sound like common sense, but it’s remarkable how many of us are averse to critical reflection. continue…
by Ben MacNevin Posted in Investing Education.
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ETFs inevitably boost the value of fewer outperformers
Lisa Fedorenko
March 3, 2017
Across the investment world, ETFs are on the rise. And for good reason – as Tim recently noted, ETFs outperform many actively managed funds. But the growing popularity of ETFs is having another consequence – it is making outperforming managed funds even more valuable, and pushing underperforming funds out faster. continue…
by Lisa Fedorenko Posted in Investing Education.
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How Berkshire Hathaway views investments in China, airlines and tech
Roger Montgomery
February 28, 2017
If you had money to invest, where should you put it? According to Warren Buffett’s business partner, Charlie Munger, you should look at China. Munger shared his investment insights in a recent interview. It makes vital reading for all investors in global equities, and those with holdings in The Montgomery Global Fund. continue…
by Roger Montgomery Posted in Editor's Pick, Investing Education.
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Why we continue to steer clear of cyclical businesses
Roger Montgomery
February 22, 2017
It’s painful watching the share prices of companies we don’t own rising, and doubly insulting watching the prices of those we do own declining. For over half a year we, along with our investors, have had to endure this ‘new order’, in which cyclical businesses have been on a tear, while many quality businesses have been punished. But looking at our performance over the longer term makes me confident we have the right strategy.
continue…by Roger Montgomery Posted in Investing Education.
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Value investing giant, Seth Klarman, issues a warning to all investors
Roger Montgomery
February 16, 2017
Seth Klarman’s Baupost Group is the world’s 11th largest hedge fund. And Klarman, a renowned value investor, has sometimes been compared to Warren Buffett. So when he offers his analysis, it’s worth reading. Which is why we’re pleased to bring you excerpts from Klarman’s latest investor letter. continue…
by Roger Montgomery Posted in Editor's Pick, Investing Education.
