Investing Education
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Ben Graham’s legacy – a tonic for investors
Roger Montgomery
February 18, 2013
As you know, at Montgomery we believe that the secret of our modest outperformance to date is to always remain the student. Once you start thinking you know it all, hubris kicks in and inevitably you fall. You can’t walk around with your nose pointing to the sky and expect to avoid tripping.
by Roger Montgomery Posted in Investing Education.
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Forecasts and predictions
Tim Kelley
February 7, 2013
With the market having woken up in a good mood in January, we have recently seen a number of commentators revise upwards their forecasts for where the index may finish the year. Declaring 2013 to be a year for the bulls is very much in fashion. Admitting how wrong most of these forecasts were for 2012 is rather less fashionable.
To add some context, I thought it might be helpful to refer to some interesting research that has been done on the reliability of expert forecasts.
continue…by Tim Kelley Posted in Insightful Insights, Investing Education.
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Dear Under-50 Investor
Roger Montgomery
February 6, 2013
Dear Under-50 Investor,
Superannuation will be no good for you if you are under 50 today, so invest the absolute minimum amount into super.
That means, no salary sacrificing, no co-contributions, no non-concessional contributions. Ignore the calls to save tax and boost your super you will be soon contributing 12% of your salary anyway. This is not advice but a challenge to others, much more qualified than I, to dispute it and explain why I am totally wrong. By the way, as a fund manager of course, I am financially delighted to be completely wrong on this one!
continue…by Roger Montgomery Posted in Insightful Insights, Investing Education.
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WHITEPAPERS
Think Like A Business Owner
Roger Montgomery
February 2, 2013
In this first exclusive subscriber report for 2013, we welcome back Tony Featherstone, who in a timely manner for the year ahead reminds us of the hallmarks of true Value Investors.
by Roger Montgomery Posted in Investing Education, Whitepapers.
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MEDIA
Stick to stocks with edge
Roger Montgomery
February 1, 2013
In his February 2013 Money Magazine column, Roger outlines why it serves rational value investors to ignore the predictors of market fluctuations. Read here.
by Roger Montgomery Posted in Insightful Insights, Investing Education, Market Valuation, On the Internet.
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WHITEPAPER
HIGHER RETURNS AND LOWER RISK? YES, IT’S POSSIBLE WITH PRIVATE CREDIT
Discover how private credit can deliver higher returns with lower risk in our latest whitepaper. Learn how the Aura Core Income Fund’s AA equivalent rated portfolio has consistently outperformed while maintaining transparency and robust risk management. Unlock the insights to achieve superior risk-adjusted returns today.
READ HERE -
Analyst Forecasts
Tim Kelley
January 17, 2013
In evaluating the future prospects for a business, one useful source of information is analyst earnings estimates. A good broking analyst who covers a particular company will often have a well-informed view of the factors that might influence earnings for that company in the years ahead.
At the same time, there are a number of biases and other issues with analysts’ forecasts. One interesting issue is that the forecasts can have a certain “inertia” to them, which means that changes may occur gradually over time. Because of this, it can be useful to look at the history of the forecasts, as well as the current level.
continue…by Tim Kelley Posted in Insightful Insights, Investing Education.
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MEDIA
Playing It Safe by Adding Custard
Roger Montgomery
January 16, 2013
In His 8 December 2012 Australian column, Roger explains why quality and value are an essential combination for value investors. Read here.
by Roger Montgomery Posted in In the Press, Investing Education, Skaffold.
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Value Investing
Tim Kelley
January 12, 2013
Value investing can be a laborious process. Properly understanding the many aspects that influence the value of a business is time-consuming, and in many cases the end result is to add one more company to the large pile of “No” decisions.
There are much quicker ways to arrive at investment decisions, one of which is to use trend-following systems. A large body of academic research has demonstrated that, historically, it has been possible to earn excess returns in a variety of markets over time by employing systematic trend-following methods (note that systematic trend following is something done by a computer employing back-tested statistical methods, not by an analyst casting their eye over a price chart).
by Tim Kelley Posted in Insightful Insights, Investing Education.
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The “New” Kmart
Ben MacNevin
December 7, 2012
With Christmas trading moving into full swing, everyone’s focus seems to be on the retail climate in Australia, with particular themes in the media springing to mind:
· Online sales are making it difficult for bricks and mortar stores
· Interest rates need to be cut further to stimulate spending
· The failure of Click Frenzy…
by Ben MacNevin Posted in Companies, Consumer discretionary, Investing Education.
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MEDIA
Where’s the Value?
Roger Montgomery
November 26, 2012
Roger provides his insights into the current lack of value in the Australian market with Ross Greenwood on his 2GB radio show. Listen here.
This program was broadcast 26 November 2012.
by Roger Montgomery Posted in Companies, Intrinsic Value, Investing Education, Radio.
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