Investing Education
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Are quality businesses set to shine again?
Tim Kelley
February 13, 2020
Some years ago, we put together a notional “High-minus-low quality” portfolio, which holds long positions in ASX-listed companies that we consider to be high-quality, and short positions in companies that we consider to be lower-quality. The absolute return from this portfolio provides an indication of whether the higher quality companies are outperforming the lower-quality companies. continue…
by Tim Kelley Posted in Investing Education.
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It’s time to focus on quality global businesses
Roger Montgomery
February 4, 2020
Rallying markets have raised the valuations of many businesses, possibly to unsustainable levels. To my mind, it’s made one thing clearer than ever: investors need to bulk up on high quality Australian and global businesses, like CSL, Microsoft and Vivendi. continue…
by Roger Montgomery Posted in Companies, Investing Education, Stocks We Like.
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What’s behind the weak performance of quantitative investing?
Tim Kelley
February 3, 2020
Equity markets have been very kind to investors in recent years, with stock indices setting new records in Australia and overseas. Notwithstanding some episodes of turbulence along the way, these good results continue a decade-long run of mainly positive returns following the depths of the GFC in early 2009. continue…
by Tim Kelley Posted in Investing Education.
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Breaking news! Economists have got us all wrong!
Roger Montgomery
December 17, 2019
Economists have long been the butt of jokes – including that they make sheep look like independent thinkers! Now, a new study by Dr Ole Peters confirms what most of us long ago concluded: when it comes to human psychology, economists still have a lot to learn. continue…
by Roger Montgomery Posted in Investing Education.
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For today’s investor, returns aren’t what they used to be
Tim Kelley
November 20, 2019
With rising stock prices and falling yields, long-term equity investors can expect a lower return today than in years gone by. How tough do they have it? continue…
by Tim Kelley Posted in Investing Education.
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Industries most affected by the East Coast drought
Andreas Lundberg
November 19, 2019
The drought currently impacting much of eastern Australia is already having significant impacts on numerous businesses and industries. With the Australian Bureau of Meteorology forecasting drier than average conditions for the second half of November and December, it’s worth considering which industries could feel the most pain. continue…
by Andreas Lundberg Posted in Companies, Investing Education.
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Stand clear as the Unicorn bubble unwinds
Roger Montgomery
November 6, 2019
Growth investors are having a field day criticising the poor performance of value investing. Their views have been bolstered by the booming price of some growth stocks – notably, profitless Unicorns – and research by two accounting professors, found that not only had value investing failed for investors in recent years but that it had never worked. continue…
by Roger Montgomery Posted in Editor's Pick, Investing Education, Market commentary.
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Why you need to include cybersecurity in your investment thesis
Andreas Lundberg
October 21, 2019
According to the Australian Government’s Cyber Security Review, cybercrime is costing the nation up to $1 billion annually in direct costs alone. And the costs are rising. Clearly, it’s time for investors to factor the risk, and potential impact, of cyberattacks on the businesses they invest in. continue…
by Andreas Lundberg Posted in Investing Education.
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Where does Montgomery invest its cash?
Dean Curnow
October 15, 2019
For those unaware, Montgomery has a dual objective in its flagship equity strategies being The Montgomery Fund and Montgomery Global Fund, and that is to outperform their respective, full invested equity benchmarks over the medium to longer term, whilst also aiming to preserve invested capital as much as we can in equity markets. continue…
by Dean Curnow Posted in Investing Education, Montgomery News and Updates.
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Why valuation still matters
Joseph Kim
October 4, 2019
There has been a lot written about the death of value investing, and how growth investing has outperformed significantly over recent years. However, it is important to distinguish the difference between the traditional concepts of “value” investing – i.e. capital intensive industries trading at low price-earnings or other similar ratios (including price / book), with the concept of “valuation” – determining the present value of an asset. continue…
by Joseph Kim Posted in Companies, Investing Education.
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