Market commentary
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Inflation fears will soon fade…
Roger Montgomery
November 19, 2021
Investors worry about inflation but forget to consider the income side of the equation. Will inflation fears this time next year be a distant memory? I currently believe investors should take advantage of any inflation scare that adversely impacts equity prices, as an opportunity. continue…
by Roger Montgomery Posted in Global markets, Market commentary
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Unemployment figures surprise negatively
Andreas Lundberg
November 15, 2021
On Thursday 11 of November, the monthly unemployment numbers from ABS were released and disappointed the market by increasing by 0.6 percentage points from 4.6 per cent in October to 5.2 per cent. The consensus amongst forecasters was a slight increase to 4.8 per cent so we can understand that the market took this negatively as it is quite a large variation and also a sharp reversal of the trend of falling unemployment that we have seen since the peak at the initial phase of the pandemic. continue…
by Andreas Lundberg Posted in Market commentary
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US inflation has touched a thirty year high in October
Roger Montgomery
November 12, 2021
Just-reported US inflation has touched a thirty year high in October. US annual inflation is now at 6.2 per cent with price increases recorded for everything from fuel, new and used cars to rent and supermarket groceries. Investors in the US are now concerned with holidays around the corner, and with supply chains still disrupted, inflation could go even higher. continue…
by Roger Montgomery Posted in Global markets, Market commentary
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Where to invest if inflation takes hold
Roger Montgomery
November 5, 2021
Will inflation be transitory or more long lasting? Right now, the jury is out, and only time will tell. But the signs do not look good due to surging energy prices, supply bottlenecks and worker shortages. My advice is to focus on high quality companies with real pricing power. continue…
by Roger Montgomery Posted in Global markets, Market commentary
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Two businesses to put in your Christmas stocking
Roger Montgomery
October 29, 2021
At the Montgomery Small Companies Fund, our small caps team’s approach is to invest in businesses that benefit from supportive underlying themes. Two themes we like right now are what we call Stable Compounders and Structural Winners. And we have two preferred stocks – one in each theme – that we think will provide solid long-term returns. continue…
by Roger Montgomery Posted in Companies, Editor's Pick, Market commentary, Stocks We Like
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WHITEPAPER
VALUE AND GROWTH: TWO SIDES OF THE SAME COIN
The investment industry and media spend a lot of time discussing ‘value’ versus ‘growth’ investing – and which of them is currently winning. But we don’t believe they’re opposite concepts. Investors should consider both ideas together as they seek out quality companies with bright prospects that will deliver rewards over time.
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Did JobKeeper waste $40bn of public money?
Andreas Lundberg
October 27, 2021
Australia’s Department of the Treasury has just released a report into the JobKeeper Payment scheme. It shows that vast sums of money were transferred from taxpayers to companies that – in hindsight – should not have qualified for assistance. This includes almost $14 billion to businesses whose turnover increased during the lockdowns. This mis-use of taxpayer money leaves me with three big questions. continue…
by Andreas Lundberg Posted in Market commentary
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Timely reminder of investing insights from Howard Marks – Oaktree
Scott Phillips
October 19, 2021
I was fortunate to recently hear from the legendary investor Howard Marks, one of the co-founders of Oaktree Capital* who gave the opening keynote address at the annual CFA Societies Australia Conference. Listening to his presentation was informative as always and I thought I’d share with everyone some of his key takeaways relating to today’s investing environment and ultimately successful investing. His presentation was titled” “Value Investing: A New Look.” continue…
by Scott Phillips Posted in Global markets, Market commentary
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Should we import cheap foreign workers, or pay locals more?
Andreas Lundberg
October 15, 2021
The reliance of many Australian industries on cheap imported labour is highlighted by a recruitment drive currently underway in the UK to entice 500 hospitality workers with the promise of free flights, drinking and dining vouchers, and paid hotel quarantine. But is this reliance on foreign workers in the national interest? Or, given the high unemployment rate, would it be better to attract local workers by paying them more? continue…
by Andreas Lundberg Posted in Editor's Pick, Market commentary
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An update of markets and commodities to 30 September
David Buckland
October 1, 2021
Given the sell-off in bond yields so far this year, rising inflationary expectations, and the collapse of the Evergrande Group in China, it is unsurprising many global share market indices took a breather and recorded a lacklustre September 2021 quarter in terms of performance. Of the major markets, the Hong Kong Hang Seng Index was down 14.4 per cent whilst the Indian Sensex Index was up by 12.0 per cent. continue…
by David Buckland Posted in Market commentary
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How Macquarie’s Ric Deverell sees key macro trends playing out
Roger Montgomery
September 27, 2021
Ric Deverell is the highly respected Chief Economist and Global Head of Macro Strategy at Macquarie Group. So when he talks, it pays to listen. Last week, he presented his observations on macro issues like global economics and inflation, the pandemic, the Australian economy, China and the bond market. Here are the key take-outs from his presentation. continue…
by Roger Montgomery Posted in Editor's Pick, Global markets, Market commentary
