Market commentary
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Suddenly, cash has rarity value
Roger Montgomery
May 11, 2017
When should you hold more cash? The simple answer is: when fewer people are holding it. Because that’s when it’s most valuable. And, right now, after the stampede to other asset classes, cash is more valuable than it has been for some time. continue…
by Roger Montgomery Posted in Market commentary
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What you can learn by attending an equity conference
Andreas Lundberg
May 5, 2017
Each year brings forth a new batch of invitations to equity and investor conferences. At first glance, the conferences seem informative. But is there really any value in attending? Well, having just gone to my first one for some time, I thought I’d present a few thoughts on what I think you will – and won’t – get out of a conference. continue…
by Andreas Lundberg Posted in Market commentary
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Is it time to hold more cash?
Roger Montgomery
May 1, 2017
Warren Buffett once wrote that “cash is a bad investment over time. But you always want to have enough so that nobody else can determine your future.” We agree. And with most investors having migrated away from cash, we see some good reasons why holding more looks like a good idea right now.
continue…by Roger Montgomery Posted in Editor's Pick, Market commentary
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Why the trend can (often) be your friend
Tim Kelley
April 21, 2017
At Montgomery Investment Management, our philosophy is based on owning businesses with future cash flows that are expected to be large compared with their market value. Fundamental analysis is not the only way to think about equities, but it has a strong intuitive appeal, sound theoretical underpinnings, and has been applied to good effect by a number of very successful investors over the years. continue…
by Tim Kelley Posted in Market commentary
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ABC Nightlife radio featuring David Buckland
David Buckland
April 19, 2017
Australia is often described as ‘The Lucky Country’ – we have natural resources, good weather and distance from problems elsewhere in the world. Financially we were relatively untouched by the global financial crises – it might seem we are in good stead but you never know what the future holds. David Buckland joined Philip Clark on ABC Nightlife and here is a summary of some of his points: continue…
by David Buckland Posted in Market commentary
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Borrowing to invest just adds to market volatility
Roger Montgomery
April 18, 2017
Before I begin, let me add a caveat. Here I am always referring to something of quality. By that I mean the asset about which I speak has an enduring characteristic and or its long run worth will be higher because it will earn more in the future than it does today thanks to inflation or an ability to reinvest profits at attractive rates of return.
continue…by Roger Montgomery Posted in Market commentary
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Could automation eat your job?
David Buckland
April 12, 2017
As if there’s not enough to worry about these days. Now, a report by PwC estimates that automation will put at risk a large percentage of jobs in developed countries within 20 years. Sure, new job opportunities will emerge. But, in all likelihood, we will see increased income inequality and less job security. continue…
by David Buckland Posted in Market commentary
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How can a business gain a competitive advantage?
Lisa Fedorenko
April 7, 2017
As value investors, we are always on the lookout for businesses with a competitive advantage. Having a competitive advantage can give a business an edge over rivals and an ability to generate greater value for shareholders. But what do we really mean by competitive advantage, and how does it come about? continue…
by Lisa Fedorenko Posted in Market commentary
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Five rules to win a price war – at least in the short term
Scott Shuttleworth
April 3, 2017
With Amazon set to enter the Australian market later this year, many of Australia’s leading retailers are gearing up for the fight of their lives. We think they would do well to take note of recent analysis by MIT Sloan School of Management, which identifies five rules for management to follow to maximise their chances of success. continue…
by Scott Shuttleworth Posted in Market commentary
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Could the Government’s lending restrictions backfire?
Stuart Jackson
March 28, 2017
The law of unintended consequences states that actions – particularly by government – can have adverse effects that are unanticipated or unintended. This law could soon play out as a result of lending restrictions placed on the major banks by the Australian Prudential Regulation Authority (APRA). continue…
by Stuart Jackson Posted in Market commentary
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