Market commentary
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Australia’s COVID-19 National Plan charts our way back to normal
Roger Montgomery
August 4, 2021
Finally, Australia’s vaccine rollout is beginning to gain traction. In July, around 4.5 million vaccinations were administered – more than double the rate achieved in May. While we’re still playing catch-up with other countries, like Israel, the UK and USA, it’s heartening to see we are working our way back to life as we once knew it. The aim now is to get 80 per cent of the population fully vaccinated as fast as possible. continue…
by Roger Montgomery Posted in Market commentary.
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Why asset price inflation is set to continue
Roger Montgomery
August 3, 2021
Soaring house prices in Australia and overseas are but one aspect of the asset price inflation that is now gripping much of the world. While this may be good for the owners of those assets, it is leading to increased inequality within and between countries. And that’s a phenomenon that, history shows, often ends badly. continue…
by Roger Montgomery Posted in Editor's Pick, Market commentary.
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Are we about to see a profit and dividend bonanza?
Andreas Lundberg
July 30, 2021
We are about to enter reporting season, when most of our listed companies report their results for the prior financial year. With stock market indices at all-time highs, it looks like the market is expecting many of our larger companies to come out with solid earnings and dividend announcements. Perhaps more interesting will be their forecasts for the year ahead. continue…
by Andreas Lundberg Posted in Companies, Market commentary.
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How to position your portfolio for the delta variant
Roger Montgomery
July 22, 2021
Since late 2020, we’ve pivoted our portfolios to businesses likely to benefit from the economy’s reopening – and generated excellent returns. But the emergence of the highly infectious delta variant makes the future far less certain. My take is that higher quality and structural growth businesses should again be on your radar. continue…
by Roger Montgomery Posted in Editor's Pick, Market commentary.
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Why Chinese investors are shying away from Australia
Andreas Lundberg
July 20, 2021
In Australia, mergers and acquisitions (M&A) are on the rise. But largely absent from this activity are Chinese businesses who, until recently, have invested heavily in our economy. Looking at the reasons behind this reduced investment, I think this trend could continue for some time to come. continue…
by Andreas Lundberg Posted in Global markets, Market commentary.
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What can we learn from the investing themes of FY21?
Joseph Kim
July 16, 2021
July is a natural time for us to review the financial year just past – both in terms of The Montgomery Fund as well as the investment journey of the broader market. The 2021 financial year was unprecedented in many ways, not just because the last 12 months has seemed more like an extension of the initial COVID-19 fallout of the June 2020 quarter, but also because of the volatility witnessed in the broader market given the rapid pace of developments in a suddenly “less predictable” world. continue…
by Joseph Kim Posted in Market commentary.
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Is a high level of immigration a bad idea?
Andreas Lundberg
July 8, 2021
Treasury last week published the 2021 Intergenerational Report which looks at the 40-year outlook for Australia’s economy. One of its key assumptions is an expanding population, fed by high levels of immigration. But, given the downsides – like urban congestion, ecological destruction and reduced wealth per capita – is gearing Australia for a rising population good public policy? continue…
by Andreas Lundberg Posted in Editor's Pick, Market commentary.
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Farewell Fiscal 2021, Hello Fiscal 2022
David Buckland
July 2, 2021
The Australian All Ordinaries Index finally broke through its late-2007 record high in early-2020. It was then confronted with the short sharp COVID-19 related crash in March 2020, and since then the upward momentum has surprised the most optimistic commentators. Recording a return of 26.4 per cent in the year to June 2021, excluding dividends, the Australian All Ordinaries Index had a wonderful year. continue…
by David Buckland Posted in Market commentary.
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The future of workplaces
Tim Kelley
June 17, 2021
Last year I was intrigued to hear Marc Andreesen of Silicon Valley venture capital firm Andreesen Horowitz[1] comment on the impact that widespread lockdowns in the US had had on the many enterprises that Andreesen Horowitz is involved with. Andreesen’s expectation had been that the sudden transition to work-from-home would negatively impact the progress of portfolio companies towards their commercial goals, and in the venture capital world, where cash burn rates are a critical issue, a company’s rate of progress is very closely tracked. continue…
by Tim Kelley Posted in Market commentary.
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Positive news for those cautious about being vaccinated
Roger Montgomery
May 31, 2021
Having just received my first COVID-19 jab this morning, I am encouraged to read the latest stats out of the US Centers for Disease Control and Prevention (CDC). In its recent report, the CDC has found less than 1,000 cases of COVID-19 required hospitalisation out of more than 100 million fully vaccinated individuals. continue…
by Roger Montgomery Posted in Market commentary.
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