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Market commentary

  • 2013… what a year!

    Roger Montgomery
    December 26, 2013

    As we draw the curtains on 2013, we thought it would be interesting to look back at the three most popular stories from the year. They are… continue…

    by Roger Montgomery Posted in Market commentary.

  • Will it float or sink?

    Roger Montgomery
    December 11, 2013

    My kids all played this game at the Montgomery residence when they were very young. We’d line up all manner of items next to a bowl of water and the kids had to think about whether the item would float or sink. Heavy pieces of wood were always fun because despite their weight, they floated.

    That surprised look must also be on the faces of those who purchased shares in some of the recent wave of floats. continue…

    by Roger Montgomery Posted in Companies, Market commentary.

  • What to make of the IPO market?

    Roger Montgomery
    November 18, 2013

    Many investors will have noticed that, after a number of dry years, the market is suddenly awash with Initial Public Offerings (IPOs). Given the flood of potential opportunities, what are some of the things investors should bear in mind when considering whether or not to participate? continue…

    by Roger Montgomery Posted in Market commentary.

  • A Smorgasbord of Investment Opportunities

    Roger Montgomery
    October 16, 2013

    In this interview with Ticky Fullerton on ABC1’s The Business, Roger talks about upcoming investment opportunities. With floats of all sizes and from all sectors, the IPO market is set to take off. But what about the prospect of the US defaulting on its debt? Find out what Roger thinks.

    by Roger Montgomery Posted in Market commentary.

  • Wrecking Australia: Part one

    Roger Montgomery
    September 20, 2013

    Mr Andrew Robb was on the front page of the Australian Financial Review on Wednesday as the new minister for Trade and Investment.

    Now, I reckon most of us at Montgomery lean a little to the right. We certainly believe business is an important engine of our nation and a very important source of prosperity (if ‘prosperity’ is measured by how much stuff we can afford to buy). Personally, according Vote Compass, I sit squarely in the middle, which might explain why I don’t believe that economists got it right when they decided to use consumption as a proxy for ‘happiness’.

    That aside, we know that the LNP is supportive of big business. I mentioned as much on the ABC this week with Ros Childs and Ticky Fullerton. Their logic is simple; big business can employ the most people quickly and make all the economic performance measures such as employment and GDP look good. Sadly this short-term window dressing will ultimately produce an emperor with no clothes. continue…

    by Roger Montgomery Posted in Economics, Market commentary.

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  • On yer bike

    Tim Kelley
    July 12, 2013

    Lest you read Tim’s comments below and err by drawing the incorrect conclusion that we are against good financial advice and planning…Keep in mind, every industry has their good and bad. Sadly, because the bad get all the press so it is easy to conclude from reading the papers and watching the news that an industry as a whole is rotten. This, in my personal experience, is not true. I have met a great many planners with a passion for their clients and a strong spirit of independence. I have met those who have left their firms when they believed their clients needs were not being best served. The standard of research I have witnessed is extraordinary and the investment being made in systems and processes is in inspiring. I am delighted to be an external advisor on the investment committee of one such group…Roger Montgomery

    Back to Tim…

    Early this morning I went for a bike ride with a former colleague from the investment banking industry (let’s call him “Bud” for short). We rode at what is known as “conversational pace”, and chatted about a range of things along the way. continue…

    by Tim Kelley Posted in Market commentary.

  • Getting the best out of the team

    David Buckland
    May 16, 2013

    After 27 seasons at the helm of Manchester United Football Club, Sir Alex Ferguson has announced his retirement. Winning thirteen Premier League titles, five FA Cups and 2 UEFA Champions League titles in the ‘up-this-year, out-the-next’ world of professional sport is an extraordinary result.
    continue…

    by David Buckland Posted in Market commentary.

  • Is yesterday’s news tomorrow’s profits?

    Roger Montgomery
    March 5, 2013

    At this time each year, we look forward to the release of Warren Buffett’s missive to his Berkshire Hathaway shareholders. Most interesting to me is this year’s discussion about Newspapers. It is interesting because there was a time, not that long ago, when Warren Buffett had said he would not buy a newspaper at any price. As you read this year’s Letter, you quickly discover Warren Buffett can quickly change his view…

    It may interest you to know that during the past fifteen months, he and Charlie acquired 28 daily newspapers at a cost of $344 million.
    continue…

    by Roger Montgomery Posted in Market commentary, Media Companies.

  • WHITEPAPERS

    Three Microcaps to Consider

    Roger Montgomery
    December 8, 2012

    One of the advantages that retail investors enjoy over institutional investors is that they can more readily invest in smaller and less liquid issues.  While the larger fund managers may have a relatively limited set of companies into which they can deploy meaningful chunks of capital, enterprising small investors are free to roam, and roam they should: research indicates that their investment returns can be significantly enhanced by focusing some attention on the smaller end of the market.

    The challenge for the enterprising retail investor is sifting through large numbers of lackluster small companies to find the few that deserve their investment capital. Good broker research at the smaller end can be scarce, and the company names (as well as their products or services) may be unfamiliar.

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    continue…

    by Roger Montgomery Posted in Market commentary, Whitepapers.

  • Gen Y will be buying cheaper houses soon

    Roger Montgomery
    September 4, 2012

    Ben Hurley – the AFR journo typical of Gen Y – will soon be buying a house cheap from boomers who have no-one else to sell to.

    Last week Ben (here) wrote:

    “I would love to own a home. I could upgrade my crappy electric stove, get a hot water system that actually fills the bathtub, and stop asking the landlord for permission to put a nail in the wall.
    But I’m reluctant because I think buying a home is a dud deal. And renting, while expensive, is less of a dud deal because renters typically give the landlord a return of about 3 per cent on the asset’s value. A lot of my friends in their early 30s feel the same way.”

    Ben goes on to explain why renting makes more sense than buying and I reckon he’s right, but for an entirely different reason.

    continue…

    by Roger Montgomery Posted in Market commentary, Property.