In the Press
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Stocking up is not a sign of optimism
Roger Montgomery
June 24, 2020
In this article for the Herald Sun Roger discusses the current market status. Whether the current economic disaster can be repaired through the printing of money remains a multitrillion-dollar question. The same goes for whether it leads to inflation, or possibly hyperinflation after excess productive capacity is soaked up. Our most recent analysis suggests market prices are broadly at their most extreme valuations since The Montgomery Fund’s inception, but we have added to our holdings. Read here.
by Roger Montgomery Posted in In the Press
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Is it about time we stopped paying tax?
Andrew Macken
June 24, 2020
In this article for the Herald Sun Andrew questions why we pay taxes. If the Fed can simply buy an infinite amount of government debt, then it must be true that the government can issue an infinite amount of debt. And if this is true, then government spending will be financed by the central bank. So why bother with any taxes at all? Read here.
by Andrew Macken Posted in In the Press
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Preparing for an alternative history
Andrew Macken
June 2, 2020
In this article for the Herald Sun Andrew identifies the economic cost from Australia’s ability to flatten the COVID-19 curve. If COVID-19 were not as bad as the forecasters led us to believe, did we need to impair the economy the way we did? Read here.
by Andrew Macken Posted in In the Press
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Market support a very fluid concept
Roger Montgomery
June 2, 2020
In this article for the Herald Sun Roger discusses the two camps when it comes to stock markets – the buyers and sellers and they typically have divergent views about the future. In the first camp are investors who believe economic activity, revenues and profits will recover easily and quickly. On the other hand are those who believe the recovery will be slow and halting. Which camp are you in? Read here.
by Roger Montgomery Posted in In the Press
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We’ve been there before
Roger Montgomery
April 20, 2020
In this article for Money Magazine Roger discusses how the market volatility from COVID-19 will provide opportunities, as it did during the tech wreck and GFC. It then makes sense to divide the market into two categories of opportunity. There are those companies adversely impacted by the outbreak with share prices that are even more adversely impacted. Then there are those relatively unaffected by a mild outbreak. This column looks at one company in the first category and two in the latter. Read here.
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Rewards come with risks
Roger Montgomery
April 20, 2020
There are massive rewards possible from investing in smaller companies, but a lack of liquidity means the race to the exit, if or when the need transpires, can be very tight indeed. Generally, however, despite their lack of size, access to capital markets, financial resources, stability or competitive advantages, small companies provide at least some of the growth a portfolio needs to help investors maintain their purchasing power. In this article for Money Magazine Roger discusses three of these companies. Read here.
by Roger Montgomery Posted in In the Press
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When patience pays off
Roger Montgomery
April 20, 2020
In this article for Money Magazine Roger discusses why the four stages of a start-up’s life cycle provide rewarding possibilities and discusses three companies in the small cap space. Read here.
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Virus highlights the risk of overvaluation
Roger Montgomery
April 15, 2020
In this article for the Herald Sun Roger discusses the economic impact COVID-19 is going to have. Every week of lockdown vaporises about 2 per cent of Australia’s annual GDP. It may not go to zero but it will take an increasing hit the longer lockdowns last, and unemployment will surge. The recovery won’t be as quick as the sell off but it will be surprisingly rapid. If you are prepared to cast your view a few years hence, now is the time to start considering the good value that may be presented. Read here.
by Roger Montgomery Posted in In the Press
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The oil war scaring the central banks
Andrew Macken
April 15, 2020
In this article for the Herald Sun Andrew discusses how the idea of deflation is particularly scary for policymakers. Today, we have the combination of a global economy that is being disrupted by coronavirus at the same time as a once in a three-decade oil price collapse. This will surely be received as a green light by policymakers to throw the proverbial kitchen sink at the problem, as we are now starting to see. Which is not to say it will be overly effective. Read here.
by Andrew Macken Posted in In the Press
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Contagion that will cut into economies
Roger Montgomery
April 15, 2020
In this article for the Herald Sun Roger discusses how the coronavirus will be contained and how serious the impacts will be on businesses and the markets. Read here.
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