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ASX: From System Error to System Upgrade
Sean Sequeira
October 13, 2026
ASX (ASX:ASX) is a high-quality market infrastructure business with strong competitive advantages across listings, cash equities, derivatives, clearing and settlement and data services. Historically, these businesses generated attractive margins and relatively resilient earnings but the investment case deteriorated as years of underinvestment in technology became increasingly apparent. The most visible failure was the original CHESS (Clearing House Electronic Subregister System) replacement program, which was abandoned in 2022 after significant delays and write-offs, while subsequent operational incidents and regulatory scrutiny further damaged confidence in management and execution. The company also went through considerable leadership turnover with the most recent appointment being ASX’s third CEO in relatively quick succession. continue…
by Sean Sequeira Posted in Editor's Pick, Feature Article, Financial Services, Market commentary, Market Valuation, Popular, Stocks We Like.
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The runway for equities – are markets settling into a new pace?
Roger Montgomery
October 6, 2026
The narrative surrounding global equities is subtly shifting. Once dominated by momentum-driven optimism, especially for artificial intelligence (AI), today’s market discussions instead focus on structural frictions.
The most bullish equity strategist of note is U.S. researcher Edward Yardeni, whose Fabulous Earnings Momentum (FEMO) thesis has driven his estimate for the S&P500 to reach 8,400 – 10 per cent higher than where we are today. Originally, this target was slated for the end of 2026, but now Yardeni has moved it to the middle of next year.
He notes the recalibration isn’t a reassessment of FEMO, but an acknowledgement of macro headwinds that limit immediate price to earnings (P/E) multiple expansion. continue…
by Roger Montgomery Posted in Economics, Editor's Pick, Global markets, Insightful Insights, Investing Education, Market commentary, Popular.
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Many major economies under stress from relatively high inflation AND unemployment
David Buckland
September 29, 2026
After cutting their cash rates in the latter part of 2024 and 2025, the Central Banks of Australia, the U.S., Europe and New Zealand have recently reversed tack. This is coming at a tricky time for many economies with inflationary expectations and cost of living issues putting additional pressure on consumers, and this is often accompanied by relatively high unemployment in the UK (5.0 per cent), Europe (6.4 per cent), Canada (6.4 per cent) and New Zealand (5.6 per cent). continue…
by David Buckland Posted in Economics, Editor's Pick, Insightful Insights, Market commentary, Popular.
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How we invest in AI
Gary Rollo
September 15, 2026
In this video, I discuss why we see the build-out of AI in Australia as an investable opportunity, from the infrastructure supporting it to the businesses positioned to benefit. I also explain our approach to investing early, starting with smaller positions and increasing exposure as potential winners emerge.
by Gary Rollo Posted in Economics, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Market commentary, Popular, Small Caps, Video Insights.
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MEDIA
The Australian – A new battle for cash has begun – and it could sink stocks
Roger Montgomery
September 14, 2026
In my recent article for The Australian, I explore the growing competition for capital between the U.S. government and the artificial intelligence (AI) boom. As government borrowing and AI infrastructure spending accelerate, the resulting pressure on bond yields could reshape the investment environment, with important implications for equity valuations and long-duration growth stocks.
Download the article here: A new battle for cash has begun – and it could sink stocksby Roger Montgomery Posted in Economics, Editor's Pick, In the Press, Insightful Insights, Investing Education, Market commentary, Popular, Technology & Telecommunications.
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WHITEPAPER
THE PROPERTY RUG PULL
Discover how proposed changes to negative gearing, Capital Gains Tax and holiday home tax rules could reshape property investing, and why investors may consider private credit as property returns become less certain and tax advantages diminish.
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Why MP1 is a high-conviction holding
Gary Rollo
September 14, 2026
In this video, I discuss why Megaport (ASX: MP1) has become one of our highest-conviction holdings, including its position in AI infrastructure, differentiated data centre strategy and potential to benefit from growing demand for AI inference.
Disclaimer: The Montgomery Small Companies Fund owns shares in MP1. This video was prepared 14 September 2026 with the information we have today, and our view may change. It does not constitute formal advice or professional investment advice. If you wish to trade MP1, you should seek financial advice. continue…by Gary Rollo Posted in Companies, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Manufacturing, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like, Video Insights.
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Codan: exceptional growth
Roger Montgomery
September 7, 2026
Codan (ASX:CDA) is an Australian technology company that designs, develops, manufactures and markets communications and metal-detection equipment. Its two main operating segments are Communications and Metal Detection. Within those businesses sit brands and operations including DTC, Zetron and Minelab, giving Codan exposure to tactical and defence communications, unmanned systems, public-safety communications and gold detection. continue…
by Roger Montgomery Posted in Companies, Editor's Pick, Manufacturing, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like.
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MEDIA
Fear + Greed Podcast Q&A – 10 lessons for investors from reporting season
Roger Montgomery
September 1, 2026
Australia’s FY26 reporting season looked reasonably strong on the surface, with aggregate profits rising by around 11.6 per cent. But underneath the headline numbers, the recovery was much narrower – and investors were often more interested in what companies said about FY27 than the profits they had just reported.
I speak with Michael Thompson from Fear + Greed, about my 10 lessons from reporting season. We discuss why consumers are still spending but demanding value, expensive bank valuations, the limits of cost-cutting, opportunities in healthcare and why stock selection is becoming increasingly important. continue…by Roger Montgomery Posted in Economics, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Market commentary, Market Valuation, Podcast Channel, Popular.
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What did Coles bring to the checkout in FY26?
Roger Montgomery
August 27, 2026
Supermarket giant Coles Group released its FY26 full-year earnings this week, delivering metrics that were modestly ahead of market expectations.
Despite persistent cost-of-living pressures facing Australian households, the company reported solid execution, robust supermarket growth, and strong efficiency measures.
Initial market excitement, however, is being tempered by an elevated capital expenditure outlook and a softer-than-expected early trading update for FY27.
Consequently, investors will weigh the solid historical performance against near-term cash-flow headwinds and competitive threats. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary, Editor's Pick, Feature Article, Market commentary, Market Valuation, Popular.
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Understanding private credit risk with Open Analytics
Scott Phillips
August 18, 2026
I speak with Brett Craig, Director of Private Credit at Aura Credit Holdings, about how independent credit analysis can help investors and advisers better understand and compare risk across private credit portfolios.
Brett explains how Aura works with Open Analytics to independently assess its portfolios each month using bank-grade credit risk methodologies. The analysis considers every underlying loan, incorporates changing economic conditions and runs one million Monte Carlo simulations to assess expected credit losses and portfolio resilience. The resulting S&P-equivalent credit ratings provide advisers and investors with an additional, objective tool to support due diligence and understand the underlying risk within Aura’s private credit portfolios.
Learn more about private credit.
Alternatively, you can speak with David Buckland or Rhodri Taylor here at Montgomery on (02) 8046 5000. continue…by Scott Phillips Posted in Aura Group, Editor's Pick, Popular, Video Insights.
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