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It’s common knowledge that for a well-diversified portfolio of “blue-chip” shares, expected returns are generally in the order of market returns less transaction costs. What might be surprising to some is how quickly said portfolio can drastically underperform if diversification is removed from the equation. continue…

by Scott Shuttleworth Posted in Value.able.

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For a quick recap on our last post on Veda Group Ltd (ASX: VED), readers might want to revisit our blog here and the reasons we decided to exit our holding late last year. continue…

by Russell Muldoon Posted in Value.able.

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The industrial action taken by taxi drivers in Paris a couple of weeks ago once again showed that the change caused by industry disruptors has a real face, and that change invariably causes pain. continue…

by Stuart Jackson Posted in Insightful Insights, Value.able.

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Millennials are broadly defined as anyone born between 1981 and 2000, and while there is a different daily reality between a 15 year old and a 34 year old, this “category” currently accounts for one-third of the global population and is projected to comprise 75 per cent of the global workforce by 2030. continue…

by David Buckland Posted in Insightful Insights, Value.able.

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Size has its advantages in funds management, especially from a scale point of view. However with the collective Montgomery Funds exceeding $700 million in funds under management, there are many stocks which elude our research efforts due to our inability to buy enough should our investment criteria be met. continue…

by Scott Shuttleworth Posted in Insightful Insights, Value.able.

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In Roger’s first column for Switzer in 2015, he gives a rundown of his favourites stocks. Read here.

by Roger Montgomery Posted in On the Internet, Value.able.

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Over the next few days, we will take a look back at 2014 and highlight the most popular articles based on your views and comments.

The mention of house prices falling and negative gearing was a popular post.

In May, we talked Coca-Cola Amatil share price having declined by 40 per cent, and the duopoly that makes up Australia’s grocery retail landscape has putting the company on a strict diet of shrinking volumes, values and loss of market share to Schweppes and more particularly, the category known as “Private Label” soft drinks.

The forecast Australian population growth from 23 million to 40 million by 2060 bodes well for self-storage providers – and small-cap National Storage is no exception. We take a closer look at how the third-largest self-storage provider is positioned. Note, you will need to log in as a subscriber to see this paper.

by Roger Montgomery Posted in Consumer discretionary, Insightful Insights, Investing Education, Property, Value.able.

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As we start to turn our minds to enjoying a well-earned break, we wanted to wish you all a happy, safe and peaceful Christmas.

Thank you sincerely for following us in 2014, and for inspiring to share our investing philosophy with you.  We hope our insights have informed you, provoked you and generally kept you up to date.

We are now taking a short break, and the team will return here to the blog in early-January.

If you would like to share your ideas about the topics, industries or companies you would like us to cover in 2015, we’d be delighted to hear them.  Be sure to leave a comment.

Until then, may your Christmas be all that you hoped it would and don’t forget to be sun smart.

by Roger Montgomery Posted in Value.able.

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One of our peeves at Montgomery is fund managers who ‘hug’ the index. A manager might for example take an underweight position in BHP by allocating 5 per cent of a portfolio to it, when BHP makes up around 7 per cent of the index. This leaves them with a 2 per cent underweight position, which can fund an overweight position in some other large cap stock. If they charge investors a fee of 100 basis points for this type of ‘active’ management, the investors are getting a raw deal. continue…

by Tim Kelley Posted in Insightful Insights, Investing Education, Value.able.

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Upmarket furniture seller Nick Scali (ASX: NCK) had an excellent financial year in 2014 with its success seemingly continuing into FY15. I’ve made a few notes on their outlook, whilst reading through the Chairman & Managing Director’s 2014 AGM addresses, which you can read in full here. continue…

by Scott Shuttleworth Posted in Companies, Consumer discretionary, Value.able.

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