Whitepapers

One of the things that characterises sophisticated investors is the way they use investment strategies that are designed to produce returns uncorrelated with equity market returns. continue…

by Tim Kelley Posted in Whitepapers.

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In the wake of the global financial crisis (GFC), index ETFs were meant to offer risk-averse investors a safe and easy way to gain diversification. But nine years into the global market’s bull run, they appear to be pushing US tech stocks into unrealistic valuations in ways that may end badly for many. continue…

by Roger Montgomery Posted in Whitepapers.

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We are value investors for many reasons, one of which is that establishing an estimated intrinsic value provides an anchor or a solid point of reference from which the turbulence of markets can be viewed dispassionately. continue…

by Roger Montgomery Posted in Editor's Pick, Whitepapers.

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Over the very long term, it has been shown that equities provide the highest return for investors, and yet most investors are not reaping the full benefit of these returns. Intuitively investors know the principles of buying low and selling high, however research confirms that most investors fail to execute on this basic premise – consistently underperforming the funds they invest in. continue…

by Roger Montgomery Posted in Editor's Pick, Whitepapers.

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Today, many investors in property and stocks face the prospect of inferior returns over the coming years. Principally, these are investors who have entered the overheated, over-geared apartment market, and those whose equity portfolios are dominated by low growth, large cap companies. For these investors, there is now a rare opportunity to rotate into smaller, high quality companies with bright prospects – many of which have had their prices knocked down to very compelling levels. continue…

by Roger Montgomery Posted in Whitepapers.

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Arguably the greatest risk to investors today is an underappreciation of how significant a change in bond interest rates will be on the market prices of every asset from shares, to property to collectible licence plates. continue…

by Roger Montgomery Posted in Editor's Pick, Whitepapers.

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The S&P/ASX 100 (XTO) is a stock market index capturing Australia’s top 100 companies by market capitalisation. It accounts for 63 per cent (at April 2016) of the Australian equity market, however it might surprise investors to learn that for 10 years to 8 June 2016, the S&P/ASX 100 has returned just 1.1 per cent per annum. Why has a portfolio of so called “blue chips” delivered investors such poor returns? In this paper we review the ten largest companies listed on the ASX. continue…

by Roger Montgomery Posted in Whitepapers.

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The Montgomery Fund’s unique brand of value investing has produced after-fee returns superior to the market and it has also provided investors other benefits. As we extend the successful track record of the Fund we are able to offer meaningful observations about the Fund’s behaviour and demonstrate its characteristics, allowing investors, advisers and investment consultants to assess the merits and the role the Fund can play as an Australian equity investment.

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by David Buckland Posted in Montgomery News and Updates, Whitepapers.

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It might surprise you to know that there has been no capital gain from the ASX200 for a decade. So investing must be all about the dividends? It’s reasonable to assume that income will become even more important as the proportion of Australians over the age of 65 rises, but are dividends the only way of generating income from shares? continue…

by Roger Montgomery Posted in Insightful Insights, Whitepapers.

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Welcome to our first Whitepaper of the year. It’s been a tough start to the year. With falling oil prices and lower growth expectations from China, share markets around the world are down significantly. Investing can be tough with a challenging outlook, however, this month’s Montgomery Whitepaper reveals insights into investing amid volatile market conditions. We share our view on when to buy high quality companies and discuss the difference between value and price. continue…

by Roger Montgomery Posted in Whitepapers.

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