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Equity market tailwinds likely to fade

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Equity market tailwinds likely to fade

Killian Plastow writes an article for Investor Daily about the chief structural trends driving equity market returns over the past three decades. He mentions Andrew Macken and his view that these trends are on the cusp of a reversal. Read here.

Andrew Macken is a Portfolio Manager at Montgomery Global Investment Management. Andrew joined Montgomery in March 2014 after spending four years as a Research Analyst under Jim Chanos at Kynikos Associates in New York.

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This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564) and may contain general financial advice that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking advice from a financial advisor if necessary.

7 Comments

  1. Hi Andrew, here is the latest piece from Ray Dalio. The interesting points to me are 1.) his views on where we are in economic cycle, both in the near term and in the longer term; and 2.) the expected returns of risk assets vs cash in various regions of the world:
    https://www.linkedin.com/pulse/big-picture-ray-dalio
    Just thought you might be interested.
    Kelvin

  2. Hi Andrew, one further comment – even in a market going nowhere, its still possible to have great returns picking stocks – this is a small snippet of an interview with Peter Lynch regarding his performance during a flat market:

    “Q. But the market really didn’t do much between ’77 and ’82, between the beginning of that bull market, and yet your fund performed quite spectacularly. What did you do?

    A. Well, I think flexibility is one of the key things. I mean I would buy companies that had unions. I would buy companies that were in the steel industry. I’d buy textile companies. I always thought there was good opportunities everywhere and, researched my stocks myself. I mean Taco Bell was one of my first stock I bought. I mean the people wouldn’t look at a small restaurant company. So I think it was just looking at different companies and I always thought if you looked at ten companies, you’d find one that’s interesting, if you’d look at 20, you’d find two, or if you look at hundred you’ll find ten. The person that turns over the most rocks wins the game. And that’s always been my philosophy.”

    Kelvin

  3. Hi Andrew, thanks.
    Equity valuations in the US are undoubtedly high by historical standards. What are your views about equity valuations in China, South Korea, Japan and Europe? Are there more bargains in those areas for the Montgomery Global Fund?
    Thanks.
    Kelvin

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