On the menu at Montgomery
It should come as little surprise that we’re fond of finding great value opportunities. But perhaps what you don’t realise is that high quality and good value are not the sole preserve of the stock market…
As you know, we’re equally fond of amazing small Australian businesses. Why? Because many conduct themselves with so much more integrity than big businesses, and have a real passion for their product and brand. How can you go wrong when the owner has put their heart and soul into the product they are sharing with you?
It’s this heart and soul that can often costs big businesses too much. It frequently falls by the wayside, inevitably compromising their offering – if not their morals and friendships – in order to deliver rising profits to an ever-widening group of stakeholders who are hungry only for growth.
Speaking of hungry, some years ago I introduced you to my good friend Nick Palumbo, founder of Gelato Messina – the Italian ice creamery taking the country by storm (just last week, Nick appeared as a guest on MasterChef). I’ve also introduced you to our very generous friend Matthew Nicholas, a fifth generation butcher from Geeveston, Tassie, who took out the top prize (amongst over 1400 entrants) at the annual Wrest Point Hobart Fine Food Awards in August last year, with his traditional cooked-on-the-bone ham.
Now, there are many businesses worthy of mention here, but like our investing, we tend to stick with what we know – and it’s not often you come across an opportunity trading way below its intrinsic value.
If you think you know Italian food and have tasted it all before, prepare to make a reassessment.
The Italian immigrants that arrived en-masse in Australia after WWII bought with them wonderful colour, culture and cuisine – some of them going on to open eateries specialising in their native fare.
But few of these fledgling entrepreneurs were actually restaurateurs in their home country, and with even less Aussies having visited Italy themselves, how were they to know that true Italian food tasted like? What resulted was an Australianised version of Italian cuisine: somewhat predictable and oftentimes boring.
Enter Eugenio Maiale (pictured here with Messina’s Nick Palumbo): part of the new guard of Italian chefs shaking up Sydney’s food scene with his restaurant, A’Tavola. A similar narrative has also played out with Asian cuisine – with a migration to modern Asian (or “fusion”), witnessed in the popularity of Melbourne’s Chin Chin and Kylie Kwong’s Sydney restaurant, Billy Kwong.
Italian for “the table”, A’Tavola serves what can only be described as (in my opinion, of course) the very best Italian I have ever tasted. All of the lightest pasta you’ve ever twirled your fork around is made in-house, with plenty of the aforementioned love and soul that’s integral to any small business. So enamoured have I been with Eugenio’s hearty ragu and Cremino al Cioccolato (I guarantee it will knock your socks off), that I can’t help but invite friends to share in the experience each time I go. None have left disappointed, and I doubt you will either. If you haven’t yet tried Nick’s salted caramel and white chocolate gelato, or ordered Matthew’s traditional Christmas ham, what are you waiting for? Christmas, perhaps? The good news is, you don’t have to wait for December to enjoy some of the best Italian in Sydney (if not Australia). With restaurants in both Darlinghurst and Bondi, I’d love to hear that you enjoyed A’Tavola as much as I do.
Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only 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 independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.
