JB Hi-Fi Limited (ASX:JBH) has again outperformed market expectations with its first-half of 2025 (1H25) earnings results. JB Hi-Fi continues to demonstrate its knack for navigating economic uncertainty while driving shareholder returns through impressive cash generation and dividends. Continue…

by Roger Montgomery Posted in Companies.

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The largest position in The Montgomery Fund’s portfolio, at almost eight per cent of the portfolio, is the Commonwealth Bank of Australia (ASX:CBA), purchased back when the price was below $78 per share. This week, the company released its December half-year profit results, revealing a business reinforcing and extending its competitive advantages in a fiercely competitive market.  Continue…

by Roger Montgomery Posted in Companies, Stocks We Like.

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Breville Group (ASX:BRG) is a high-quality company, profitably held in the Montgomery Small Companies Fund. Breville released its half-year earnings this week – and the numbers point to a robust underlying performance. Nevertheless, investors will debate whether the guidance for the remainder of the fiscal year is deliberately conservative or signalling a more challenging road ahead. Continue…

by Roger Montgomery Posted in Companies, Small Caps, Stocks We Like.

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Nick Scali Limited (ASX:NCK), a holding in the Montgomery Small Companies Fund has released its half-year 2025 (1H25) results. Despite the mixed headline picture, Nick Scali’s 1H25 results outperformed consensus estimates. Continue…

by Roger Montgomery Posted in Companies, Small Caps, Stocks We Like.

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by Roger Montgomery Posted in In the Press.

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The artificial intelligence (AI) arms race shows no signs of slowing, and this week’s fourth quarter results announcement by Google, owned by Alphabet Inc. (NASDAQ:GOOG), suggests that significant investment is still seen as a necessity – especially when it comes to powering the next generation of AI models. Following the release of China’s DeepSeek, the question is not only whether the hefty spending is sustainable, but whether it truly gives U.S. tech giants the edge they’re hoping for? Continue…

by Roger Montgomery Posted in Market Valuation, Technology & Telecommunications.

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Liquidity is a concept critical to understanding investment markets.

Back in mid to late 2022, we wrote several posts on our blog and articles in The Australian, compelling investors to consider and pay attention to the very low price-to-earnings (P/E) ratios at which equities were trading. Continue…

by Roger Montgomery Posted in Economics, Market commentary.

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Yesterday, I joined Ausbiz to discuss market trends, noting that while disinflation and economic growth provide support, tightening liquidity could impact small caps this year. I highlighted real estate as an opportunity, where temporary setbacks, like the REA Group (ASX:REA) CEO’s resignation, may offer buying chances. Looking ahead, U.S. and China tensions and debt refinancing remain key risks, with history suggesting a potential market decline despite the bullish backdrop. You can watch my full interview here: Ausbiz – 2025 wildcards beyond the White House Continue…

by Roger Montgomery Posted in TV Appearances.

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