Avita Medical's share price has been quite a ride over the past two years, but we still think it's a quality company. Here's why
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Baby got back
Roger Montgomery
May 25, 2020
I recently discussed the fantasy world that some seem to be living in believing that a recovery will be easy and quick rather than slow and halting. We are in a recession and recessions rarely last six months, and finally, employment prospects in hospitality, retail and construction have deteriorated to such an extent that there will be fewer jobs for people to come back to when their jobseeker payments return to ‘normal’ and Jobkeeper payments cease later this year. Continue…
by Roger Montgomery Posted in Market commentary.
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Rainbows, Unicorns, V-Shaped recoveries and other fantasies
Roger Montgomery
May 22, 2020
There are a bunch of reasons to expect this recovery to be longer and more painful than the market’s V-shaped expectations. Of course, within such an environment there will be businesses that do well, and we reckon we own a whole bunch of them in The Montgomery Fund and the Montgomery Small Companies Fund. Continue…
by Roger Montgomery Posted in Editor's Pick, Market commentary.
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Central Banks are pump priming the Gold price
David Buckland
May 21, 2020
After launching at $1.00 on 20 September 2019, the unit price of the Montgomery Small Companies Fund peaked at $1.066 on 21 February 2020, declined to $0.675 (-37 per cent) on 23 March, and has since rallied to yesterday’s $0.985 (+46 per cent), leaving it 8 per cent from its peak. Continue…
by David Buckland Posted in Companies, Stocks We Like.
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Where models fail
George Hadjia
May 21, 2020
At Montaka we consider ourselves value investors. That is, we aim to buy a dollar of value for less than it is worth. Inherent in this approach is estimating the intrinsic value of an investment, and we use financial models to achieve this. It is worth examining the shortcomings of such an approach and instances where an over-reliance on a financial model can be deleterious. Continue…
by George Hadjia Posted in Investing Education.
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Beware expensive equity raises
Lachlan Mackay
May 20, 2020
The US stock market appears totally disconnected from the real economy as it prices in a V-shaped return to normal, with the S&P 500 up about 30 per cent from its late March bottom. Risks are abundant and seemingly well-known, reinforced by commentary from an array of seasoned experts such as Warren Buffett, Stanley Druckenmiller and David Tepper. The latest red flag to reach our attention is the spate of recent high-priced equity capital raises. Continue…
by Lachlan Mackay Posted in Companies, Editor's Pick, Global markets.
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Is the early release of superannuation a good idea?
Andreas Lundberg
May 20, 2020
One of the actions announced by the government to stimulate the economy as a response to the current crisis is that individuals can apply for an early release of superannuation savings. The rules are that an individual can apply to withdraw $10,000 before the 30 June and another $10,000 between the beginning of July and the end of September. Continue…
by Andreas Lundberg Posted in Market commentary.
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The retailers to watch as the economy opens up
Dominic Rose
May 19, 2020
In just a few short months, the COVID-19 pandemic and associated lockdown have triggered seismic shifts across the retail landscape. Some changes are likely to be temporary; others may accelerate previous structural trends. As we emerge from hibernation, I thought I’d try to identify the businesses that should prove to be better investments in the years ahead. Continue…
by Dominic Rose Posted in Companies, Consumer discretionary, Stocks We Like.
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What’s happening in the US Meat industry?
Phillip Namara
May 19, 2020
Currently, the US meat industry is in turmoil as a series of coronavirus outbreaks have crippled the supply chain. This supply chain begins with farmers who sell their livestock in large contracts to slaughterhouses which then pass on the meat to the food processors who then distribute the meat either to retail channels like grocers or institutional food service clients like restaurant chains and the hospitality industry. Continue…
by Phillip Namara Posted in Companies.
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