We make no claim to be accurate forecasters of market booms and crashes.  That’s because, in the very long run, successful value investing does not require an ability to predict markets or economies.  But when respected people like Nobel Laureate economist, Professor Robert J. Shiller, put pen to paper about a looming bear market, we find it pays to listen up. Continue…

by Roger Montgomery Posted in Editor's Pick, Market commentary.

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by Roger Montgomery's Team Posted in Old Content.

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The gyrations of the Aussie dollar are a constant focus of media attention. And well they might be. Because, apart from reflecting our national economic health, the strength of the Aussie dollar relative to other currencies has a big impact on exporters, and on businesses that generate earnings overseas. Continue…

by Stuart Jackson Posted in Foreign Currency, Market commentary.

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In this interview with Ross Greenwood, Roger Montgomery discusses the issue of not adding value to our exports and that our export revenue is never enough to pay for our imports.

by Roger Montgomery Posted in Radio.

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Humans are hard-wired, it seems, with an affinity for narrative over data.  When the equity market falls over the course of a day, for example, we want an explanation for what happened.  Something vague and unprovable like “profit taking” will do nicely.  This explanation offers no real insight into the market, or what it might do tomorrow, but it accounts for the behaviour in familiar and immediate terms, and any explanation is preferable to a shrug of the shoulders or a dry, statistical account of market variability.  Not as honest perhaps, but certainly more comforting. Continue…

by Tim Kelley Posted in Investing Education.

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As many of you know, we have long been supporters of the REA Group (ASX: REA) story with the company a longer term holding in both our domestic and global funds.

Initially we were attracted to the very high rates of return on equity and little or no debt – a function of the company’s dominant position and its ability to charge higher prices even after a decade of competitors offering the same service for free. Continue…

by Roger Montgomery Posted in Companies, Property.

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As technological innovations increasingly edge into the workforce, many people fear that robots and machines are destined to take jobs humans have held for decades.  Over the last two decades, automation has replaced blue collar jobs in manufacturing and warehousing, and now white collar jobs are increasingly under threat. Continue…

by David Buckland Posted in Manufacturing.

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by Roger Montgomery's Team Posted in Old Content.

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