As many investors have noted, iSentia Limited (ASX: ISD) delivered a poor earnings announcement yesterday. The Montgomery Fund and Montgomery [Private] Fund both hold positions in ISD, and so this is clearly disappointing for us.  The combined holdings amounted to less than 2% of the assets in those Funds before the announcement, so the damage was contained, but nonetheless, disappointing. Continue…

by Tim Kelley Posted in Companies.

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by Roger Montgomery Posted in Radio.

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It’s painful watching the share prices of companies we don’t own rising, and doubly insulting watching the prices of those we do own declining.  For over half a year we, along with our investors, have had to endure this ‘new order’, in which cyclical businesses have been on a tear, while many quality businesses have been punished.  But looking at our performance over the longer term makes me confident we have the right strategy.

by Roger Montgomery Posted in Investing Education.

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Over the very long term, it has been shown that equities provide the highest return for investors, and yet most investors are not reaping the full benefit of these returns. Intuitively investors know the principles of buying low and selling high, however research confirms that most investors fail to execute on this basic premise – consistently underperforming the funds they invest in. Continue…

by Roger Montgomery Posted in Editor's Pick, Whitepapers.

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We’ve had a pleasing reporting season thus far, and Carsales is one of our holdings that produced a great result.

by Ben MacNevin Posted in Video Insights.

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In this article for the Switzer Super Report, Roger discusses investing in commodities. He looks at BHP, Santos and Newcrest. Read here.

by Roger Montgomery Posted in On the Internet.

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Back in the 1960s, manufacturing contributed 25% to Australia’s GDP. Today, this figure has dropped below 9%, largely due to an inability to compete on cost. A similar story has been playing out in our oil refining industry, where we have seen refinery after refinery shutting down.  This has led us to ask: does our oil refining industry have a future and, if so, what does that future look like? Continue…

by Lisa Fedorenko Posted in Energy / Resources.

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Analysts at Macquarie Research, Viktor Shvets and Chetan Seth, have just released an excellent piece titled ‘Surfing the debt wave.  Don’t look down’.  In it, they focus on global debt, wealth inequality, weak productivity growth, the velocity of money and the balance sheets of central banks.  For investors, it’s a timely reminder of the big issues facing the world’s main economies. Continue…

by Roger Montgomery Posted in Global markets.

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