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The national debate over immigration policy has been heating up for some time. Clogged roads, crowded trains and buses, and surging house prices are just some of the issues being blamed on our increased migrant intake. So, which businesses would be impacted if the government tightens the tap? Continue…

by Andreas Lundberg Posted in Market commentary.

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There is one common theme in the vast number of financial crises the world has seen – excessive debt. So, with Australia’s ratio of household debt to disposable income approaching 200 per cent, it’s time for investors to get super-cautious. Continue…

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

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Recent experience excepted, corrections are typically more frequent and regular than many would prefer, so investing should not occur without acceptance of this. That said, it’s important to prepare, first by making the right investments, and secondly by adopting the right temperament. Continue…

by Roger Montgomery Posted in Investing Education.

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The Australian government has just announced a raft of changes to private health insurance. The reforms should make health cover more affordable, and more attractive for consumers. And this in turn should be beneficial for hospital operators, at least in the short term. Continue…

by Stuart Jackson Posted in Health Care.

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by Roger Montgomery Posted in Companies.

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Most days you’ll see a company announcement about a director either cutting or boosting their shareholding.  These transactions often raise eyebrows.  After all, they must know something that we don’t, right?  So, should you sell when they sell, and buy when they buy? Continue…

by Tim Kelley Posted in Market commentary.

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Last month, Healthscope (ASX:HSO) announced it had experienced slower-than-expected hospital revenue growth for the quarter.  The announcement prompted a wave of selling, with the share price falling around 30%.  Does this present a buying opportunity?  Given the metrics of the private hospital industry, we think so.

by Roger Montgomery Posted in Health Care, Stocks We Like.

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At the end of August we provided some brief comments on the FY16 results of Sirtex Medical Limited (ASX:SRX).  At the time, we noted that SRX should be on the radar of every value investor.  We continue to hold that view, and are happy to share our most recent thoughts on the variables we consider when evaluating the business.

by Scott Shuttleworth Posted in Companies.

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Sirtex Medical Limited (SRX)

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  Sirtex Medical Limited (SRX)

From skirt lengths, to magazine covers to public protests and the rise of ant-establishment voting, signals are everywhere. And, as investors, we need to pay attention to them. Which is why the imminent sale of the long-held Soul Pattinson building in Sydney’s Pitt Street Mall caught our eye. To us, it’s yet another signal that asset prices are over-stretched. Continue…

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

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You don’t have to look far to find high quality stocks that seem to have overshot their intrinsic value. As value-driven investors, we have two choices: use lower discount rates in order to justify investing in these stocks, or hold our cash and wait for better value to emerge.  Continue…

by Tim Kelley Posted in Investing Education.

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History is riddled with the remains of empires whose leaders failed to understand the revolution that took place beneath them. Continue…

by Roger Montgomery Posted in Insightful Insights, Market commentary.

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Will Rogers infamously suggested real estate was the best investment in the world because no more was being made.  He obviously wasn’t considering how many apartments could be constructed on a postage stamp of land nor do I expect he had Singapore in mind; In the two photos following you can see that Raffles Hotel on Beach Road in Singapore is one block back from the beach.  Between it and the coast sits the Britannia Club building.  In the second image Raffles is partly obscured by the roof of a high rise building in the foreground but the Britannia Club now has a green painted roof in the section of land marked for sale. Continue…

by Roger Montgomery Posted in Insightful Insights, Property.

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Cochlear’s (ASX: COH) strong focus on innovation has resulted in 440,000 people wearing its products. Management is now considering how to leverage this large and enduring customer base while attracting new ones. Continue…

by Ben MacNevin Posted in Insightful Insights.

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Do not wear a smart watch or fitness tracker or buy one for others.

In March this year we wrote an article for The Australian about the dangerous combination of wearable technologies that tracked vital health statistics and moods, the insurance industry, and artificial intelligence. Continue…

by Roger Montgomery Posted in Insightful Insights, Technology & Telecommunications.

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Cochlear (ASX: COH) shares took a step back this week following an underwhelming full year profit report. While the business continues to grow, the market expected more, and some scale back of FY16 expectations was required. Continue…

by Tim Kelley Posted in Health Care, Insightful Insights.

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The emerging debate about whether the politically suicidal decision to reduce the tax benefits of franking credits and by extension the attractiveness of dividends for income, brings to my mind the company run by Warren Buffett – Berkshire Hathaway. This is a business that has not paid a dividend since 1967, but has created thousands of millionaires and quite a few billionaires too. Continue…

by Roger Montgomery Posted in Investing Education.

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A couple of weeks ago at the World Economic Forum in Davos, Switzerland, Ray Dalio spoke with CNBC.  Prominent economic thinkers in Davos believe the U.S. economy is strong, but its ability to deal with the next crisis is in doubt. “The U.S. is growing and I think that’s a non-debatable fact,” Gary Cohn, president of Goldman Sachs, said Thursday at the World Economic Forum in Switzerland. “What I am concerned about is the actual ability of the U.S. to raise rates with what’s going on with the rest of the world.”  Below, we summarise the outtakes.

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by Roger Montgomery Posted in Economics, Insightful Insights.

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Team Montgomery has long warned the Australian dollar, at near parity to the US dollar, has a fair bit of downside risk (see here, here and here). With that hypothesis now playing out – and commentators starting to crow – you may be wondering which companies may benefit from a stronger US dollar. Continue…

by Ben MacNevin Posted in Foreign Currency, Insightful Insights.

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It’s hard not to be impressed by US dominance of the online world. If you look at a list of the top internet sites in Australia, the leaders are almost all of US origin: sites like Google, Facebook, YouTube, eBay and Wikipedia. Continue…

by Tim Kelley Posted in Insightful Insights.

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Daily Journal Corporation (DJC) publishes newspapers and websites covering California and Arizona, as well as the California Lawyer magazine, and produces several specialised information services. Sustain Technologies, Inc. (Sustain), a wholly owned subsidiary, supplies case management software systems and related products to courts and other justice agencies, including administrative law organisations. These courts and agencies use the Sustain family of products to help manage cases and information electronically and to interface with other critical justice partners.

The company’s Chairman is none other than Charles T. Munger.  Here’s a transcript of his comments from last week’s DJCO Shareholders meeting.

We’ve copied it here raw and unedited, but there are many pearls. It’s long, so print it off and enjoy.

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by Roger Montgomery Posted in Insightful Insights.

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