Back in May, we noted that the Telstra (TLS) share price had fallen by more than 20 percent in the previous 12 months, and we asked whether good value might be on offer. At that time, we estimated the value of TLS shares to be in the region of $3.77 per share, and concluded that value was not compelling against a share price at the time of $4.42. Following its recent results announcement, TLS shares have fallen to a level close to our previous value estimate, and in a market where value generally is scarce, it makes sense to repeat the question: does TLS represent good value? Continue…

by Tim Kelley Posted in Companies, Editor's Pick, Technology & Telecommunications.

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After a previous post on negative gearing, a reader asked us what an investment property would look like from a company value analysis perspective. Good question. Here’s my attempt to answer it. You may find it useful when considering your next investment decision. Continue…

by Andreas Lundberg Posted in Editor's Pick, Property.

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At Montgomery, we focus our efforts on identifying high quality companies with bright prospects. When combined with a disciplined and patient approach on buying at a discount to fair value, we believe that in the long term, these companies provide an attractive combination of stronger returns with lower than average risk. Continue…

by Stuart Jackson Posted in Market commentary.

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The increasing flow of money into riskier ‘investments’ is making us ever more cautious. After all, every boom must come to an end.  So what does holding high levels of cash mean?  In the short term, it may mean we lag some of our peers.  But, longer term, we are convinced it will prove a very sound approach. Continue…

by Roger Montgomery Posted in Market commentary.

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You may be surprised to know that our largest position by far is cash.  And that’s because we’re not finding value among the quality businesses we like to own. In value investing, patience can be a virtue, and we think holding cash will pay off handsomely.  But, of course, not everyone will agree with us. Continue…

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

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By now, we’re all well versed on the subject of Amazon disrupting retail, Aldi disrupting supermarkets and fintechs disrupting banking (admittedly to a significantly lesser extent). However, the most significant disruption is occurring right under our noses without us really noticing. Continue…

by Roger Montgomery Posted in Market commentary.

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Since the beginning of the new year, Australians have received around a 10 percent pay rise. But this is not your typical pay rise. This pay rise does not result in more dollars in your bank account. Nor does it mean you can afford a bigger Australian home. So what kind of a pay rise is it exactly? Continue…

by Andrew Macken Posted in Market commentary.

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With the 2018 financial year underway, it’s worth examining the forces that could determine whether the Australian stock market repeats its circa 13% return of 2017. Continue…

by Roger Montgomery Posted in Market commentary.

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

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by Roger Montgomery Posted in Health Care.

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