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In the June 2024 quarter, the Polen Capital Global Growth Fund purchased new positions in Zoetis (ASX:ZTS) and Shopify (NYSE:SHOP) and eliminated our position in Autodesk (NASDAQ:ADSK). We also trimmed our positions in Microsoft (NASDAQ:MSFT), ServiceNow (NYSE:NOW), Amazon (NASDAQ:AMZN), and LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) and added to our existing position in MSCI (NYSE:MSCI).  Continue…

by Polen Capital Posted in Companies, Polen Capital, Stocks We Like.

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For background information about this A1-quality company, I previewed REA Group’s (ASX:REA) latest results here, wrote about why I believe REA Group is one of Australia’s highest-quality businesses here, and I also wrote about why REA Group will keep delivering for investors here.  Continue…

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

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Remember the television show The Jetsons?

I am showing my age by declaring I looked forward to watching the Hanna-Barbera produced cartoon, The Jetsons. Perhaps I couldn’t articulate it at the time but there was something promising and hopeful about seeing George Jetson arrive home in a flying car, then sitting down to a family meal served by robot maid, Rosie. Continue…

by Roger Montgomery Posted in Editor's Pick, Technology & Telecommunications.

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Today Rio Tinto (ASX:RIO) delivered its first half calendar year 2024 results (1HCY24). The results were largely in line, with an underlying net profit after tax (NPAT) of US$5.75 billion within one per cent of consensus estimates and driven predominantly by Rio Tinto’s copper and aluminium divisions. Both net debt and free cash flow were also in line with expectations.  Continue…

by Roger Montgomery Posted in Companies, Stocks We Like.

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In July last year, here at the blog, I noted the AI bubble could only become a bona-fide boom if AI is monetised.  

Back then I noted Google’s (NASDAQ:GOOG) “significant strides in the integration and security of artificial intelligence (AI) in their products and services” and Meta’s (NASDAQ:META) plans to incorporate AI text, image, and video generators into Facebook and Instagram, allowing customers to modify their own photos using text prompts and share them on Instagram stories weren’t meaningful in terms of generating additional revenue from existing users. Sure, they might assist users, enhance their experience, and be entertaining, but would they be meaningful enough for users and advertisers to be willing to pay more? The jury was out.  Continue…

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

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The Sahm Recession Indicator has signalled nine of the previous U.S. recessions over the past 65 years, and the move to 0.53 per cent in July 2024 is now pointing to the tenth. The indicator signals the start of a recession when the three-month moving average of the U.S. national unemployment rate (U-3) rises by 0.50 per cent or more relative to the minimum of the three-month average from the preceding 12 months.    Continue…

by David Buckland Posted in Economics.

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The U.S. consumer is experiencing conditions similar to ours. Indeed globally, consumers are now displaying the impact of inflation and the lagged effect of higher interest rates. These are beginning to bite and this is being reflected in consumer purchasing behaviour. Continue…

by Roger Montgomery Posted in Companies.

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Leading toll road operator, Transurban (ASX:TCL), has released robust financial results, reflecting steady growth and promising prospects. The company’s operational performance, strategic investments, and upcoming projects, such as the Westgate Tunnel and 495 North, position it for further expansion. Despite challenges like inflation and finance costs, Transurban’s solid performance and growth initiatives will mean it retains its position in The Montgomery Fund’s portfolio.  Continue…

by Roger Montgomery Posted in Companies, Stocks We Like.

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Over the past 17 years, Chinese economic growth has decelerated from an approximate average annual 10 per cent to sub 5 per cent, whilst the Shanghai Composite Index has halved to under 2,900 points. Pressure on the Chinese residential property market and China’s ten-year bond yield at 2.1 per cent has been well highlighted, whilst the slowdown in sales from many big brand businesses is pointing to a deflationary environment, yet to be fully reflected in the iron-ore price.   Continue…

by David Buckland Posted in Economics, Global markets.

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In 1966, Abraham Maslow said, “I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail.” The human predilection to use the latest new technology to fix everything is enduring.  Continue…

by Roger Montgomery Posted in Technology & Telecommunications.

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