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Whitepaper: A fork in the road

SUBSCRIBE FOR FREE TO UNLOCK THIS WHITEPAPER

In this whitepaper you will discover:

  • How to minimise the risk of capital impairment
  • Why we adhere to value investing
  • Insight on the variability of individual stock returns at times of market dislocation
SUBSCRIBE FOR FREE TO UNLOCK THIS WHITEPAPER

In this whitepaper you will discover:

  • How to minimise the risk of capital impairment
  • Why we adhere to value investing
  • Insight on the variability of individual stock returns at times of market dislocation

Whitepaper: A fork in the road

We are value investors for many reasons, one of which is that establishing an estimated intrinsic value provides an anchor or a solid point of reference from which the turbulence of markets can be viewed dispassionately.

Calendar 2017 recorded the sixth consecutive year of positive real total returns from all major asset classes for Australian investors. It was the first time in history that everything has gone up for six straight years for Australian investors. As the market continued its relentless climb, with minimal volatility, value investing had been relegated to history and even I began to question the relevance of value investing myself.

But as recent market weakness has shown, momentum doesn’t gently or slowly roll over, it violently reverses, wiping out a large proportion of previously accumulated gains and delivering very volatile overall returns.

This whitepaper identifies why we adhere to value investing and the importance of prioritising risk minimisation – particularly the risk of capital impairment.

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Roger is the Founder and Chief Investment Officer of Montgomery Investment Management. Roger brings more than two decades of investment and financial market experience, knowledge and relationships to bear in his role as Chief Investment Officer. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.