Equities
Andrew Macken

As many millennials are now reaching the age at which they start to take over the grocery shopping responsibilities, it is not surprising to observe significant growth in demand for online shopping. On the one hand, this is nothing new: we have seen the ongoing shift to online shopping across... Show More

Macro
Andrew Macken

Obviously in the near term, week-to-week, month-to-month it’s impossible to predict currencies, but over any medium-term period – you can at least, in our view, make some informed judgments around what the shape of the probability distribution of possible outcomes looks like. Show More

Andrew Macken

The following is an extract from a note that was recently sent to investors in the Montaka Global Fund. At Montaka, we believe there are five major forces that will significantly shape investment returns over the coming decades. One of these relates to the “New World Order” that is currently... Show More

Andrew Macken

Conventional wisdom typically holds that actively trading positions in your portfolio destroys value. Whether it’s Warren Buffett recommending a “buy-and-hold” strategy, or your advisor recommending against active-trading to minimise brokerage and taxes, there are plenty of experts out there who contend that active trading is inadvisable. Show More

Andrew Macken

After several years of plain sailing, investors are now having to contend with global markets that are far more risky. These market conditions have been created by an almost perfect storm of global issues. While the issues are out of our control, there are important steps we can take when... Show More

Andrew Macken

As happens four times per year in global equity markets, publicly-listed companies recently reported their results for the third calendar quarter of 2018. This is not only an enormous undertaking for the disclosing businesses, it is also a busy time for equity analysts and fundamental investors who carefully dissect disclosures... Show More

Andrew Macken

For much of the last decade, many investors were lured to a particular class of equities which, as they believed, would deliver yields greater than what could be achieved in the bond markets but without taking significantly more risk. This was the environment of ultra-low interest rates which forced investors... Show More

Andrew Macken

For Australians with a mortgage, there’s a good chance life is feeling somewhat tougher – and for good reason. For one thing, mortgage rates are increasing. Meanwhile, the Aussie dollar has been depreciating against the US dollar, which is eroding the global purchasing power of all Australians. Unfortunately, these dynamics... Show More

Andrew Macken

The following is an extract from a note that was recently sent to investors in the Montaka Global Fund. There is a famous quote attributed to Ray Kroc, the founder of McDonald’s (at least as we know it today): “The key to success is being in the right place at... Show More

Andrew Macken

The following is an extract from a note that was recently sent to investors in the Montaka Global Fund. There is a significant change in demographics that is currently taking place in many regions of the world. The world is aging. Whether in the United States, Australia, Western Europe, China... Show More

Andrew Macken

The following is an extract from a note that was recently sent to investors in the Montaka Global Fund. The second best book that I read in 2017 was Professor Andrew Lo’s Adaptive Markets: Financial Evolution at the Speed of Thought. Show More

Andrew Macken

Has the recent weakness in the US dollar surprised you? Has the strength in the Aussie dollar had you scratching your head at all? To many, including your author, these moves have been counter-intuitive to some degree. So what could possibly be placing downward pressure on the Greenback and upward... Show More

Andrew Macken

We were recently asked what we see in Jupiter Fund Management (LSE: JUP), a UK-based business owned in the Montgomery global portfolios. Without giving away our entire analysis, the following note seeks to lay out, in simple terms, why we believe this is a high quality global business that is... Show More

Andrew Macken

At Montgomery Global, we believe the online technology platform is a special business model that, if successful, will deliver owners supernormal returns for a long period of time. As positive network effects compound the value of the platform’s ecosystem for all users, the ecosystem grows, and with it does the... Show More

Andrew Macken

Imagine you wrote an annual letter that was read by investors worldwide looking to you for guidance. What would you write about fund manager fees? When addressing the collective, there really is only one answer: the lower the fees the better. Show More