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Roger Montgomery

Roger Montgomery founded the office of Montgomery Investment Management Pty Ltd, montinvest.com, in 2010 following a successful career as a fund manager, public company chairman and most recently, best-selling investment author.

Why investing in fads can end in tears

Roger Montgomery
Roger Montgomery Montgomery Investment Management

Back in the 1960s, a group of companies listed on the New York Stock Exchange called the Nifty Fifty grabbed the attention and dreams of a generation of savvy investors. As we know, investing in the Nifty Fifty ended badly for many of them, and showed the downside of investing... Show More

Why we need to switch our investment focus to China

Roger Montgomery
Roger Montgomery Montgomery Investment Management

Recently, some of the best investments in our global funds have been in Chinese companies like Tencent and Alibaba. And that’s hardly surprising. After all, in the words of the ex-Singapore leader, Lee Kuan Yew, China is now “the biggest player in the history of the world”. Show More

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Why Montgomery funds' largest position (by far) is cash

Roger Montgomery
Roger Montgomery Montgomery Investment Management

In value investing, patience can be a virtue, and we think holding cash will pay off. But, of course, not everyone will agree with us. Nobody knows how long it will be before value emerges broadly, it might be worth examining a selection of comments made by central bankers and... Show More

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REA will win in all property markets

Roger Montgomery
Roger Montgomery Montgomery Investment Management

Conventional wisdom would suggest that in a softening property market, any company exposed to property would suffer operationally. While this may be true for developers and builders we don’t believe it is true for REA Group. We believe REA is a quality business that offers competitive advantage and benefits whether... Show More

Energy: who will be the winner – the cheapest supplier?

Roger Montgomery
Roger Montgomery Montgomery Investment Management

By now, we’re all well versed about Amazon disrupting retail, Aldi disrupting supermarkets and fintechs disrupting banking. However, the most significant disruption is occurring right under our noses without us really noticing. When a technology advances, bringing down its price, it opens the technology to new markets. Keep that cycle... Show More

Hold the phone... How are the Telcos?

Roger Montgomery
Roger Montgomery Montgomery Investment Management

The telecommunications sector endured a horrible year in 2016 with slumping share prices reflecting the uncertainty of the viability of various business models ahead of the completion of the NBN rollout. Downgrades, writedowns and capital raisings are just some of the events shareholders themselves have had to endure. Show More

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What will be of FY2018?

Roger Montgomery
Roger Montgomery Montgomery Investment Management

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. For those with less patience the executive summary goes something like this; valuations remain relatively stretched across the broader universe of high quality companies... Show More

If the bears are right

Roger Montgomery
Roger Montgomery Montgomery Investment Management

If the bears are right, an Australian property bubble, a recession for retailers and dramatically slowing Chinese growth rates towards the end of the year, combined with record high asset prices — especially assets that produce no income such as art and two-digit licence plates — are a recipe for... Show More

In short, value is difficult to find

Roger Montgomery
Roger Montgomery Montgomery Investment Management

Asset prices across all investment classes are at record highs, including and perhaps especially assets that produce no income. That takes in items such as the two-digit New South Wales numberplate that sold for $745,000 and the Basquiat painting sold this week for $US110.5 million — a record for post-1980... Show More

Current challenges for investors

Roger Montgomery
Roger Montgomery Montgomery Investment Management

In this video insight Roger Montgomery discusses the current challenges for investors, particularly those focused on quality and opportunities for growth. This being due to reasons such as the expected downturn in the property market, inevitable downturn in construction activity and record levels of debt. Show More

3 REITs to watch out for

Roger Montgomery
Roger Montgomery Montgomery Investment Management

A REIT, or Real Estate Investment Trust, is an entity that owns income-producing real estate. Think of a managed fund that concentrates on property rather than stocks and you have the idea for a REIT. REITs offer investors a partial interest in the rental income, capital appreciation and/or development profits... Show More

Why residential real estate is a poor investment right now

Roger Montgomery
Roger Montgomery Montgomery Investment Management

Have you ever wondered why Australia has no listed residential REITs (real estate investment trusts)? The simple answer is that they would offer poor returns. And, these days, the returns would be worse than ever. But the good news for would-be buyers is that the property price bubble could be... Show More

Spotting great sharemarket floats

Roger Montgomery
Roger Montgomery Montgomery Investment Management

Montgomery is fortunate to be able to access many initial public offerings (IPOs) that can provide the opportunity to boost returns to our investors. But one investment truth is that the very best IPOs will, for most people, be impossible to access. Before feeling envious, realise there is much to... Show More

Hi Carlo, you make a very good point. I too have been seeing flyers most weeks at a lower price. Price wars aren't great either (for the customer yes!)

On Hold the phone... How are the Telcos? -

Hi Glenn, we wrote our thoughts on our site about VTG. Even though the weighting of VTG in our funds was relatively minor, we are nevertheless enormously disappointed.

On Hold the phone... How are the Telcos? -