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Stuart Jackson

Stuart joined Montgomery in June 2015. Stuart previously spent 19 years in research roles with JP Morgan in Australia and in New York. Stuart was appointed Executive Director at JP Morgan in 2005 and for the past 8 years was Deputy Head of Research. Prior to this he worked as an analyst in the Australian Equities team at Bankers Trust Asset Management for 3 years. Stuart is a Chartered Financial Analyst (CFA) and holds a Bachelor of Economics (Honours) majoring in economics and econometrics from the University of Melbourne.

Identifying rising stars

Stuart Jackson
Stuart Jackson Montgomery Investment Management

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... Show More

Murray Goulburn: When management is not shareholder-orientated

Stuart Jackson
Stuart Jackson Montgomery Investment Management

When we assess whether or not to invest in a company, we ask: is it an extraordinary business, is management shareholder oriented, and is it trading at an attractive price. The recent announcement by Murray Goulburn (ASX:MGC) shows the downside when management is not shareholder oriented. Show More

Telstra and TPG, who will win share?

Stuart Jackson
Stuart Jackson Montgomery Investment Management

TPG has confirmed its intention to build a fourth mobile network in Australia with its successful A$1.26bn acquisition of two 10MHz spectrum licenses in the most recent Government tender. The market’s reaction has been savage, with the share price of the dominant incumbent operator Telstra, falling by almost 10 per... Show More

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Not all growth is created equal

Stuart Jackson
Stuart Jackson Montgomery Investment Management

At Montgomery we focus heavily on a company’s prospects. This refers to the outlook for the company’s earnings growth. While a growing earnings stream is valuable, not all growth is equal. In this video I discusses two types of growth: organic and acquisition. Show More

Could the governments lending restrictions backfire?

Stuart Jackson
Stuart Jackson Montgomery Investment Management

The law of unintended consequences states that actions – particularly by government – can have adverse effects that are unanticipated or unintended. This law could soon play out as a result of lending restrictions placed on the major banks by the Australian Prudential Regulation Authority (APRA). Show More

4 key issues for bank shares in 2017

Stuart Jackson
Stuart Jackson Montgomery Investment Management

The outlook for Australia’s banks in 2017 has been made tougher given the rerating of the stocks this last quarter. The expectations built into share prices have clearly lifted in 2017, the big change we expect is a slowing of loan book growth, as we’ve already started seeing in recent... Show More

Aussie retailers, watch out – Could Amazon Go disrupt you?

Stuart Jackson
Stuart Jackson Montgomery Investment Management

Our retailers are about to face a whole new challenge. Amazon has announced it will trial a new concept store in the US that uses its ‘Just Walk Out’ technology to change the format of a traditional grocery store by removing cash registers and the check-out process. Customers simply use... Show More

Is investing in resources stocks worth the heartache?

Stuart Jackson
Stuart Jackson Montgomery Investment Management

If you’re an investor in resources companies, you know it’s a bumpy, rollercoaster ride, with periods of glee interspersed with periods of gloom. But is all that volatility worth it? Or are investors better off in the long term investing in the broader market? We did some research, and the... Show More

Bank reporting season highlights costs and slowing revenue growth

Stuart Jackson
Stuart Jackson Montgomery Investment Management

Over the last week, ANZ, NAB and Westpac reported their full year 2016 results, while CBA provided a trading update for the September quarter. So I thought it would be a good time to review the key themes to emerge. But first, let’s go back to 21 September, when I... Show More

Could a regulatory change affect Crown and Star Casinos?

Stuart Jackson
Stuart Jackson Montgomery Investment Management

As investors, we are always interested in companies with a barrier to competition from other firms. However, we need to be mindful that, sooner or later, the barrier can start coming down. Take the gaming industry. It seems to be well insulated from competition by government regulation. But there could... Show More

Who will win when Facebook takes on TradeMe?

Stuart Jackson
Stuart Jackson Montgomery Investment Management

One of the stocks we hold in the domestic portfolios is TradeMe. The company is an online marketplace for goods – effectively the eBay of New Zealand – and enjoys a dominant market position. But that could soon change. It is about to go head-to-head with Facebook, which has announced... Show More

Can the banks maintain their dividend payout ratios?

Stuart Jackson
Stuart Jackson Montgomery Investment Management

Back in May, when ANZ Banking Group (ASX:ANZ) cut its dividend and flagged a lower dividend payout ratio, it was a strong signal that bank investors should not count on an unending stream of rising dividends. As dividend payments – and, more precisely, the dividend payout ratio – is a... Show More

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A warning signal for bank investors

Stuart Jackson
Stuart Jackson Montgomery Investment Management

Our big banks are a core holding in most Australian portfolios. But with long-term loan book growth likely to be materially lower in coming years, bank profits – and share prices – could be adversely impacted. There are broadly six variables to focus on when assessing the outlook for the... Show More

Under pressure

Stuart Jackson
Stuart Jackson Montgomery Investment Management

After the RBA’s latest cut to official rates, many investors will be tempted to take some of their money out of cash in pursuit of the high dividend yields offered by our banks. But are these yields sustainable as the banks feel the squeeze from margin pressure and increased liquidity... Show More

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