We all love a good hotdog, but less so when the meat is on the turn. So in this special episode, our expert panelists give two former fast-food favourites the ‘sniff test’. Join us as Roger Montgomery from Montgomery Investment Management and Karl Siegling from Cadence Capital talk with Sam... Show More
In the first edition of Livewire’s new podcast, The Rules of Investing, we take a deep dive into one of the most important concepts in investing, valuation. Our guest this week is Roger Montgomery, Founder and Chief Investment Officer of Montgomery Investment Management. Show More
On Tuesday night, I attended the Magellan Investor Gala Dinner at the MCEC. Magellan CEO/CIO, Hamish Douglass, held the 2000-strong audience’s attention for a solid two hours, discussing the big issues on his mind for both the short-term and the long-term. The talk was wide-ranging, but the main focuses of... Show More
There is no shortage of labels that investors use to differentiate their approach to picking stocks. Over the last few months, the financial lexicon has been dominated by the concept of a shift away from perceived ‘quality’ companies towards ‘cyclical’ businesses exposed to economic cycles. In the short term it... Show More
Regular readers of Livewire will have been following our feature on ‘value investing’. What we’ve learned is that while labels may be dispensable, having robust and repeatable processes are essential disciplines for successful investing. Of the five fund managers we’ve approached in this series, each has had a defined set... Show More
Buying stocks for less than they are worth will never go out of style. Recently however, there have been increasing interest in ‘value’ as prices have appreciated significantly since the last major sell-off. Show More
When stocks are sold off widely as we’ve seen lately, there’s always some which are unjustly caught up in the malaise. In amongst the negativity and fear, it is difficult for investors to separate the wheat from the chaff. Magellan has been one of the top performers on the ASX... Show More
It’s been an interesting week in the markets with falls in some of last year’s top stocks, and gains in some of last year’s laggards. DMP is down 18% and Macquarie Bank is down 11%, while Fortescue is up 7% and South 32 is up 17%. Such reversals have certainly... Show More
For the last few years, investors have made off handsomely by simply buying large cap stocks with high yields like banks and Telstra. Low yielding term deposits have plunged retirees into what can only be described as an Income Recession and their cries have been heard by company boards, who... Show More
Perhaps the single most important factor in the identification of a wonderful business is a number, a simple ratio, the return on equity. That is, the level of net income as a percentage of shareholders’ equity. The actress Mae West once said, “Too much of a good thing is wonderful”,... Show More
In this thematic discussion we look at the offshore investing opportunity. In recent years the strength in the Australian dollar has been a simple catalyst for investors to consider investing offshore. With the dollar now trading closer to the long run historical average has the opportunity changed? Roger Montgomery and... Show More
Just over a month ago, Roger Montgomery sent a warning to investors about investing in Chinese companies listed in the US or Australia. Montgomery says Aussie investors should not invest in Australian or US-listed Chinese companies unless your adviser can provide an exceptional objection as Show More
Resmed delivered a strong quarterly result with record revenue and income for the period. Revenue was $397.8million, a 4% increase over the quarter ended March 31, 2013. Net income was $90.0 million an increase of 6% compared to the quarter ended March 31, 2013. In our most recent Buy Hold... Show More
22 winners from reporting season. From Roger Montgomery: As the current reporting season draws to a close, we've come up with our list of the market's best (and, by default, less-than-best) performers. There are three elements of a bull market. The first phase is the P/E expansion as the market... Show More
The team at Montgomery Investments believe that Infomedia (IFM) is a genuine Australian success story on the world stage and recent events may have re-positioned the stock in the eyes of the market. Following an extended period of managerial neglect and gradual decline, IFM has more recently been reinvigorated, and... Show More
Roger Montgomery provides a balanced view on the Dick Smith IPO. Under Anchorage Capital control, the business has boosted NPAT from $7m in 2013 (an abnormal year given heavy restructuring) to a forecast NPAT of $40m. This suggests to us that a proposed $520m market cap upon listing is not... Show More