Finding the world's best businesses

Andrew Macken

Montaka Global Investments

Mark Twain said it better than we ever could. 

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” 

And when it comes to the valuation of some of the world’s greatest software businesses today, it is hard to know for sure what is so.

In Part I of this two-part white paper, we identified the digital transformation of the enterprise as a prospective, structural trend that is now accelerating as a result of COVID-19. Within this trend are a number of attractive markets with high barriers to entry and limited competition. 

We believe the long-term winners of these attractive markets make for compelling investment opportunities to the extent they remain undervalued. In Part II that follows, we show the dangers of employing typical valuation heuristics in this space; and evaluate the significant opportunity costs associated with missing out on investments in the world’s greatest businesses. 

It is one thing to identify the long-term winners in attractive and structurally growing markets. But it is another to find those which are undervalued. This is the simplified objective of the Montaka investment team. This is why we come to work each day.

Projecting the future value of long-term winning businesses in attractive markets is far from a trivial exercise. Indeed, one could mount a strong argument that many of the world’s very best businesses have proven to be consistently undervalued by public equity markets. We demonstrate some evidence of this dynamic in the Part 2 of our whitepaper which can be accessed here

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Andrew Macken
Chief Investment Officer
Montaka Global Investments

Andrew is responsible for managing all investments at Montaka, including the ASX-quoted Montaka Global Long Only Equities Fund (ticker: MOGL) and Montaka Global Extension Fund (ticker: MKAX).

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