In this week’s video insight Tim takes a look at Telstra’s half-year results. Revenue, earnings and cash flow all broadly lined up with expectations so there weren’t many surprises. Although since we last looked at Telstra there have been some interesting developments. The Montgomery Funds own shares in Telstra.

At the end of January, the market took a sledgehammer to the share price of Challenger (ASX:CGF) following a trading update. Clearly, many investors did not like what they saw. But was the update really that bad?   Exclusive Content This is exclusive content to subscribers on rogermontgomery. com.

As regular readers will know only too well, one of my pet peeves in investment markets is a lack of understanding of the role played by chance. A further rant on this topic follows. The issue – in a nutshell – is this: The performance of any risky investment strategy will be some combination of merit and luck.