Investor Insights

In this section we explore investing basics, common themes and information to help guide your investing journey. 

The information provided is general information only. The information does not take into account your investment objectives, financial situation or particular needs. You should consider your own investment objectives, financial situation and particular needs before acting upon any information provided in this document and consider seeking advice from a financial adviser if necessary.

January 31, 2020

Does valuation not matter for high quality businesses?

One characteristic of a high-quality business is its ability to grow its intrinsic value over time. So does that mean that it’s possible to overpay for a high quality business and then wait for it to “grow into its valuation”? This depends on a number of things which we will attempt to tease out.
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December 18, 2019
WHITE PAPERS

Part II: Low rates, assets inflate

Since the Global Financial Crisis (GFC) in 2008, central bankers worldwide have pursued expansionary monetary settings to buoy tepid economic growth by cutting policy rates and buying government bonds. As a result, low interest rates have been a fact of life in large developed economies for the past decade – and counting.
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December 3, 2019
WHITE PAPERS

Part I: Low rates, assets inflate

Across the developed world, historically low interest rates are the new normal – not just temporary. Our latest Whitepaper points to five structural reasons driving this change. Although low rates are highly advantageous for those with an ability to buy assets, they come with some strong downsides.
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October 21, 2019

Why you need to include cybersecurity in your investment thesis

According to the Australian Government’s Cyber Security Review, cybercrime is costing the nation up to $1 billion annually in direct costs alone. And the costs are rising. Clearly, it’s time for investors to factor the risk, and potential impact, of cyberattacks on the businesses they invest in.
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October 18, 2019

Why I think NextDC is undervalued

By Gary Rollo

What’s going on with the share price of data center provider NextDC (ASX: NXT)? Over the past year, it has massively underperformed other firms in both the tech and AREIT sectors. But with interest rates staying low, and the demand for data center services booming, is its market valuation set to rise?
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October 15, 2019

Where does Montgomery invest its cash?

By Dean Curnow

For those unaware, Montgomery has a dual objective in its flagship equity strategies being The Montgomery Fund and Montgomery Global Fund, and that is to outperform their respective, full invested equity benchmarks over the medium to longer term, whilst also aiming to preserve invested capital as much as we can in equity markets.
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October 11, 2019

Are stock valuations naturally biased upwards?

Conventional wisdom and historical evidence support the observation that “stock prices always go up over time”. On a long enough timeline, stock returns of substantially all developed countries have been positive, driven by inflation and real GDP growth if nothing else.
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October 4, 2019

Why valuation still matters

There has been a lot written about the death of value investing, and how growth investing has outperformed significantly over recent years. However, it is important to distinguish the difference between the traditional concepts of “value” investing – i. e.
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October 1, 2019

Why did Nufarm’s share price rally following its result?

The share price of agricultural chemical company Nufarm (ASX:NUF) increased 26 per cent on Monday following the release of its earnings results for the 12 months to July 2019. The company also announced the sale of its Latin American businesses to its major shareholder, Sumitomo. The earnings results were largely in line with sell side analyst forecasts.
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September 27, 2019

It pays to pick the right industry

Peter Lynch, the legendary investor, once quipped that it’s best to invest in businesses that any idiot could run, because sooner or later one will. This begs the question of what drives the economic returns of businesses: is it the competitive forces of that industry or the skill of management? It’s likely a combination of both.
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