IDP Education (ASX: IEL) places international  students into Australia and other key English speaking destinations, while also administering English language proficiency tests. With defensive earnings, a long runway for growth and strong industry tailwinds, we think there’s plenty to like about this Australian-based global business. Exclusive Content This is exclusive content to subscribers on rogermontgomery. com.

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.

Back in November 1990, with the Australian economy deep in the doldrums, Treasurer Paul Keating uttered his now famous remark that this was “a recession that Australia had to have”.   It was, remarkably, Australia’s last recession.

When it comes to investing, it can often pay dividends to zag when everyone else is zigging.   And that’s equally so when it comes to interest rates.