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.

February 22, 2023

If you are an income investor, it pays to think long-term

By Roger Montgomery

The past year has seen a distinct switch in investor focus from growth to yield. The irony, of course, is that many so-called ‘dividend stocks’ can be long-term wealth killers.  And that’s why we prefer quality businesses – like CSL – which can grow both their market value, and their dividends, over time.
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February 16, 2023

The behavioural science of markets

By David Buckland

  In this week’s video insight David delves deeper into the behavioural science of investment markets.   The global economic environment, according to the consensus, will deteriorate as 2023 progresses, but with that said risk is not necessarily inherent in an investment; it is always relative to the price paid.
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January 25, 2023

End of the Term Funding Facility = Greater opportunity for Non-bank SME Lenders

By David Buckland

When the COVID-19 pandemic got going in early-2020, the Reserve Bank of Australia established the Term Funding Facility (TFF) to offer low-cost three-year funding to authorized deposit-taking institutions (ADIs, often referred to as the Banks). This facility essentially provided the Banks with access to extremely low-cost funding (at a flat 0.
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November 17, 2022

Quality’s performance across the business cycle

By Polen Capital

Quality stocks have been shown in studies to have robust historical performances. 1 This analysis takes a deeper look into the Quality factor’s performance by breaking out its history into the four stages of the business cycle: Early, Mid, Late, and Recession.
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November 11, 2022

Big days in small companies

By Roger Montgomery

Overnight, U. S. stocks posted their strongest rally in years, after the country’s October consumer price data provided further confirmation inflation has indeed peaked. These are big moves that investors cannot afford to miss, which is why we will continue to generally advise being greedy when others are fearful.
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November 7, 2022

A framework for making good investment decisions

By Roger Montgomery

Warren Buffet has famously advised that “To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights or inside information. What’s needed is a sound framework for making decisions and the ability to keep emotions from corroding that framework. ” In this article, I’ve provided a basic framework to help you make sound investment decisions.
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October 31, 2022

Three timeless lessons for long-term investing

By Roger Montgomery

With the market well off its highs, it’s a wonderful time to buy shares in high quality businesses at beaten-down prices. And as I make my purchasing decisions, I like to bear in mind a few timeless lessons to help me avoid common investment mistakes. Let me share them with you.
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October 26, 2022

Australian Eagle’s risk management process

By David Buckland

The Montgomery team attended a presentation from Mark Oliver, Head of Risk, at Australian Eagle Asset Management on Thursday, and were very impressed with the institutional grade Investment and Risk Management process. To remind readers the Australian Eagle “Long-Only” Strategy which was launched in February 2005 has delivered a compound annual average return of 11.
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October 20, 2022

What does the Australian Eagle team mean by quality?

By Roger Montgomery

  In this video Sean Sequeira joins me to discuss how we define quality for the companies held in The Montgomery Fund portfolio. Sean identifies the importance of quality when investing and how Australian Eagle Asset Management determine the quality of a business.
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October 14, 2022

Which investors didn’t lose money in September?

By Roger Montgomery

  In this week’s video insight Roger identifies how credit income funds work and why most equity investors invest for the growth provided by growing businesses, and they also invest in cash, bonds or hybrids, looking for monthly income and returns that are uncorrelated with their equities and other assets.
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October 7, 2022

Aura Group’s private credit track record

By Roger Montgomery

  In this video, Brett Craig and Roger Montgomery discuss why private credit has been the preserve of high-net-worth investors, and why the banks pulled away from lending small amounts over the short term to small and medium businesses.
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