Investor Insights

June 23, 2020

Why we are reducing risk by focusing on quality and size

By Roger Montgomery

Since the COVID-19 induced market low, our fund has put a substantial proportion of our cash to work.   But we’ve been very selective about the companies we bought. We added to our holdings in Macquarie Financial Group, Westpac, Commonwealth Bank, and Scentre Group.  And we are building additional positions in undisclosed stocks.
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June 23, 2020

Why I’m not a fan of the Fed buying corporate bonds

By Roger Montgomery

In March, the U. S. Federal Reserve moved to prevent a coronavirus-induced downturn by promising to set up an entity to buy corporate bonds and ETFs, including junk bonds and junk bond ETFs. My concern is that the Fed has simply created another time bomb that future generations will have to defuse.
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June 22, 2020

Why it’s so hard to pick the market direction right now

By Roger Montgomery

In a recent interview, Peter Switzer asked me if I was a bull or a bear. It’s a simple question, but one that requires a nuanced response. Because these are complex and unprecedented times for investors. Had Peter asked me that question prior to February, I would have said a bear.
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June 19, 2020

A recap of the bids made for Infigen Energy

By Gary Rollo

Our readers know we like the Infigen Energy (ASX:IFN) equity story; IFN is a renewable electricity generator and it offers a way to play the green theme here in Australia. We shared our investment thesis in an article posted in early February, a lot has happened since then. Here’s why we have sold and moved on.
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June 17, 2020

One opportunity we found during this crisis – Bapcor

By Dominic Rose

During the recent market rout, the Montgomery Small Companies Fund picked up several high-quality small caps with solid growth potential at bargain prices. One standout is leading auto parts distributor, Bapcor (ASX:BAP), which has since rebounded strongly.
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June 15, 2020

Zero forever?

Last Wednesday, Federal Reserve Chairman Jay Powell issued an unequivocally dovish assessment of the US economy in the wake of the coronavirus pandemic.
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June 12, 2020

Why I’m being fearful during this market euphoria

By Roger Montgomery

Warren Buffett famously said that, to be a successful investor, you should be fearful when others are greedy, and greedy when others are fearful.  I think his advice is especially relevant in today’s ‘risk on’ environment, in which the fear of missing out is usurping the fear of loss.
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June 10, 2020

New data confirms the meteoric rise of online shopping

The government-imposed COVID-19 lockdown accelerated a number of social trends. One of those was our increasing preference for online shopping. Recent data shows that even though the lockdown pushed total retail sales off a cliff in April, online sales shot up. And one retailer – Kogan – stood out from the pack.
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June 10, 2020

New data confirms the meteoric rise of online shopping

The government-imposed COVID-19 lockdown accelerated a number of social trends. One of those was our increasing preference for online shopping. Recent data shows that even though the lockdown pushed total retail sales off a cliff in April, online sales shot up. And one retailer – Kogan – stood out from the pack.
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June 10, 2020

Crisis? What crisis? The market says it’s time to buy

By Roger Montgomery

If you’re scratching your head over the market’s strong rebound since March, then join the club. Because there’s still a large cohort of economists and analysts who continue to see tough times ahead. I recently pointed to a definite recovery off the low levels of activity recorded  during the COVID-19 lockdowns.
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June 4, 2020

Why shorting pie in the sky is dangerous

We often hear market pundits comment on expensive stocks that currently make no money, labelling them as “great shorts. ” The Teslas, Pelotons, and Snaps of the world are examples of this that are recognisable to most. But are they in fact great shorts?
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