Why barriers to exit are killing commodity prices
Many investors understand the importance of “barriers to entry” to an industry. If an industry is difficult, time-consuming or prohibitively expensive to enter, then-incumbent industry players will be protected from competition. This is an attractive characteristic for the shareholders of said incumbents and usually results in the industry generating above-average industry returns. Fewer investors consider […]
There is something amiss in China
We are often asked if we invest on the Chinese Mainland. The answer is a categorical “No”. To understand why, keep reading. There is something amiss in China. We don’t proclaim to understand exactly what is happening domestically, yet we observe the political and economic landscape continually. Here are a few of those observations: In […]
A low returning year finishes – has another one begun?
Happy new year! Welcome to Montaka in 2016. Well, many investors will be happy to turn the page on the year of 2015. It was certainly a low-returning year (with the exception of Montaka, we are proud to write). Consider that the S&P 500 returned just +1.4% including dividends during the year in the US; […]
