We can’t make sense of some tech valuations
Don’t worry, this is not a “calling the top” blog post. We are 100 percent certain that we have no idea for how long, or how little, this bull market has to run. And we believe most other market participants also fall into this category. Instead, we focus primarily on two things: Buying high-quality businesses […]
Is logistics the future of retail?
On a recent flight to Beijing for a China technology, media and telecommunications conference, I read The Everything Store by Brad Stone, a book on Amazon’s early history and its transformation from an online bookstore into the retail behemoth it is now. As I read, a thought occurred to me: is retail the future of […]
Addendum: St James’s Platform…of Platforms
At the beginning of July, I penned a piece on St James’s Place (SJP), the leading UK wealth manager and a business that benefits unassumingly from the wonders of platform economics. The article featured in our second anniversary letter to Montaka clients and is reproduced on this site. Since this time, SJP reported an updated […]
The makings of greatness
In this article published in Money Magazine, I discuss global technology and high performing tech companies. Read here. Andrew Macken is Chief Investment Officer with Montaka Global Investments. To learn more about Montaka, please call +612 7202 0100.
We are living in a personalized world
“Consumer expectations have sky-rocketed to the point that hyper personalization is no longer optional for brands, it’s imperative,” said Adobe’s Aseem Chandra this week. This is a clear trend we have been observing for some time. Consumers demand tailored experiences to their individual preferences. And this is dividing the consumer-facing business landscape into two groups: […]
At Google, look at the incremental economics
When Alphabet (NASDAQ: GOOGL) reported its 2Q17 result this week, its shares immediately dropped 3 percent in after-hours trading. While company revenues were largely in-line with the market’s expectations, its operating income fell short by more than 20 percent. Said another way, Alphabet’s profit margins came in at levels below the market’s expectations. There is […]
St James’s Place is the wealth(y) platform you never noticed
Platforms: the usual suspects We view the platform business model as one of the greatest business models for investors to own. Platform businesses provide the necessary common infrastructure upon which an ecosystem of businesses, products and services can be accessed by users, customers, vendors and partners. They benefit from advantages related to scale, access to […]
Underestimating the Power of Compounding
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.” – Bill Gates This pithy quote by Gates touches on an important shortcoming many of us face, either knowingly or unknowingly: our brains are not very good at accounting for the […]
Amazon’s great conditioning experiment
Jeff Bezos has been very busy wreaking havoc in the retail space lately. His company, Amazon, recently announced that it will acquire Whole Foods Market for $13.7 billion. Amazon also announced the launch of Prime Wardrobe, a service that allows Prime members to try on clothes before they buy. Finally, news emerged that Amazon and […]
Jupiter reaching for the stars
We were recently asked about Jupiter Fund Management (LSE: JUP), a stock that has been added to our global portfolios. Without giving away our entire analysis, the following note seeks to lay out, in simple terms, why we believe this is a high quality business that is currently undervalued.
