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Podcast: Join the Montaka Global Investments team on Spotify as they chat about the market dynamics that shape their investing decisions in Spotlight Series Podcast. Click below to listen. Alternatively, click below to listen or on this link: https://podcasters.spotify.com/pod/show/montaka
The noise is bad, and the facts are good.
KKR’s CEO Scott Nuttall said this about alternative assets last year. Today, it perfectly describes many stocks in Montaka’s portfolio.
Consider the disconnect:
Amazon AWS: Revenue up 24% to $142B, backlog surging 38% YoY to $204B
Meta: Growing 26% annually off a $200B revenue base
Spotify: 750M users, pricing power intact, operating expenses declining since 2022
REA Group: Residential yield up 14%, engagement extending lead over competitors
DoorDash: Complex logistics moat strengthening across three-sided marketplace
Yet stock prices? Down. 20%+ in most cases.
The market fears AI will either:
- Create oversupply from excessive CapEx, OR
- Disrupt everything through agent deployment
These scenarios are mutually exclusive. They can’t both be true.
Meanwhile, Amazon’s $200B CapEx investment follows clear demand signals. Meta’s AI deployments are already driving measurable ROI. And the idea that AI agents will replace Australians browsing REA for leisure? Absurd.
Short-term prices detach from reality. Long-term, fundamentals win.
