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	<title>Value investing, stock market advice and online trading blog - Roger Montgomery Insights blog</title>
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	<link>http://blog.rogermontgomery.com</link>
	<description>Value investing, stock market advice and online trading blog - Roger Montgomery Insights</description>
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			<item>
		<title>Is this what they mean?</title>
		<link>http://blog.rogermontgomery.com/is-this-what-they-mean/</link>
		<comments>http://blog.rogermontgomery.com/is-this-what-they-mean/#comments</comments>
		<pubDate>Wed, 16 May 2012 08:47:50 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2494</guid>
		<description><![CDATA[When pundits talk of blood in the streets, is this what they mean?
The chart above is a Market Heat Map for the All Ordinaries.  The brightest green is a move up of more than 6% on the day. Not many fit that bill today.  The brightest red is a move down of more than [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-this-what-they-mean/feed/</wfw:commentRss>
		<slash:comments>54</slash:comments>
		</item>
		<item>
		<title>Pumpkins and Mice 2012?</title>
		<link>http://blog.rogermontgomery.com/pumpkins-and-mice-2012/</link>
		<comments>http://blog.rogermontgomery.com/pumpkins-and-mice-2012/#comments</comments>
		<pubDate>Wed, 16 May 2012 05:00:47 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Resources]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2491</guid>
		<description><![CDATA[In light of my recent posts about China slowing, the price of iron ore under pressure from a gigantic supply response, our avoidance of BHP/RIO/FMG as investments and our profit taking last month in our mining services holdings&#8230;
In April, we warned more frequently than before that the mining boom appeared to be on shaky ground. [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/pumpkins-and-mice-2012/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Buffett &amp; Munger Show 2012</title>
		<link>http://blog.rogermontgomery.com/the-buffett-munger-show-2012/</link>
		<comments>http://blog.rogermontgomery.com/the-buffett-munger-show-2012/#comments</comments>
		<pubDate>Wed, 16 May 2012 04:44:37 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Insightful Insights]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2488</guid>
		<description><![CDATA[A broker sent us a copy of these notes taken at the 2012 Berkshire Annual general meeting.  The media has taken excerpts and they&#8217;ve gone viral but we like the completeness of the document we were sent.  Have a read and feel free to share your thoughts.
2012 Berkshire Hathaway Notes Annual Meeting Notes
Posted by Roger [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/the-buffett-munger-show-2012/feed/</wfw:commentRss>
		<slash:comments>9</slash:comments>
		</item>
		<item>
		<title>What are Roger Montgomery&#8217;s views on the JP Morgan hedging scandal?</title>
		<link>http://blog.rogermontgomery.com/what-are-roger-montgomerys-views-on-the-jp-morgan-hedging-scandal/</link>
		<comments>http://blog.rogermontgomery.com/what-are-roger-montgomerys-views-on-the-jp-morgan-hedging-scandal/#comments</comments>
		<pubDate>Wed, 16 May 2012 02:23:27 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Banks]]></category>
		<category><![CDATA[In the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2499</guid>
		<description><![CDATA[JP Morgan is already facing a significant market backlash as a result of the 2 Billion dollar loss from their failed hedging strategy &#8211; but what are the long term impacts?  Roger Montgomery discusses his views in this Herald Sun article published 16 May 2012.  Read Here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-are-roger-montgomerys-views-on-the-jp-morgan-hedging-scandal/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Can you really be surprised at the slump in Mining Services?</title>
		<link>http://blog.rogermontgomery.com/can-you-really-be-surprised-at-the-slump-in-mining-services/</link>
		<comments>http://blog.rogermontgomery.com/can-you-really-be-surprised-at-the-slump-in-mining-services/#comments</comments>
		<pubDate>Tue, 15 May 2012 03:48:09 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[On TV]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2486</guid>
		<description><![CDATA[Roger Montgomery is not surprised by the slump in Mining Services share prices &#8211; here he discusses with Ticky Fullerton on ABC&#8217;s The Business how the growth in supply and the limits to Chinese demand have allowed value investors to anticipate the current share price levels.  Watch here.
This interview was broadcast on ABC1&#8217;s The Business [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/can-you-really-be-surprised-at-the-slump-in-mining-services/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A solid 3rd quarter return perhaps, but what does the future hold for News Corporation?</title>
		<link>http://blog.rogermontgomery.com/a-solid-3rd-quarter-return-perhaps-but-what-does-the-future-hold-for-news-corporation/</link>
		<comments>http://blog.rogermontgomery.com/a-solid-3rd-quarter-return-perhaps-but-what-does-the-future-hold-for-news-corporation/#comments</comments>
		<pubDate>Thu, 10 May 2012 04:28:08 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Media]]></category>
		<category><![CDATA[Podcasts]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2473</guid>
		<description><![CDATA[Declining print revenues are an increasing challenge facing News Corp &#8211; Roger Montgomery discusses News Corp&#8217;s future with David Taylor of ABC&#8217;s PM program. Read and Listen here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/a-solid-3rd-quarter-return-perhaps-but-what-does-the-future-hold-for-news-corporation/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Should you watch director&#8217;s dealings?</title>
		<link>http://blog.rogermontgomery.com/should-you-watch-directors-dealings/</link>
		<comments>http://blog.rogermontgomery.com/should-you-watch-directors-dealings/#comments</comments>
		<pubDate>Tue, 08 May 2012 14:11:58 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Retail]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2452</guid>
		<description><![CDATA[Once upon a time JB Hi-Fi was a category killer: its returns on equity were unassisted by debt and stratospheric and it was all reflected in a strong share price. But  something has changed. I wrote previously, and commented elsewhere, that JB Hi-Fi was maturing, that returns on equity were flattening and that the sun [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/should-you-watch-directors-dealings/feed/</wfw:commentRss>
		<slash:comments>44</slash:comments>
		</item>
		<item>
		<title>Harvey Norman is down, but will it rise again?</title>
		<link>http://blog.rogermontgomery.com/harvey-norman-is-down-but-will-it-rise-again/</link>
		<comments>http://blog.rogermontgomery.com/harvey-norman-is-down-but-will-it-rise-again/#comments</comments>
		<pubDate>Fri, 04 May 2012 03:02:46 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Retail]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2504</guid>
		<description><![CDATA[A 7% slump in sales for the first 3 quarters of 2012 has taken a predictable toll on the Harvey Norman share price &#8211; but will things turn around when the economy improves?  Roger Montgomery discusses his views in this Sydney Morning Herald article published on 4 May 2012.  Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/harvey-norman-is-down-but-will-it-rise-again/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Are you being served?</title>
		<link>http://blog.rogermontgomery.com/are-you-being-served/</link>
		<comments>http://blog.rogermontgomery.com/are-you-being-served/#comments</comments>
		<pubDate>Thu, 03 May 2012 12:00:51 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2448</guid>
		<description><![CDATA[PORTFOLIO POINT: Office provider Servcorp is basking in strong earnings forecasts from analysts, but a capital raising in 2010 raises some important questions about the company.
Recently (Click here), I discussed Leighton and the quality of management’s relationship with its employees. Here I look at another company with a shareholder who holds a controlling stake, and [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-you-being-served/feed/</wfw:commentRss>
		<slash:comments>25</slash:comments>
		</item>
		<item>
		<title>Can a picture tell a thousand words?</title>
		<link>http://blog.rogermontgomery.com/can-a-picture-tell-a-thousands-words/</link>
		<comments>http://blog.rogermontgomery.com/can-a-picture-tell-a-thousands-words/#comments</comments>
		<pubDate>Thu, 03 May 2012 02:51:13 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2444</guid>
		<description><![CDATA[
Harvey Norman today gave its third quarter results reporting LFL (Like-for-like) sales down 6.6% and profit before tax down 24.8%.  We think a picture tells a thousand words and offer the following two images (above, of the Apple Store in Sydney&#8217;s George Street and below, of the Harvey Norman Store in Bell Street Preston&#8230;yes, [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/can-a-picture-tell-a-thousands-words/feed/</wfw:commentRss>
		<slash:comments>71</slash:comments>
		</item>
		<item>
		<title>Is BHP an under performing stock?</title>
		<link>http://blog.rogermontgomery.com/is-bhp-an-under-performing-stock/</link>
		<comments>http://blog.rogermontgomery.com/is-bhp-an-under-performing-stock/#comments</comments>
		<pubDate>Wed, 02 May 2012 02:10:27 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Podcasts]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2465</guid>
		<description><![CDATA[Roger Montgomery uses Value.able investing techniques to assess the management choices made by BHP executives over the last 20 years with Ross Greenwood and stockbroker Michael Whiting. Listen.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-bhp-an-under-performing-stock/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>When is an offer too good to refuse?</title>
		<link>http://blog.rogermontgomery.com/when-is-an-offer-too-good-to-refuse/</link>
		<comments>http://blog.rogermontgomery.com/when-is-an-offer-too-good-to-refuse/#comments</comments>
		<pubDate>Tue, 01 May 2012 02:55:35 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Takeovers]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2502</guid>
		<description><![CDATA[Roger Montgomery discusses why the Spotless (SPT) board has finally accepted a Pacific Equity Partners takeover offer in this Sydney Morning Herald article published 1 May 2012. Watch here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/when-is-an-offer-too-good-to-refuse/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What&#8217;s the Big Advantage in a high return on equity?</title>
		<link>http://blog.rogermontgomery.com/whats-the-big-advantage-in-a-high-return-on-equity/</link>
		<comments>http://blog.rogermontgomery.com/whats-the-big-advantage-in-a-high-return-on-equity/#comments</comments>
		<pubDate>Tue, 01 May 2012 01:18:53 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Intrinsic Value]]></category>
		<category><![CDATA[Off the Press]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2478</guid>
		<description><![CDATA[In the May 2012 edition of the ASX Investor Update Email Newsletter, Roger Montgomery outlines his Value.able framework for successfully investing in the share market. Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/whats-the-big-advantage-in-a-high-return-on-equity/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Why do Companies with a high &#8216;Return on Equity&#8217; often maintain their Competitive Advantage?</title>
		<link>http://blog.rogermontgomery.com/why-do-companies-with-a-high-return-on-equity-often-maintain-their-competitive-advantage/</link>
		<comments>http://blog.rogermontgomery.com/why-do-companies-with-a-high-return-on-equity-often-maintain-their-competitive-advantage/#comments</comments>
		<pubDate>Tue, 01 May 2012 01:07:42 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Off the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2457</guid>
		<description><![CDATA[In the May 2012 issue of Money Magazine, Roger Montgomery discusses why companies with a high Return on Equity maintain long-term Competitive Advantages in the industries in which they operate. Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/why-do-companies-with-a-high-return-on-equity-often-maintain-their-competitive-advantage/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Welcome</title>
		<link>http://blog.rogermontgomery.com/welcome/</link>
		<comments>http://blog.rogermontgomery.com/welcome/#comments</comments>
		<pubDate>Mon, 30 Apr 2012 07:41:34 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2441</guid>
		<description><![CDATA[Montgomery Investment Management would like to make the following important announcement.
Mr David Buckland will be joining Montgomery Investment Management as CEO shortly.  David brings a wealth of experience to Montgomery including 11 years as CEO of ethical fund manager Hunter Hall.  To view the announcement click on the image at left or click this link: Montgomery [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/welcome/feed/</wfw:commentRss>
		<slash:comments>15</slash:comments>
		</item>
		<item>
		<title>Guest Post:  Who&#8217;s on the Phone?</title>
		<link>http://blog.rogermontgomery.com/guest-post-whos-on-the-phone/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-whos-on-the-phone/#comments</comments>
		<pubDate>Sun, 29 Apr 2012 13:47:23 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Telecommunications]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2434</guid>
		<description><![CDATA[Harley takes his pen to My Net Fone and impresses even the company&#8217;s management with his results.
Take a look at any of the financial media channels or websites and you will likely notice the prevalence of brokers, advisors and commentators claiming that Australian stocks are currently cheap when viewed on a P/E basis. There is [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-whos-on-the-phone/feed/</wfw:commentRss>
		<slash:comments>15</slash:comments>
		</item>
		<item>
		<title>Why should you look beyond short term share price movements when valuing your investments?</title>
		<link>http://blog.rogermontgomery.com/value-errors-are-key-to-market-by-roger-montgomery/</link>
		<comments>http://blog.rogermontgomery.com/value-errors-are-key-to-market-by-roger-montgomery/#comments</comments>
		<pubDate>Sat, 28 Apr 2012 00:55:46 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Off the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2456</guid>
		<description><![CDATA[In the Weekend Australian, Roger Montgomery discusses how a value investor uses the concept of intrinsic value to determine the attractiveness of investments. Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/value-errors-are-key-to-market-by-roger-montgomery/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>With Sarkozy gone, what future for the Euro?</title>
		<link>http://blog.rogermontgomery.com/with-sarkozy-gone-what-future-for-the-euro/</link>
		<comments>http://blog.rogermontgomery.com/with-sarkozy-gone-what-future-for-the-euro/#comments</comments>
		<pubDate>Sat, 28 Apr 2012 00:37:04 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[In the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2476</guid>
		<description><![CDATA[The tumultuous French election result has cast doubt over the European bailout &#8211; what does Roger Montgomery think of the result?  Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/with-sarkozy-gone-what-future-for-the-euro/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Can JBH get its Mojo back?</title>
		<link>http://blog.rogermontgomery.com/can-jbh-get-its-mojo-back/</link>
		<comments>http://blog.rogermontgomery.com/can-jbh-get-its-mojo-back/#comments</comments>
		<pubDate>Fri, 27 Apr 2012 03:19:45 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Retail]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2430</guid>
		<description><![CDATA[     
What a difference a high Australian dollar (lots of people travelling and spending their money overseas and not here), a shift to online retailing, deflation, competitors going out of business, higher petrol prices and a more cautious consumer can make in the retail space in just nine months. And few [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/can-jbh-get-its-mojo-back/feed/</wfw:commentRss>
		<slash:comments>34</slash:comments>
		</item>
		<item>
		<title>How does Roger Montgomery view the desirability of owning airline stocks?</title>
		<link>http://blog.rogermontgomery.com/how-does-roger-montgomery-view-the-desirability-of-owning-airline-stocks/</link>
		<comments>http://blog.rogermontgomery.com/how-does-roger-montgomery-view-the-desirability-of-owning-airline-stocks/#comments</comments>
		<pubDate>Thu, 26 Apr 2012 01:20:08 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Podcasts]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2428</guid>
		<description><![CDATA[Roger Montgomery speaks with Ross Greenwood on Radio 2GB regarding the current state-of-play for Australian airlines, how the global landscape is both pressuring our local players and will also shape their future &#8211; and why his in &#8220;Value.able&#8221; investing strategy highlights why Australian airline stocks are unlikely to represent strong growth investments for some time [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/how-does-roger-montgomery-view-the-desirability-of-owning-airline-stocks/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
<enclosure url="http://rogermontgomery.com/mp3/2GB/26_April_2012_Roger_Montgomery_talks_Value.able_investing_with_Ross_Greenwood.mp3" length="5480922" type="audio/mpeg" />
		</item>
		<item>
		<title>Sinking like a brick?  Are house prices really going to crash?</title>
		<link>http://blog.rogermontgomery.com/sinking-like-a-brick-are-house-prices-really-going-to-crash/</link>
		<comments>http://blog.rogermontgomery.com/sinking-like-a-brick-are-house-prices-really-going-to-crash/#comments</comments>
		<pubDate>Fri, 20 Apr 2012 13:54:33 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Financials]]></category>
		<category><![CDATA[Insightful Insights]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2413</guid>
		<description><![CDATA[One of the companies that is bound to suffer amid the western world&#8217;s slump in house prices, home starts and weak credit growth is Boral.
Today, Boral (BLD) cut their full year profit guidance by $22m after weak house activity and heavy rain in NSW and QLD have impacted their operations. BLD had forecast profit to [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/sinking-like-a-brick-are-house-prices-really-going-to-crash/feed/</wfw:commentRss>
		<slash:comments>123</slash:comments>
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		<title>Given the outlook for Chinese growth and iron-ore prices, is it time to cast a critical eye over your BHP holdings?</title>
		<link>http://blog.rogermontgomery.com/given-the-outlook-for-chinese-growth-and-iron-ore-prices-is-it-time-to-cast-a-critical-eye-over-your-bhp-holdings/</link>
		<comments>http://blog.rogermontgomery.com/given-the-outlook-for-chinese-growth-and-iron-ore-prices-is-it-time-to-cast-a-critical-eye-over-your-bhp-holdings/#comments</comments>
		<pubDate>Fri, 20 Apr 2012 01:42:23 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Off the Press]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2463</guid>
		<description><![CDATA[Roger Montgomery discusses how and if you should respond to the impact of changing global conditions on your BHP [BHP] stock holding. Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/given-the-outlook-for-chinese-growth-and-iron-ore-prices-is-it-time-to-cast-a-critical-eye-over-your-bhp-holdings/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Guest Post:  Can you beat the worlds biggest banks?</title>
		<link>http://blog.rogermontgomery.com/guest-post-can-you-beat-the-worlds-biggest-banks/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-can-you-beat-the-worlds-biggest-banks/#comments</comments>
		<pubDate>Thu, 19 Apr 2012 02:40:08 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2408</guid>
		<description><![CDATA[For new readers to the blog, welcome. Here at Roger’s blog we are conducting an ongoing study comparing the performance of investment portfolios recommended by major broking houses verses a loose selection of A1 and A2 stocks bought as a big a discount to IV as possible.
(Its Roger here:  Its important to understand this is [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-can-you-beat-the-worlds-biggest-banks/feed/</wfw:commentRss>
		<slash:comments>37</slash:comments>
		</item>
		<item>
		<title>Guest Post:  Thoughts on Risk.</title>
		<link>http://blog.rogermontgomery.com/guest-post-thoughts-on-risk/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-thoughts-on-risk/#comments</comments>
		<pubDate>Thu, 19 Apr 2012 01:15:46 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2403</guid>
		<description><![CDATA[


RISK: Successful investing is all about managing risk and, as luck would have it, this is one of the things that we, as a species are not particularly good at.
It is demonstrably true that humans are terrible at evaluating the complex risks associated with modern environments. This is not new information and there are plenty [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-thoughts-on-risk/feed/</wfw:commentRss>
		<slash:comments>28</slash:comments>
		</item>
		<item>
		<title>They may never be needed but are there enough?</title>
		<link>http://blog.rogermontgomery.com/they-may-never-be-needed-but-are-there-enough/</link>
		<comments>http://blog.rogermontgomery.com/they-may-never-be-needed-but-are-there-enough/#comments</comments>
		<pubDate>Wed, 18 Apr 2012 14:37:16 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Manufacturing]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2398</guid>
		<description><![CDATA[Republished: PORTFOLIO POINT: Leighton’s recent performance issues have been exacerbated by a poor relationship between management and staff.
The 15th of April will mark the 100-year anniversary of the tragic sinking of the Titanic on its maiden voyage from Southampton England to New York. Owned by The Oceanic Steam Navigation Company or White Star Line of [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/they-may-never-be-needed-but-are-there-enough/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Guest Post:  The Happiest Company on Earth?</title>
		<link>http://blog.rogermontgomery.com/guest-post-the-happiest-company-on-earth/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-the-happiest-company-on-earth/#comments</comments>
		<pubDate>Wed, 18 Apr 2012 14:11:54 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2391</guid>
		<description><![CDATA[Many of us grew up with a diet of the brilliant work of Walt Disney. As children we laughed and cried along with the characters of Donald Duck and Mickey Mouse, Cinderella and Bambi.  More recently, boosted by the purchase of Steve&#8217;s Job&#8217;s Pixar business, Disney continues to build its library and draw many more [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-the-happiest-company-on-earth/feed/</wfw:commentRss>
		<slash:comments>9</slash:comments>
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		<item>
		<title>Guest Post:  Do Something!</title>
		<link>http://blog.rogermontgomery.com/guest-post-do-something/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-do-something/#comments</comments>
		<pubDate>Wed, 18 Apr 2012 13:38:36 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2387</guid>
		<description><![CDATA[I spent Easter at the beach, getting away with my family and we enjoyed the company of a bunch of friends.  The smallest children all like to build sand castles at the very edge of the dry sand where it becomes moist and pliable.  Of course as the tide comes in they are [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-do-something/feed/</wfw:commentRss>
		<slash:comments>6</slash:comments>
		</item>
		<item>
		<title>Building Heaps &amp; Piles at BHP</title>
		<link>http://blog.rogermontgomery.com/building-heaps-piles-at-bhp/</link>
		<comments>http://blog.rogermontgomery.com/building-heaps-piles-at-bhp/#comments</comments>
		<pubDate>Wed, 18 Apr 2012 12:59:21 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Resources]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2385</guid>
		<description><![CDATA[PORTFOLIO POINT: Given the outlook for Chinese growth and iron ore prices, is it time to cast a critical eye over your BHP holding?
The 2001 merger of BHP Limited and Billiton Plc created the world’s largest diversified resource company. The company is also one of the largest in the world by market capitalisation and I [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/building-heaps-piles-at-bhp/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>What does the future hold for the Australian Car Industry?</title>
		<link>http://blog.rogermontgomery.com/what-does-the-future-hold-for-the-australian-car-industry/</link>
		<comments>http://blog.rogermontgomery.com/what-does-the-future-hold-for-the-australian-car-industry/#comments</comments>
		<pubDate>Tue, 17 Apr 2012 02:35:50 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[On TV]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2424</guid>
		<description><![CDATA[Roger Montgomery places context around the latest job losses at Toyota, and also discusses management and staff relations versus company performance at Leighton Holdings (LEI) with Ticky Fullerton on ABC&#8217;s &#8216;The Business&#8217;.  Roger appears at 8:03.   Watch the Inteview.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-does-the-future-hold-for-the-australian-car-industry/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What are Roger Montgomery&#8217;s thoughts on good-value industrial stocks?</title>
		<link>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-good-value-industrial-stocks/</link>
		<comments>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-good-value-industrial-stocks/#comments</comments>
		<pubDate>Tue, 17 Apr 2012 02:11:23 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Podcasts]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2425</guid>
		<description><![CDATA[Industrial stocks are on the rise, however how many of them represent good-value to investors?  Roger Montgomery speaks with Ross Greenwood about how his book &#8220;Value.able&#8221; and the &#8220;Skaffold&#8221; application help investors to sift the good-value industrials from those you don&#8217;t want to own.  Listen.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-good-value-industrial-stocks/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
<enclosure url="http://rogermontgomery.com/mp3/2GB/17_april__2012_roger_montgomery_talks_value.able_value_investing_with_ross_greenwood_on_2gb.mp3" length="4230660" type="audio/mpeg" />
		</item>
		<item>
		<title>How can you beat the market?</title>
		<link>http://blog.rogermontgomery.com/how-can-you-beat-the-market/</link>
		<comments>http://blog.rogermontgomery.com/how-can-you-beat-the-market/#comments</comments>
		<pubDate>Sat, 14 Apr 2012 03:35:40 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Off the Press]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2510</guid>
		<description><![CDATA[For many, beating the market indices is the hold grail of share market investing.  In this Australian article published 14 April 2012 Roger Montgomery discusses how you too can beat the market using his Value.able investing strategy.  Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/how-can-you-beat-the-market/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What are Roger Montgomery&#8217;s Value.able insights into Mining Services?</title>
		<link>http://blog.rogermontgomery.com/what-are-roger-montgomerys-value-able-insights-into-mining-services/</link>
		<comments>http://blog.rogermontgomery.com/what-are-roger-montgomerys-value-able-insights-into-mining-services/#comments</comments>
		<pubDate>Fri, 13 Apr 2012 23:35:37 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Intrinsic Value]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[On TV]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2484</guid>
		<description><![CDATA[Do New Hope Corporation (NHC), Northern Star Resources (NST), Mt Gibson Iron (MGX), Navarre Minerals (NMC), Allmine Group (AZG), Credit Corp Group (CCP), Matrix composites (MCE), Coffey International (COF), Data #3 (DTL), Breville Group (BRG), UGL (UGL), QR National (QRN) and Seymour Whyte (SWL) make Roger&#8217;s coveted A1 grade?  Watch this edition of  Sky Business&#8217; [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-are-roger-montgomerys-value-able-insights-into-mining-services/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Will China demand Iron&#8230;or&#8230;?</title>
		<link>http://blog.rogermontgomery.com/will-china-demand-iron-or/</link>
		<comments>http://blog.rogermontgomery.com/will-china-demand-iron-or/#comments</comments>
		<pubDate>Wed, 11 Apr 2012 12:53:45 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Manufacturing]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Resources]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2375</guid>
		<description><![CDATA[PORTFOLIO POINT: A fall in China’s demand for iron ore, combined with a boost in supply, will lead to lower prices and put the margins of Australia’s big producers under pressure.
Like a thief in the night, it crept across our news screens a two weeks ago: “The rate of China&#8217;s iron ore demand has peaked…”
This [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/will-china-demand-iron-or/feed/</wfw:commentRss>
		<slash:comments>27</slash:comments>
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		<item>
		<title>In April 2012 where does Russell Muldoon see good Value.able investments? (Part 2)</title>
		<link>http://blog.rogermontgomery.com/in-april-2012-where-does-russell-muldoon-see-good-value-able-investments-part-2/</link>
		<comments>http://blog.rogermontgomery.com/in-april-2012-where-does-russell-muldoon-see-good-value-able-investments-part-2/#comments</comments>
		<pubDate>Tue, 10 Apr 2012 03:09:39 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[On TV]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2482</guid>
		<description><![CDATA[Do Lonrho Mining (LOM), Integrated Research (IRI), Hawkley Oil and Gas (HOG), Boart Longyear (BLY), Forge (FGE) and Environmental CleanTechnologies (ESI) achieve Roger and coveted A1 grade? Watch Part 2 of Sky Business&#8217; Your Money Your Call 10 April 2012 program now to find out. Watch here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/in-april-2012-where-does-russell-muldoon-see-good-value-able-investments-part-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>In April 2012 where does Russell Muldoon see good Value.able investments? (Part 1)</title>
		<link>http://blog.rogermontgomery.com/in-april-2012-where-does-russell-muldoon-see-good-value-able-investments-part-1/</link>
		<comments>http://blog.rogermontgomery.com/in-april-2012-where-does-russell-muldoon-see-good-value-able-investments-part-1/#comments</comments>
		<pubDate>Tue, 10 Apr 2012 02:59:48 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[On TV]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2480</guid>
		<description><![CDATA[Do Thorn Group (TGA), Maverick Drilling (MAD), Campbell Brothers (CPB) and Galaxy Resources (GXY) achieve Roger&#8217;s coveted A1 grade? Watch Part 1 of Sky Business&#8217; Your Money Your Call 10 April 2012 program now to find.  Watch here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/in-april-2012-where-does-russell-muldoon-see-good-value-able-investments-part-1/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Can Apple&#8217;s share price continue to climb?</title>
		<link>http://blog.rogermontgomery.com/can-apples-share-price-continue-to-climb/</link>
		<comments>http://blog.rogermontgomery.com/can-apples-share-price-continue-to-climb/#comments</comments>
		<pubDate>Wed, 04 Apr 2012 05:18:45 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Intrinsic Value]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[On TV]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2516</guid>
		<description><![CDATA[Roger Montgomery discusses with Ticky Fullerton on ABC1&#8217;s &#8216;The Business&#8217; how the ever-increasing climb of Apple&#8217;s share price is likely to come under pressure.  Watch here.
This edition of The Business was broadcast 4 April 2012.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/can-apples-share-price-continue-to-climb/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Mining Services; a crowded trade?</title>
		<link>http://blog.rogermontgomery.com/mining-services-a-crowded-trade/</link>
		<comments>http://blog.rogermontgomery.com/mining-services-a-crowded-trade/#comments</comments>
		<pubDate>Tue, 03 Apr 2012 08:17:44 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2373</guid>
		<description><![CDATA[We have been prattling on about the value in mining services businesses for a long time and I am sure you are familiar with names like Forge, Decmil and Maca.  What concerns me a little is that these names are now familiar not only to the few that read this blog and keep up [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/mining-services-a-crowded-trade/feed/</wfw:commentRss>
		<slash:comments>45</slash:comments>
		</item>
		<item>
		<title>Why is the Value of a Property not necessarily what someone is prepared to pay?</title>
		<link>http://blog.rogermontgomery.com/why-is-the-value-of-a-property-not-necessarily-what-someone-is-prepared-to-pay/</link>
		<comments>http://blog.rogermontgomery.com/why-is-the-value-of-a-property-not-necessarily-what-someone-is-prepared-to-pay/#comments</comments>
		<pubDate>Sun, 01 Apr 2012 00:59:47 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Property]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2471</guid>
		<description><![CDATA[In the April 2012 issue of BrokerNews.com.au&#8217;s EMag, Greg Campbell of ARAP discusses property valuation issues, and how Roger Montgomery&#8217;s Value.able approach to assessing asset values highlights that what someone is prepared to pay can bear very little relation to the true worth of an asset.  Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/why-is-the-value-of-a-property-not-necessarily-what-someone-is-prepared-to-pay/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>How can you find value in volatile times?</title>
		<link>http://blog.rogermontgomery.com/finding-value-in-volatile-times-by-roger-montgomery/</link>
		<comments>http://blog.rogermontgomery.com/finding-value-in-volatile-times-by-roger-montgomery/#comments</comments>
		<pubDate>Sat, 31 Mar 2012 03:41:38 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Off the Press]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2454</guid>
		<description><![CDATA[Roger Montgomery discusses how using Skaffold will allow you to learn the intrinsic value of stocks even during periods of high market volatility. Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/finding-value-in-volatile-times-by-roger-montgomery/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Who&#8217;s really doing the coal mining?</title>
		<link>http://blog.rogermontgomery.com/whos-really-doing-the-coal-mining/</link>
		<comments>http://blog.rogermontgomery.com/whos-really-doing-the-coal-mining/#comments</comments>
		<pubDate>Fri, 30 Mar 2012 13:15:27 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Resources]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2366</guid>
		<description><![CDATA[PORTFOLIO POINT: Delta SBD is weaker than its peer Mastermyne in many respects, but with an expansion in Queensland on the cards, things &#8220;might&#8221; change.
Spec.u.li.tis (noun) 1. Inflation of one’s speculative stock-picking abilities.
In my line of work, I meet many finance industry professionals who generously forward their speculative tips unsolicited. A couple of them – [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/whos-really-doing-the-coal-mining/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Another Aussie Investing Classic.</title>
		<link>http://blog.rogermontgomery.com/another-aussie-investing-classic/</link>
		<comments>http://blog.rogermontgomery.com/another-aussie-investing-classic/#comments</comments>
		<pubDate>Fri, 30 Mar 2012 12:16:56 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2363</guid>
		<description><![CDATA[I enjoyed the process of writing Value.able immensely and its best seller status suggests there&#8217;s a growing band of individuals in Australia who&#8217;d like to be successful value investors.  If you want to become a successful investor or simply invest successfully, I believe it&#8217;s best to learn from those that have a demonstrated track record. [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/another-aussie-investing-classic/feed/</wfw:commentRss>
		<slash:comments>33</slash:comments>
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		<item>
		<title>Guest Post:  What&#8217;s the real BHP share price?</title>
		<link>http://blog.rogermontgomery.com/guest-post-whats-the-real-bhp-share-price/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-whats-the-real-bhp-share-price/#comments</comments>
		<pubDate>Thu, 29 Mar 2012 04:34:06 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Resources]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2359</guid>
		<description><![CDATA[Portfolio Point:  BHP Billiton is well known to every Australian investor, but what you may not be aware of is the unique opportunity the corporate structure offers the trader and investor. 
BHP Billiton was formed when BHP and Billiton merged in June 2001; following the merger the companies maintained their separate stock exchange listings. [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-whats-the-real-bhp-share-price/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Are the pizzas better at Dominos?</title>
		<link>http://blog.rogermontgomery.com/are-the-pizzas-better-at-dominos/</link>
		<comments>http://blog.rogermontgomery.com/are-the-pizzas-better-at-dominos/#comments</comments>
		<pubDate>Tue, 27 Mar 2012 09:37:16 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2355</guid>
		<description><![CDATA[PORTFOLIO POINT: Despite the headwinds facing retailers in Australia, Domino’s Pizza is growing and expanding its margins. But is that growth already be priced in?
Retailers in Australia are facing a perfect storm of weak consumer spending, online competition and a rising Australian dollar. But despite these headwinds, there’s one company that is not only expanding [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-the-pizzas-better-at-dominos/feed/</wfw:commentRss>
		<slash:comments>33</slash:comments>
		</item>
		<item>
		<title>Is Apple still cheap?</title>
		<link>http://blog.rogermontgomery.com/is-apple-still-cheap/</link>
		<comments>http://blog.rogermontgomery.com/is-apple-still-cheap/#comments</comments>
		<pubDate>Mon, 26 Mar 2012 14:17:55 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Dividends]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2350</guid>
		<description><![CDATA[As Apple&#8217;s share price summits new all-time highs and its market capitalization of nearly $550 billion exceeds that of all the remaining S&#38;P500 retailers in the United States, some investors thought it high time I update my view of Apple and my intrinsic value estimate.
Apple was first reviewed here (http://blog.rogermontgomery.com/is-apple-an-a1/) at the Insights Blog on [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-apple-still-cheap/feed/</wfw:commentRss>
		<slash:comments>29</slash:comments>
		</item>
		<item>
		<title>Is this company a master of the mine?</title>
		<link>http://blog.rogermontgomery.com/is-this-company-a-master-of-the-mine/</link>
		<comments>http://blog.rogermontgomery.com/is-this-company-a-master-of-the-mine/#comments</comments>
		<pubDate>Mon, 26 Mar 2012 12:03:04 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Manufacturing]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2347</guid>
		<description><![CDATA[PORTFOLIO POINT: Coal mining services provider Mastermyne is attractive if you consider its work in hand, revenue and earnings prospects. Cash flow, however, must be watched closely and value has recently taken flight.
Investors can be an irrational lot. When share prices are low, investors are reluctant to buy, preferring first a rise in prices to [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-this-company-a-master-of-the-mine/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
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		<item>
		<title>Guest Post:  Forcing Bright Prospects</title>
		<link>http://blog.rogermontgomery.com/guest-post/</link>
		<comments>http://blog.rogermontgomery.com/guest-post/#comments</comments>
		<pubDate>Thu, 22 Mar 2012 23:47:01 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2345</guid>
		<description><![CDATA[Created by Harvard Business School professor Michael Porter to analyze the attractiveness and likelihood of profitability of an industry, Porter’s Five Forces are a simple but powerful tool for understanding where power lies in any business situation. Using this tool, you can gain insight into the competitive strength of an investee candidate.
While these Five Forces [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post/feed/</wfw:commentRss>
		<slash:comments>28</slash:comments>
		</item>
		<item>
		<title>Guest Post; A letter from Harley</title>
		<link>http://blog.rogermontgomery.com/guest-post-a-letter-from-harley/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-a-letter-from-harley/#comments</comments>
		<pubDate>Wed, 21 Mar 2012 13:01:08 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2341</guid>
		<description><![CDATA[On 1 March, Harley sent me an email.  Right in the guts of reporting season with up to 93 companies reporting in a single day, I have to confess to prioritising our work for the fund.  But Harley put a lot of thought into his letter to me about Allmine Group and I would hate [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-a-letter-from-harley/feed/</wfw:commentRss>
		<slash:comments>25</slash:comments>
		</item>
		<item>
		<title>Will investment in re-structuring boost David Jones fortunes?</title>
		<link>http://blog.rogermontgomery.com/will-investment-in-re-structuring-boost-david-jones-fortunes/</link>
		<comments>http://blog.rogermontgomery.com/will-investment-in-re-structuring-boost-david-jones-fortunes/#comments</comments>
		<pubDate>Wed, 21 Mar 2012 05:12:11 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Podcasts]]></category>
		<category><![CDATA[Retail]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2514</guid>
		<description><![CDATA[David Jones will spend between 70 and 80 million dollars to restructure its businesses &#8211; is this likely to boost its flagging share price?  Roger Montgomery provides his insights to the ABC&#8217;s David Taylor on this edition of the PM program, broadcast 21 March 2012.  Read/Listen here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/will-investment-in-re-structuring-boost-david-jones-fortunes/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Are we in the middle of another US share market bubble?</title>
		<link>http://blog.rogermontgomery.com/are-we-in-the-middle-of-another-us-share-market-bubble/</link>
		<comments>http://blog.rogermontgomery.com/are-we-in-the-middle-of-another-us-share-market-bubble/#comments</comments>
		<pubDate>Mon, 19 Mar 2012 05:04:11 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Podcasts]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2512</guid>
		<description><![CDATA[On ABC Radio&#8217;s &#8216;The World Today&#8217; Roger Montgomery discusses with David Taylor why he can foresee a corrections to the US equity markets. Read/Listen here.
This program was broadcast on the 19th March 2012.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-we-in-the-middle-of-another-us-share-market-bubble/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Thinking of speculating in the stock market?</title>
		<link>http://blog.rogermontgomery.com/thinking-of-speculating-in-the-stock-market/</link>
		<comments>http://blog.rogermontgomery.com/thinking-of-speculating-in-the-stock-market/#comments</comments>
		<pubDate>Sat, 17 Mar 2012 03:46:45 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Off the Press]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2511</guid>
		<description><![CDATA[Participation in the stock market is at a low ebb &#8211; in this Australian article published 17 March 2012 Roger Montgomery explains how when you decide to re-enter the stock market his Value.able strategy will allow you to invest for value, and entirely avoid speculation.  Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/thinking-of-speculating-in-the-stock-market/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Are recurring profits worth chasing?</title>
		<link>http://blog.rogermontgomery.com/are-recurring-profits-worth-chasing/</link>
		<comments>http://blog.rogermontgomery.com/are-recurring-profits-worth-chasing/#comments</comments>
		<pubDate>Thu, 15 Mar 2012 08:41:05 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2327</guid>
		<description><![CDATA[Week after week our email inbox is filled with investor’s questions: A reasonably frequent one is about the performance of a portfolio of stocks that I wrote about last year filled with companies whose revenues had a large recurring component to them.  If you know anything about the recurring patterns in fractal geometry, you [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-recurring-profits-worth-chasing/feed/</wfw:commentRss>
		<slash:comments>46</slash:comments>
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		<item>
		<title>Is there beauty in boring?</title>
		<link>http://blog.rogermontgomery.com/is-there-beauty-in-boring/</link>
		<comments>http://blog.rogermontgomery.com/is-there-beauty-in-boring/#comments</comments>
		<pubDate>Thu, 15 Mar 2012 08:03:16 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Insightful Insights]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2323</guid>
		<description><![CDATA[Making winches and bullbars for four-wheel drives sounds boring, but the latest figures from ARB offer exciting reading.

I am most excited about companies that are in boring industries. You might recall my column (here) enthusiastically discussing Embelton, a manufacturer and distributor of … wait for it … hardwood flooring. Since that article the stock has [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-there-beauty-in-boring/feed/</wfw:commentRss>
		<slash:comments>13</slash:comments>
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		<item>
		<title>Is it time to buy QBE?</title>
		<link>http://blog.rogermontgomery.com/is-it-time-to-buy-qbe/</link>
		<comments>http://blog.rogermontgomery.com/is-it-time-to-buy-qbe/#comments</comments>
		<pubDate>Thu, 15 Mar 2012 07:29:27 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Financials]]></category>
		<category><![CDATA[Insurance]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2318</guid>
		<description><![CDATA[QBE shares are trading at their lowest price since 2007, and they&#8217;re trading at Skaffold&#8217;s estimate of Intrinsic Value.  They could be a compelling investment if premiums rise, US bonds collapse (interest rates therefore rise) and return on equity improves.
The release yesterday of QBE&#8217;s 2011 financial results, along with news of its planned $500 [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-it-time-to-buy-qbe/feed/</wfw:commentRss>
		<slash:comments>19</slash:comments>
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		<item>
		<title>Value Investing &#8216;on air&#8217;.</title>
		<link>http://blog.rogermontgomery.com/value-investing-on-air/</link>
		<comments>http://blog.rogermontgomery.com/value-investing-on-air/#comments</comments>
		<pubDate>Sun, 11 Mar 2012 00:41:16 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Media]]></category>
		<category><![CDATA[On TV]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2311</guid>
		<description><![CDATA[A busy week last week for value investing.  Presenting in Perth for the ASX and in Melbourne as well as chatting to Ross Greenwood and Ticky Fullerton as I do regularly has cemented in my mind the idea that the case is building for a protracted de-leveraging (Click the European youth unemployment chart at left). [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/value-investing-on-air/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Is the rally over?</title>
		<link>http://blog.rogermontgomery.com/is-the-rally-over/</link>
		<comments>http://blog.rogermontgomery.com/is-the-rally-over/#comments</comments>
		<pubDate>Wed, 07 Mar 2012 20:06:15 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Market Valuation]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2304</guid>
		<description><![CDATA[At the outset, let me say I am not going forecast anything.  I don&#8217;t know whether the market will rise or fall next.  Andy Xie however, in his column entitled; A world flying blind wrote:  &#8221;Playing with expectations works temporarily. The risk-on trade is in a mini bubble, as today’s, buyers want to be ahead of [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-the-rally-over/feed/</wfw:commentRss>
		<slash:comments>56</slash:comments>
		</item>
		<item>
		<title>GUEST POST: A PRIMER ON GOLD EQUITY INVESTING</title>
		<link>http://blog.rogermontgomery.com/guest-post-a-primer-on-gold-equity-investing/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-a-primer-on-gold-equity-investing/#comments</comments>
		<pubDate>Tue, 06 Mar 2012 19:31:33 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2289</guid>
		<description><![CDATA[By Praveen J on 9th January 2012 and updated Feb 20 2012
This year I have been given an opportunity to write about my experiences in applying what I have learnt as a Value.able graduate and Skaffold member. At the moment I am looking to invest in stocks with a market capitalisation under $2 billion (small [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-a-primer-on-gold-equity-investing/feed/</wfw:commentRss>
		<slash:comments>49</slash:comments>
		</item>
		<item>
		<title>An important milestone for us.</title>
		<link>http://blog.rogermontgomery.com/an-important-milestone-for-us/</link>
		<comments>http://blog.rogermontgomery.com/an-important-milestone-for-us/#comments</comments>
		<pubDate>Tue, 28 Feb 2012 19:48:46 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2281</guid>
		<description><![CDATA[We are pleased to make the following Announcement.  Chris Mackay, Hamish Douglass and I worked patiently to bring this together.  I am delighted to see it announced. By way of background, in addition to their roles at Magellan Financial Group, Hamish Douglass is a member of the Foreign Investment Review Board and a [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/an-important-milestone-for-us/feed/</wfw:commentRss>
		<slash:comments>40</slash:comments>
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		<item>
		<title>Another strong result from small Co.</title>
		<link>http://blog.rogermontgomery.com/another-strong-result-from-small-co/</link>
		<comments>http://blog.rogermontgomery.com/another-strong-result-from-small-co/#comments</comments>
		<pubDate>Sun, 26 Feb 2012 12:36:25 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2276</guid>
		<description><![CDATA[We have been delighted with the reports coming out from the smaller industrial companies and note again the growing divergence in the performance of the XJO versus the XNJ (ASX 200 versus All Industrials).  We attribute this to a declining enthusiasm for the &#8216;resource story&#8217; and the fact that many of the industrial companies [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/another-strong-result-from-small-co/feed/</wfw:commentRss>
		<slash:comments>65</slash:comments>
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		<item>
		<title>Gold Bugs&#8230;Nah</title>
		<link>http://blog.rogermontgomery.com/gold-bugs-nah/</link>
		<comments>http://blog.rogermontgomery.com/gold-bugs-nah/#comments</comments>
		<pubDate>Sat, 25 Feb 2012 23:57:52 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Resources]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2272</guid>
		<description><![CDATA[Their is something prescient in the name John Deason and Richard Oates gave to their 1869 gold nugget the &#8216;Welcome Stranger&#8217; and the one Kevin Hillier gave to his 875 troy ounce find &#8216;The Hand of Faith&#8217;.  Today&#8217;s gold price is indeed very welcome to gold bugs and there is plenty of faith needed that [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/gold-bugs-nah/feed/</wfw:commentRss>
		<slash:comments>42</slash:comments>
		</item>
		<item>
		<title>Rejected?</title>
		<link>http://blog.rogermontgomery.com/rejected/</link>
		<comments>http://blog.rogermontgomery.com/rejected/#comments</comments>
		<pubDate>Thu, 23 Feb 2012 19:50:07 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2270</guid>
		<description><![CDATA[We all know retail businesses are swimming against the tide.  We have written about that subject here at the blog on many occasions and below is a brief list of more recent posts:
We are not investors in momentum or sentiment however this blog allows me to share our thoughts with you and we are [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/rejected/feed/</wfw:commentRss>
		<slash:comments>33</slash:comments>
		</item>
		<item>
		<title>Buying Opportunities &#8211; Part 1</title>
		<link>http://blog.rogermontgomery.com/buying-opportunities-part-1/</link>
		<comments>http://blog.rogermontgomery.com/buying-opportunities-part-1/#comments</comments>
		<pubDate>Tue, 21 Feb 2012 05:00:03 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[On TV]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2382</guid>
		<description><![CDATA[Roger Montgomery shows investors how he uses Skaffold to find great  value stocks at the ASX Investor Hour Sydney. Watch the video.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/buying-opportunities-part-1/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Buying Opportunities &#8211; Part 2</title>
		<link>http://blog.rogermontgomery.com/buying-opportunities-part-2/</link>
		<comments>http://blog.rogermontgomery.com/buying-opportunities-part-2/#comments</comments>
		<pubDate>Tue, 21 Feb 2012 04:05:05 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[On TV]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2383</guid>
		<description><![CDATA[Roger Montgomery shows investors how he uses Skaffold to find great value stocks at the ASX Investor Hour Sydney. Watch the video.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/buying-opportunities-part-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Guest Post:  Thoughts on fast maturity</title>
		<link>http://blog.rogermontgomery.com/guest-post-thoughts-on-fast-maturity/</link>
		<comments>http://blog.rogermontgomery.com/guest-post-thoughts-on-fast-maturity/#comments</comments>
		<pubDate>Mon, 20 Feb 2012 19:38:40 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2267</guid>
		<description><![CDATA[Investor Point:  Andrew observes that companies in fast changing industries are prone to misguided adventures with shareholders funds after they mature (which they do very quickly in a country with a population of a mere 23 million).
(if you&#8217;d like to contribute a post send it to roger@rogermontgomery.com with the word CONTRIBUTION in the subject line)
The [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/guest-post-thoughts-on-fast-maturity/feed/</wfw:commentRss>
		<slash:comments>29</slash:comments>
		</item>
		<item>
		<title>Vale</title>
		<link>http://blog.rogermontgomery.com/vale/</link>
		<comments>http://blog.rogermontgomery.com/vale/#comments</comments>
		<pubDate>Mon, 20 Feb 2012 12:44:35 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2260</guid>
		<description><![CDATA[Bloomberg:
  
&#8220;Walter Schloss, the money manager who earned accolades from Warren Buffett for the steady returns he achieved by applying lessons learned directly from the father of value investing, Benjamin Graham, has died. He was 95.

He died yesterday at his home in Manhattan, according to his son, Edwin. The cause was leukemia.

From 1955 to [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/vale/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
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		<item>
		<title>Is your portfolio filled with quality and margins of safety?</title>
		<link>http://blog.rogermontgomery.com/is-your-portfolio-filled-with-quality-and-margins-of-safety/</link>
		<comments>http://blog.rogermontgomery.com/is-your-portfolio-filled-with-quality-and-margins-of-safety/#comments</comments>
		<pubDate>Mon, 20 Feb 2012 12:25:45 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2257</guid>
		<description><![CDATA[Click on the image at left to see a close up of the stocks we like.
I reckon 2012 will be the year to get set and fill your portfolio with high quality businesses, demonstrating bright prospects for intrinsic value growth and a margin of safety.  That will be the topic of my talk today [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-your-portfolio-filled-with-quality-and-margins-of-safety/feed/</wfw:commentRss>
		<slash:comments>17</slash:comments>
		</item>
		<item>
		<title>Confusion and misinformation&#8230;</title>
		<link>http://blog.rogermontgomery.com/confusion-and-misinformation/</link>
		<comments>http://blog.rogermontgomery.com/confusion-and-misinformation/#comments</comments>
		<pubDate>Thu, 16 Feb 2012 15:22:32 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Airlines]]></category>
		<category><![CDATA[Financials]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Resources]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2252</guid>
		<description><![CDATA[I was surprised to read mainstream financial commentary today, suggesting today&#8217;s sell off reflected a &#8220;shrugging off&#8221; of a &#8220;solid&#8221; domestic labour report, and that instead, the market focused on disappointing earnings reports from large cap domestic companies and growing fears Greece is moving closer to default.  Putting aside the fact you&#8217;d go nuts trying [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/confusion-and-misinformation/feed/</wfw:commentRss>
		<slash:comments>28</slash:comments>
		</item>
		<item>
		<title>Gold v Stocks; Who will win?</title>
		<link>http://blog.rogermontgomery.com/gold-v-stocks-who-will-win/</link>
		<comments>http://blog.rogermontgomery.com/gold-v-stocks-who-will-win/#comments</comments>
		<pubDate>Tue, 14 Feb 2012 07:20:05 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2246</guid>
		<description><![CDATA[On one side of the investing coin is the idea that you lay out money today to get more back later.  The flipside is that buy purchasing today you forego consumption today for the ability to consume more later.
They aren’t quite the same thing of course, because the latter idea introduces inflation and suggests [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/gold-v-stocks-who-will-win/feed/</wfw:commentRss>
		<slash:comments>40</slash:comments>
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		<item>
		<title>What are Roger Montgomery&#8217;s thoughts on JB Hi-Fi&#8217;s future?</title>
		<link>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-jb-hi-fis-future/</link>
		<comments>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-jb-hi-fis-future/#comments</comments>
		<pubDate>Mon, 13 Feb 2012 05:35:21 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Podcasts]]></category>
		<category><![CDATA[Retail]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2518</guid>
		<description><![CDATA[After repotting a reduced annual net profit, what does the current economy hold for JB Hi-Fi&#8217;s future performance?  Roger Montgomery discusses his insights with the ABC&#8217;s David Taylor on The World Today program broadcast 13 February 2012.  Read/Listen here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-jb-hi-fis-future/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<item>
		<title>Is China exporting inflation now?  Did the RBA know? What&#8217;s going on at RIO?</title>
		<link>http://blog.rogermontgomery.com/is-china-exporting-inflation-now-did-the-rba-know-whats-going-on-at-rio/</link>
		<comments>http://blog.rogermontgomery.com/is-china-exporting-inflation-now-did-the-rba-know-whats-going-on-at-rio/#comments</comments>
		<pubDate>Fri, 10 Feb 2012 15:22:29 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Manufacturing]]></category>
		<category><![CDATA[Resources]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2242</guid>
		<description><![CDATA[Following on from our comment yesterday about BHP and comments in the media explaining why we weren&#8217;t buyers of BHP or RIO (falling Iron Ore prices and a contracted customer (28% of RIO&#8217;s revenue last year) who won&#8217;t honor contracts), we are interested in the flow of information through the week.
First the RBA held off [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-china-exporting-inflation-now-did-the-rba-know-whats-going-on-at-rio/feed/</wfw:commentRss>
		<slash:comments>14</slash:comments>
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		<item>
		<title>The colour of money?</title>
		<link>http://blog.rogermontgomery.com/the-colour-of-money/</link>
		<comments>http://blog.rogermontgomery.com/the-colour-of-money/#comments</comments>
		<pubDate>Thu, 09 Feb 2012 10:13:38 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2238</guid>
		<description><![CDATA[It’s been a lackluster start to this year’s company confession session. Only a few companies have so far bucked the stable / downward trend in revenues and profits.
At the top of this list, reporting what I would consider to be quality results are CCP (SQR A2) &#8211; so far the clear standout and a business [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/the-colour-of-money/feed/</wfw:commentRss>
		<slash:comments>5</slash:comments>
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		<item>
		<title>Has the queen taken the king?</title>
		<link>http://blog.rogermontgomery.com/has-the-queen-taken-the-king/</link>
		<comments>http://blog.rogermontgomery.com/has-the-queen-taken-the-king/#comments</comments>
		<pubDate>Thu, 09 Feb 2012 09:16:48 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2236</guid>
		<description><![CDATA[This piece by Satyajit Das was just sent to us and we thought it worth sharing.
Why Europe&#8217;s Plan to End the Debt Crisis Can&#8217;t and Won&#8217;t Work

The most recent summit failed to reach even the lowest expectations. Euro-Zone leaders displayed poor understanding of the problems, confused strategies, political bickering and infighting as well as inability [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/has-the-queen-taken-the-king/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Does your adviser agree with these stocks?</title>
		<link>http://blog.rogermontgomery.com/does-your-adviser-agree-with-these-stocks/</link>
		<comments>http://blog.rogermontgomery.com/does-your-adviser-agree-with-these-stocks/#comments</comments>
		<pubDate>Thu, 09 Feb 2012 06:00:20 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2229</guid>
		<description><![CDATA[The ability to pick stocks that never go down, is NOT one of our skills.  Plenty of you can attest to that.  Value investing using the method we advocate in Value.able and using Skaffold.com cannot prevent losses, it is about minimising the cases of permanent impariment.
Asked by BRW&#8217;s Tony Featherstone which small caps we liked [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/does-your-adviser-agree-with-these-stocks/feed/</wfw:commentRss>
		<slash:comments>16</slash:comments>
		</item>
		<item>
		<title>Are the Big Miner&#8217;s really good value investments?</title>
		<link>http://blog.rogermontgomery.com/are-the-big-miners-really-good-value-investments/</link>
		<comments>http://blog.rogermontgomery.com/are-the-big-miners-really-good-value-investments/#comments</comments>
		<pubDate>Tue, 07 Feb 2012 03:16:13 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[In the Press]]></category>
		<category><![CDATA[Intrinsic Value]]></category>
		<category><![CDATA[Mining Services]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2506</guid>
		<description><![CDATA[Roger Montgomery thinks not, and discusses why in this article published in The Sydney Morning Herald on 7th February 2012.  Read here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-the-big-miners-really-good-value-investments/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What are Roger&#8217;s thoughts on limited bank competition placing pressure on interest rates?</title>
		<link>http://blog.rogermontgomery.com/what-are-rogers-thoughts-on-limited-competition-placing-pressure-on-interest-rates/</link>
		<comments>http://blog.rogermontgomery.com/what-are-rogers-thoughts-on-limited-competition-placing-pressure-on-interest-rates/#comments</comments>
		<pubDate>Tue, 07 Feb 2012 02:09:53 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Banks]]></category>
		<category><![CDATA[On TV]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2485</guid>
		<description><![CDATA[Is limited competition placing pressure on interest rates and stifling the RBA&#8217;s monetary policy options?  Roger Montgomery discusses his views with Ticky Fullerton on the ABC1&#8217;s Lateline Business on 7 February 2012.  Watch here.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-are-rogers-thoughts-on-limited-competition-placing-pressure-on-interest-rates/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>How to analyse a new float or IPO.</title>
		<link>http://blog.rogermontgomery.com/how-to-analyse-a-new-float-or-ipo/</link>
		<comments>http://blog.rogermontgomery.com/how-to-analyse-a-new-float-or-ipo/#comments</comments>
		<pubDate>Mon, 06 Feb 2012 12:01:07 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Floats]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2224</guid>
		<description><![CDATA[There has been a bit of action on the IPO front over the past few months. Sixteen stocks have been added to the main board of the ASX, as set out below with their actual listing date.
I thought it might be a worthwhile task to run the ruler over them and see if any are [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/how-to-analyse-a-new-float-or-ipo/feed/</wfw:commentRss>
		<slash:comments>11</slash:comments>
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		<item>
		<title>Are there still six value opportunities after the rally?</title>
		<link>http://blog.rogermontgomery.com/are-there-still-six-value-opportunities-after-the-rally/</link>
		<comments>http://blog.rogermontgomery.com/are-there-still-six-value-opportunities-after-the-rally/#comments</comments>
		<pubDate>Mon, 06 Feb 2012 07:44:51 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2220</guid>
		<description><![CDATA[Click on the above IMAGE to see a larger and clearer version of the screenshot from Skaffold.
The ability to turn off and tune out the noise of the market is a key to success.  I don&#8217;t know whether the market will keep rallying amid improving US economic data in the short term while ignoring long [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-there-still-six-value-opportunities-after-the-rally/feed/</wfw:commentRss>
		<slash:comments>50</slash:comments>
		</item>
		<item>
		<title>First base.</title>
		<link>http://blog.rogermontgomery.com/first-base/</link>
		<comments>http://blog.rogermontgomery.com/first-base/#comments</comments>
		<pubDate>Mon, 06 Feb 2012 07:01:07 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Skaffold]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2211</guid>
		<description><![CDATA[US jobs data was stronger than expected and resulted in global equity markets following the US reaction higher.  But is all as it seems?
The increase in jobs was 243,000 but 490,000 were said to be temporary jobs.  The employment number is now the same as a decade ago but a decade ago there were 30 [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/first-base/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>An upgrade amid the malaise!</title>
		<link>http://blog.rogermontgomery.com/an-upgrade-amid-the-malaise/</link>
		<comments>http://blog.rogermontgomery.com/an-upgrade-amid-the-malaise/#comments</comments>
		<pubDate>Thu, 02 Feb 2012 07:10:39 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2208</guid>
		<description><![CDATA[Reporting season has begun in ernest and a few companies we have been watching (and some of which we own in the Montgomery Private Fund) have reported.  Today it was Credit Corp&#8217;s turn (ASX: CCP, SQR* A2).  You can find the presentation here (be sure to read and agree to the ASX and [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/an-upgrade-amid-the-malaise/feed/</wfw:commentRss>
		<slash:comments>34</slash:comments>
		</item>
		<item>
		<title>Will Facebook&#8217;s IPO be a one day Circus?</title>
		<link>http://blog.rogermontgomery.com/will-facebooks-ipo-be-a-one-day-circus/</link>
		<comments>http://blog.rogermontgomery.com/will-facebooks-ipo-be-a-one-day-circus/#comments</comments>
		<pubDate>Thu, 02 Feb 2012 04:37:13 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2205</guid>
		<description><![CDATA[
Unless you live under a waterfall in the rainforests of South America, you will have heard that Facebook has lodged its S-1 (Prospectus) for a probably May 2012 IPO.  Skaffold members can look forward to Facebook being available to view in Skaffold when the team loads up all the international stocks.
To become a Skaffold member [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/will-facebooks-ipo-be-a-one-day-circus/feed/</wfw:commentRss>
		<slash:comments>17</slash:comments>
		</item>
		<item>
		<title>Are two lemons better than one?</title>
		<link>http://blog.rogermontgomery.com/are-two-lemons-better-than-one/</link>
		<comments>http://blog.rogermontgomery.com/are-two-lemons-better-than-one/#comments</comments>
		<pubDate>Tue, 31 Jan 2012 12:25:16 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2202</guid>
		<description><![CDATA[Robert Gottliebsen penned an interesting piece in the Business Spectator today. Using data provided by James Stuart of Ferrier Hodgson that revealed Internet penetration &#8211; as a portion of sales for large US retailers &#8211; as high as 18% and comparing that to average penetration of online sales from retailers in Australia of 1%, Robert [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-two-lemons-better-than-one/feed/</wfw:commentRss>
		<slash:comments>47</slash:comments>
		</item>
		<item>
		<title>Perhaps one of the most important charts?</title>
		<link>http://blog.rogermontgomery.com/perhaps-one-of-the-most-important-charts/</link>
		<comments>http://blog.rogermontgomery.com/perhaps-one-of-the-most-important-charts/#comments</comments>
		<pubDate>Tue, 31 Jan 2012 09:16:39 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2199</guid>
		<description><![CDATA[Late last year the Federal Bank of San Francisco&#8217;s research department published their findings about a relationship between the ageing baby boomers and P/E ratios.  I have long held the view that when Australia&#8217;s baby boomers (the majority of whom are asset rich and cash poor) reach the age that they need to fund [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/perhaps-one-of-the-most-important-charts/feed/</wfw:commentRss>
		<slash:comments>18</slash:comments>
		</item>
		<item>
		<title>Dumped by the wave of Fashion</title>
		<link>http://blog.rogermontgomery.com/dumped-by-the-wave-of-fashion/</link>
		<comments>http://blog.rogermontgomery.com/dumped-by-the-wave-of-fashion/#comments</comments>
		<pubDate>Tue, 31 Jan 2012 07:12:52 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2195</guid>
		<description><![CDATA[There was a lot of surfing on the Montgomery annual holiday so I thought I&#8217;d publish these thoughts on Billabong International for you.  Happy new year and all the best for 2012.
Billabong&#8217;s trading update in December attracted a great deal of attention – not only from shareholders who rushed the exits to sell their shares, [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/dumped-by-the-wave-of-fashion/feed/</wfw:commentRss>
		<slash:comments>10</slash:comments>
		</item>
		<item>
		<title>2012 Prediction No#1.  Will our banks raise capital?</title>
		<link>http://blog.rogermontgomery.com/2012-prediction-no1-will-our-banks-raise-capital/</link>
		<comments>http://blog.rogermontgomery.com/2012-prediction-no1-will-our-banks-raise-capital/#comments</comments>
		<pubDate>Wed, 11 Jan 2012 03:52:38 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2193</guid>
		<description><![CDATA[The banks are in the firing line again. A few months ago it was their record profits; today its talks of job cuts that dominate.  In November I noted that an industry insider had informed me that tens of thousands of jobs would be cut from financial services in 2012.  News today of job losses [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/2012-prediction-no1-will-our-banks-raise-capital/feed/</wfw:commentRss>
		<slash:comments>77</slash:comments>
		</item>
		<item>
		<title>Value.able: Billabong</title>
		<link>http://blog.rogermontgomery.com/value-ablebillabong/</link>
		<comments>http://blog.rogermontgomery.com/value-ablebillabong/#comments</comments>
		<pubDate>Wed, 21 Dec 2011 03:41:39 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Off the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2191</guid>
		<description><![CDATA[Roger Montgomery runs through the numbers behind Billabong’s spectacular 40% sell-off this week. Read Roger&#8217;s article at www.eurekareport.com.au.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/value-ablebillabong/feed/</wfw:commentRss>
		<slash:comments>19</slash:comments>
		</item>
		<item>
		<title>Peace and Joy to all this Christmas.</title>
		<link>http://blog.rogermontgomery.com/peace-and-joy-to-all-this-christmas/</link>
		<comments>http://blog.rogermontgomery.com/peace-and-joy-to-all-this-christmas/#comments</comments>
		<pubDate>Tue, 20 Dec 2011 12:03:16 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2158</guid>
		<description><![CDATA[Thank you for your support in 2011 and for all of your wonderful contributions to the knowledge bank.
I am delighted to finish the year on a positive note with Cochlear (see post below) announcing it has identified the source of the malfunction of its Nucleas CI500 cochlear implant.  This will also be positive news for [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/peace-and-joy-to-all-this-christmas/feed/</wfw:commentRss>
		<slash:comments>39</slash:comments>
		</item>
		<item>
		<title>Are investors giving up?</title>
		<link>http://blog.rogermontgomery.com/are-investors-giving-up/</link>
		<comments>http://blog.rogermontgomery.com/are-investors-giving-up/#comments</comments>
		<pubDate>Tue, 20 Dec 2011 11:46:16 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2183</guid>
		<description><![CDATA[We have talked here at the blog about hypothecation, re-hypotecation and hyper-hypothecation, about credit default swaps about a Chinese property bubble bursting, about lower iron ore prices, slower economic growth, increased savings and declining rates of credit expansion and a European sovereign default.  Always the value investor, we are on the look out for anything [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-investors-giving-up/feed/</wfw:commentRss>
		<slash:comments>15</slash:comments>
		</item>
		<item>
		<title>Cochlear update</title>
		<link>http://blog.rogermontgomery.com/cochlear-update/</link>
		<comments>http://blog.rogermontgomery.com/cochlear-update/#comments</comments>
		<pubDate>Tue, 20 Dec 2011 10:20:29 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Health Care]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2178</guid>
		<description><![CDATA[
Aside from fears of reputational damage, one of the big concerns surrounding Cochlear&#8217;s recall earlier this year, was how long it would take to return to market.  As you know we purchased shares after the announcement that it had recalled its Nucleus CI500 cochlear implant much to the chagrin of some investors who follow our [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/cochlear-update/feed/</wfw:commentRss>
		<slash:comments>45</slash:comments>
		</item>
		<item>
		<title>Not so High at JB Hi-Fi?</title>
		<link>http://blog.rogermontgomery.com/not-so-high-at-jb-hi-fi/</link>
		<comments>http://blog.rogermontgomery.com/not-so-high-at-jb-hi-fi/#comments</comments>
		<pubDate>Fri, 16 Dec 2011 12:53:35 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2171</guid>
		<description><![CDATA[You will have noticed that since November 16 every post here at the Blog has been a cautionary one.  You have not seen me post a &#8216;here&#8217;s possible good value&#8217; story.  There is a little method in that, even though we might be unduly conservative.  But here goes again&#8230;
Many of you have heard me discuss [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/not-so-high-at-jb-hi-fi/feed/</wfw:commentRss>
		<slash:comments>61</slash:comments>
		</item>
		<item>
		<title>Returning to regular programming shortly&#8230;we hope!</title>
		<link>http://blog.rogermontgomery.com/returning-to-regular-programming-shortly-we-hope/</link>
		<comments>http://blog.rogermontgomery.com/returning-to-regular-programming-shortly-we-hope/#comments</comments>
		<pubDate>Fri, 16 Dec 2011 11:04:36 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Banks]]></category>
		<category><![CDATA[Financials]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2168</guid>
		<description><![CDATA[Continuing on our hypothecation theme, David Stockman, former Director of the White House Office of Management and Budget during the Reagan Administration penned the following to Mrs Lee Adler of the Wall Street Examiner. Stockman is currently writing a book on the financial crisis and some of the thoughts he expresses in his exchanges with [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/returning-to-regular-programming-shortly-we-hope/feed/</wfw:commentRss>
		<slash:comments>15</slash:comments>
		</item>
		<item>
		<title>Value.able: Two outstanding mid-caps come into view</title>
		<link>http://blog.rogermontgomery.com/value-able-two-outstanding-mid-caps-come-into-view/</link>
		<comments>http://blog.rogermontgomery.com/value-able-two-outstanding-mid-caps-come-into-view/#comments</comments>
		<pubDate>Tue, 13 Dec 2011 23:59:28 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Off the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2167</guid>
		<description><![CDATA[Investors should keep a close watch on Monadelphous and Fleetwood. If their premiums to intrinsic value decline, they may present attractive opportunities. Read Roger&#8217;s article at www.eurekareport.com.au.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/value-able-two-outstanding-mid-caps-come-into-view/feed/</wfw:commentRss>
		<slash:comments>7</slash:comments>
		</item>
		<item>
		<title>Hyper what?</title>
		<link>http://blog.rogermontgomery.com/hyper-what/</link>
		<comments>http://blog.rogermontgomery.com/hyper-what/#comments</comments>
		<pubDate>Mon, 12 Dec 2011 05:16:32 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Financials]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Value Investing]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2164</guid>
		<description><![CDATA[How many of you have heard the financial term ‘Hypothecation’?  Microsoft word hasn’t – the bug-prone program constantly tells me to check the spelling.  If it’s also new to you, take note because you may be hearing a lot more about it and it could impact your portfolio.
Prior to the collapse of MF [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/hyper-what/feed/</wfw:commentRss>
		<slash:comments>33</slash:comments>
		</item>
		<item>
		<title>Is the bubble bursting?</title>
		<link>http://blog.rogermontgomery.com/is-the-bubble-bursting/</link>
		<comments>http://blog.rogermontgomery.com/is-the-bubble-bursting/#comments</comments>
		<pubDate>Thu, 08 Dec 2011 11:16:37 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Market Valuation]]></category>
		<category><![CDATA[Property]]></category>
		<category><![CDATA[Resources]]></category>
		<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2162</guid>
		<description><![CDATA[In 2010 here at the Insights Blog I wrote:
&#8220;a bubble guaranteed to burst is debt fuelled asset inflation; buyers debt fund most or all of the purchase price of an asset whose cash flows are unable to support the interest and debt obligations. Equity speculation alone is different to a bubble that an investor can [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/is-the-bubble-bursting/feed/</wfw:commentRss>
		<slash:comments>63</slash:comments>
		</item>
		<item>
		<title>Value.able: Forget the Index</title>
		<link>http://blog.rogermontgomery.com/value-able-forget-the-index/</link>
		<comments>http://blog.rogermontgomery.com/value-able-forget-the-index/#comments</comments>
		<pubDate>Wed, 07 Dec 2011 12:06:48 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Off the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2161</guid>
		<description><![CDATA[Buying shares in the right businesses will help investors avoid being caught in an index that is going nowhere. Read Roger&#8217;s article at www.eurekareport.com.au.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/value-able-forget-the-index/feed/</wfw:commentRss>
		<slash:comments>56</slash:comments>
		</item>
		<item>
		<title>Not waving drowning?</title>
		<link>http://blog.rogermontgomery.com/now-waving-drowning/</link>
		<comments>http://blog.rogermontgomery.com/now-waving-drowning/#comments</comments>
		<pubDate>Sat, 03 Dec 2011 00:29:23 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Value.able]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2152</guid>
		<description><![CDATA[This is a retail business that I&#8217;ve known for a long time, indeed in a past life I influenced one of its largest shareholdings.
At that time the company was leveraging its 90% brand awareness; increasing its return on equity every year, from 40% to ultimately more than 70%, without any debt; it was rolling out [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/now-waving-drowning/feed/</wfw:commentRss>
		<slash:comments>55</slash:comments>
		</item>
		<item>
		<title>Value.able: Equities are not dead</title>
		<link>http://blog.rogermontgomery.com/value-able-equities-are-not-dead/</link>
		<comments>http://blog.rogermontgomery.com/value-able-equities-are-not-dead/#comments</comments>
		<pubDate>Wed, 30 Nov 2011 12:04:35 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Off the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2160</guid>
		<description><![CDATA[In 1979, just like today, many thought equities were finished. Investors in Credit Corp, Flight Centre, Northern Star and many more top stocks would disagree. Read Roger&#8217;s article at www.eurekareport.com.au.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/value-able-equities-are-not-dead/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Drunk from binge borrowing?</title>
		<link>http://blog.rogermontgomery.com/drunk-from-binge-borrowing/</link>
		<comments>http://blog.rogermontgomery.com/drunk-from-binge-borrowing/#comments</comments>
		<pubDate>Fri, 25 Nov 2011 05:43:57 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Insightful Insights]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2145</guid>
		<description><![CDATA[


A good friend who lives and works in the UK recently sent me an allegory that succinctly describes, for those who haven&#8217;t read Michael Lewis, the growth of sub-prime loans, the collateralised debt obligations into which they were securitised and the credit default swaps which were the tradable insurance contracts on the CDO&#8217;s.  It then [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/drunk-from-binge-borrowing/feed/</wfw:commentRss>
		<slash:comments>104</slash:comments>
		</item>
		<item>
		<title>Value.able: The Rejected Shop</title>
		<link>http://blog.rogermontgomery.com/value-able-the-rejected-shop/</link>
		<comments>http://blog.rogermontgomery.com/value-able-the-rejected-shop/#comments</comments>
		<pubDate>Thu, 24 Nov 2011 00:01:53 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Off the Press]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2143</guid>
		<description><![CDATA[The Reject Shop is cheap but not good value. Read Roger&#8217;s article at www.eurekareport.com.au.
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/value-able-the-rejected-shop/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>What are Roger Montgomery&#8217;s thoughts on Bluescope Steel?</title>
		<link>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-bluescope-steel/</link>
		<comments>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-bluescope-steel/#comments</comments>
		<pubDate>Wed, 23 Nov 2011 01:38:41 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Media Room]]></category>
		<category><![CDATA[Podcasts]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2150</guid>
		<description><![CDATA[Roger Montgomery speaks to Ross Greenwood about his thoughts on Bluescope Steel. Listen 
]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-are-roger-montgomerys-thoughts-on-bluescope-steel/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>What on earth is a covered bond?</title>
		<link>http://blog.rogermontgomery.com/what-on-earth-is-a-covered-bond/</link>
		<comments>http://blog.rogermontgomery.com/what-on-earth-is-a-covered-bond/#comments</comments>
		<pubDate>Fri, 18 Nov 2011 09:42:23 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[Banks]]></category>
		<category><![CDATA[Insightful Insights]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2139</guid>
		<description><![CDATA[
When Sean Connery played James Bond in the 1967 hit, You Only Live Twice one doubts he had this week&#8217;s billion dollar covered bond issue of ANZ in mind.  Asking the question &#8220;what is a covered bond?&#8221; reveals an extra life has been given to borrowers at the expense of prudent savers.  Its Australia&#8217;s own [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/what-on-earth-is-a-covered-bond/feed/</wfw:commentRss>
		<slash:comments>57</slash:comments>
		</item>
		<item>
		<title>Are bargains available at Woolworths?</title>
		<link>http://blog.rogermontgomery.com/are-bargains-available-at-woolworths/</link>
		<comments>http://blog.rogermontgomery.com/are-bargains-available-at-woolworths/#comments</comments>
		<pubDate>Thu, 17 Nov 2011 03:00:01 +0000</pubDate>
		<dc:creator>Roger Montgomery</dc:creator>
				<category><![CDATA[A1]]></category>
		<category><![CDATA[Blue Chips]]></category>
		<category><![CDATA[Company Valuation]]></category>
		<category><![CDATA[Insightful Insights]]></category>
		<category><![CDATA[Retail]]></category>
		<category><![CDATA[Skaffold]]></category>
		<category><![CDATA[Value Investing]]></category>

		<guid isPermaLink="false">http://blog.rogermontgomery.com/?p=2135</guid>
		<description><![CDATA[On Wednesday November 2 Woolworths held a strategy briefing for professional investors. Woolworth&#8217;s effectively asked us to adopt a longer time frame before judging its performance and revealed four strategic priorities that I will describe in a moment.
Prior to the strategy day, the company updated the stock market with a growth outlook that was the [...]]]></description>
		<wfw:commentRss>http://blog.rogermontgomery.com/are-bargains-available-at-woolworths/feed/</wfw:commentRss>
		<slash:comments>22</slash:comments>
		</item>
	</channel>
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