Letters of the Week

BHP’s true value. Beach Energy. Theory vs reality in equity returns.

Value investing
Now Roger Montgomery has me really confused (Blue chip escape). I bought his book, Value.able, and embarked on his investment philosophy of buying into businesses at prices below their intrinsic value – value investing. BHP and Rio are both 14% below intrinsic value, (Skaffold, May 17), and yet Roger is selling them! If he believes his own book, he should be buying them. At least he is honest enough to let us know he is being contrary to his book's investment principles. I want to be first in line when he hands out refunds!

– R Marlborough


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