Update from the PM – October 2025
Global equity markets are more complex than ever—traditional metrics like P/E ratios can mislead in a world of rapid change. First-principles thinking is key to spotting real opportunities.
“Extend the runway” – Why Tencent is still undervalued
Tencent’s flywheel model is driving sustained growth — and the market still doesn’t fully appreciate it. Andrew Macken explains why Tencent’s long-term runway is far from over.
Update from the PM – September 2025
As AI makes novel discoveries, facts become outdated much faster. As investors, we will need to adapt even faster to uncover the many mispricings (i.e. opportunities) that will result from this new reality.
The Adaptable Investor: Only adaptive investment teams will win in this new AI world
Markets are shifting faster than ever as AI accelerates the discovery (and invalidation) of facts. The investors who thrive will be those who adapt. Andrew Macken explores how adaptability will unlock opportunities in this new era.
Update from the PM – August 2025
Despite the unbelievable rate of technological advancement, we continue to believe that investment analysis anchored in first principles – the importance of durable competitive advantages, understanding flywheels, and maintaining price/value discipline.
Are we experiencing an intelligence revolution?
Are we on the edge of a mind-expanding leap in human potential? From cell-based bots to brain-machine interfaces, the future is unfolding fast.
Investing Like Chris Hohn: Focus on Intrinsic Value, Not Market Noise
Legendary investor Chris Hohn explains why Moody’s, with 10% annual sales growth over 100 years, shows the power of holding great businesses long term.
Quarterly Letter: Q2 2025
At the heart of this letter is a deep exploration of competitive advantage and the ‘flywheel’ conceptual model. Flywheels are the dynamic that enables a select few companies to generate unusually high and reliable growth over extended periods. It is these companies that make us extremely confident that Montaka will continue to deliver outsized returns for our investors well into the future.
Why Competitive Advantages Matter – And How Flywheels Make Them Stronger
How do companies like Spotify and Blackstone dominate their industries? Montaka’s “flywheel” model reveals the self-reinforcing cycles that strengthen competitive advantages—and how investors can spot them early.
Update from the PMs – July 2025
As Montaka marks its 10-year anniversary, we reflect on the enduring value of flywheel businesses—those that share economics with customers to drive compounding growth.