It’s Not About the SaaS: Why the market is wrong about Salesforce
Salesforce’s stock has halved on fears that AI makes it obsolete. We think the market is punishing the wrong risk. Read why we see this as a mispriced opportunity, not a structural decline.
What AI investors can learn from the hype cycles of weapons
AI may be the defining technology of our time, but history suggests revolutionary technologies often normalise once deployed in the real world. Andrew Macken examines what investors can learn from military technology hype cycles and what it means for AI, enterprise software and durable competitive advantage.
The rearmament supercycle: Why Montaka invested in BAE Systems
A global shift in security dynamics is creating a rearmament supercycle. As nations move away from US-backed security, defence expenditures are set to rise for the next decade. Discover why Montaka has invested in BAE Systems, a leading global defence contractor, to capitalize on this structural trend and how its unique global footprint, strong order book, and asymmetric upside make it a compelling addition to our portfolio in this evolving geopolitical landscape.
Price vs Value: The Best Companies in the World Are on Sale
In a volatile market, it’s easy to focus on falling prices. However, as Warren Buffett taught us, price is not the same as value. In this article we explore the significant disconnect between the recent share price declines of world-class companies and their sustained, robust earnings growth. Find out why we believe this presents a unique opportunity to invest in durable, competitive advantages at a discount.
Update from the PM – December 2025
Volatility returned in Nov: Bitcoin -20%, S&P 500 -5%, Tech down while Healthcare & Energy surged. Amid the noise, Alphabet soared +14% on Gemini 3’s AI breakthrough. Bubble fears? We break them down.
Update from the PM – November 2025
Earnings season is here: Meta & Blackstone show strong fundamentals, yet stocks dip on short-term narratives. Do short-term moves matter when long-term AI-driven growth is clear?
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.
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As AI makes novel discoveries, facts become outdated much faster.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.
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.
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.