Montaka's Spotlight Series

Price is not value, and the market almost always undervalues long duration growth. In this Montaka Spotlight episode, CIO Andrew Macken sits down with PM David Costello to share the investment lessons they wish they had learned much sooner.Hear how Ben Graham’s Mr. Market allegory changes the way you think about stock prices, how a reverse DCF reveals what the market is already pricing in, why businesses that compound for 20 to 30 years are so often undervalued, and how flywheels like Costco and Amazon strengthen their advantages.Listen now, and tell us which lesson you would add to the list.#MontakaSpotlight #InvestingPodcast #EquityInvesting #LongTermInvesting #InvestmentLessons #FinancialAdvisers #GlobalEquities #MOGL #MKAXDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this role-reversal episode of Montaka Spotlight, host Lachlan sits down with Montaka CIO Andy Macken to go under the hood of Amazon Web Services. Skipping the technical detail on cloud and AI, they focus on the economics: capacity set to double by the end of 2027, compute prices rising as demand outruns supply, and a revenue mix that may lift margins. Andy applies the cost curve framework he knows from his strategy consulting days to explain why growth expectations for AWS appear too low. We elaborate on the cost curve framework from this episode in a case study in our quarterly letter.Listen for a stylised unit economics example and a clear view on what the market may be missing.#MontakaSpotlight #AWS #AmazonWebServices #AIInfrastructure #CloudComputing #InvestingPodcast #Montaka #GlobalEquitiesDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Visa has just over 5 billion cards in circulation. It has more than 17 billion tokens.In this edition of Montaka's Spotlight series, Andrew Macken is joined by senior analyst Lachlan Mackay to unpack tokenization, the technology sitting quietly behind almost 60% of Visa's e-commerce transactions.They cover what a token actually is, why your Netflix account has never seen your real card number, and how the mapping between the two gives Visa and Mastercard a data set no competitor can recreate. They then turn to value added services, now the fastest growing part of both businesses, and to the expectations currently embedded in the share prices.Visa and Mastercard are long-held positions in Montaka's portfolio.Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.#Investing #Payments #Fintech #Visa #Mastercard #Tokenization #GlobalEquities #MontakaGlobal #InvestmentPodcast

An open weight AI model out of China just landed in the top four in the world, and it is free to download. In this Spotlight Series episode, Andrew Macken is joined by Montaka's Director of Research, Amit Nath, to unpack what the collapse in the cost of intelligence means for Western AI labs, for the software companies building on top of them, and for the hyperscalers who own the compute underneath.They cover why the foundation model layer turned out to be the vulnerable part of the stack, how model orchestration through Bedrock, Vertex and AI Foundry lowers cost per outcome, and why cheaper intelligence is driving demand for compute infrastructure rather than reducing it.Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.#KimiK3 #OpenWeightAI #Hyperscalers #Techstocks #Equities #Investing #AIInfrastructure #FoundationModels #AIInvesting #GlobalEquities #TechInvesting #Montaka #SpotlightSeries #LLMs #AIAgents

The narrative around Salesforce has been brutal: SaaS is dying, AI agents will bypass software entirely, and the seat-based model is finished. Montaka's Chief Investment Officer Andrew Macken disagrees, and he's put real numbers behind it.In this presentation from the MOI Global Wide-Moat Investing Summit, Andy breaks down why Salesforce's real advantage was never the software itself. It's the trusted, secure distribution into 150,000+ enterprise customers, the 250+ petabytes of proprietary data, and the scale of R&D that competitors can't replicate. As agentic AI adoption accelerates, he argues these advantages get stronger, not weaker. To access the slides used in the presentation, please click here.What you'll learn:0:46 The SaaS death debate1:40 Salesforce's 25-year track record2:39 Four themes for this presentation3:34 The "SaaSpocalypse" narrative4:46 What the market is currently pricing in6:55 The enterprise deployability problem7:10 Six risks enterprises must manage before deploying AI agents9:42 How Salesforce embeds agents into existing workflows10:37 Headless access and the platform shift11:11 Salesforce's three real moats: data, distribution, scale12:24 Why token economics matter more than model quality12:54 Why agentic workloads are hundreds of times more compute-intensive13:54 The US power bottleneck problem15:28 Where AI models get commoditized, and where they don't19:08 Why revenue growth still looks sluggish21:18 The earnings power case25:10 A shift in market sentimentIf you'd like to go deeper on Montaka's thinking, visit the Insights section at montaka.com.Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.#Tech #Stocks #SaaS #Salesforce #GlobalEquities