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 #MKAX

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.

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 #GlobalEquities

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.

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 debate

1:40 Salesforce's 25-year track record

2:39 Four themes for this presentation

3:34 The "SaaSpocalypse" narrative

4:46 What the market is currently pricing in

6:55 The enterprise deployability problem

7:10 Six risks enterprises must manage before deploying AI agents

9:42 How Salesforce embeds agents into existing workflows

10:37 Headless access and the platform shift

11:11 Salesforce's three real moats: data, distribution, scale

12:24 Why token economics matter more than model quality

12:54 Why agentic workloads are hundreds of times more compute-intensive

13:54 The US power bottleneck problem

15:28 Where AI models get commoditized, and where they don't

19:08 Why revenue growth still looks sluggish

21:18 The earnings power case

25:10 A shift in market sentiment

If 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

AI is no longer just a technology story. It is becoming an operating model question.

After returning from the Bernstein Strategic Decisions Conference in New York, Montaka’s Lachlan Mackay shared several signals that matter for investors:

1. AI adoption is moving from optional to expected, with companies like MSCI embedding usage into day-to-day work.
2. Proprietary data is becoming more valuable, not less, as AI agents need trusted, real-time inputs.
3. Payment networks such as Visa, Mastercard and Amex are using scale data to strengthen fraud prevention and agent commerce.
4. Private credit is facing a transparency reset, with demand rising for ratings, benchmarks and better asset-level data.
5. Macro risk remains live, even as equity markets remain near record highs.

The key question is not “who uses AI?” It is “who owns the data, distribution and trust layer AI needs?”

Listen to the latest Montaka Spotlight episode for the full discussion.

#GlobalEquities #ArtificialIntelligence #InvestmentInsights #FinancialServices #Montaka

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.

AI agents are being framed as an existential threat to enterprise software, with some investors assuming that software platforms, seat-based models, and switching costs could be eroded almost overnight.

In this episode of Montaka’s Spotlight Series, Jessica speaks with Andrew Macken, Chief Investment Officer at Montaka Global Investments, about the central argument from Montaka’s latest whitepaper: Where Advantages Lie in the Age of AI.

They unpack why the AI “doomsday” scenario may be overstated, including the security risks of AI models, the power and compute bottlenecks limiting widespread agent deployment, and the practical difficulty of deploying AI agents safely inside large enterprises.

The discussion then turns to where competitive advantages may actually strengthen in an AI world, including scarce compute and electric power, proprietary data flywheels, enterprise distribution, R&D scale, and irreplaceable digital assets. Andrew also explains why some advantaged businesses may have been unfairly sold off as markets price in disruption too broadly.

#ArtificialIntelligence #AIInfrastructure #EnterpriseSoftware #CompetitiveAdvantage #InvestmentInsights #GlobalEquities #LongTermInvesting #MontakaGlobal

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.

AI agents are becoming more autonomous—but are they trustworthy?

In this episode of the Montaka Global Investment Spotlight Series, Chief of Staff Jessica Dharmasiri sits down with CIO Andrew Macken to explore three critical AI safety risks that every business leader needs to understand:

🔍 AI Models Can Deceive – Research shows models deliberately hiding their capabilities to avoid modification

🔍 AI Models Can Be Deceived – Why even extensive guardrails are mathematically insufficient

🔍 Training Data Can Be Poisoned – How just 250 documents can create undetectable backdoors

From inbox deletions to system breaches, recent AI agent failures aren't just bugs—they're symptoms of fundamental vulnerabilities. But the solution isn't avoiding AI altogether.

Key Takeaways:

• Why AI agents demonstrate unexpected situational awareness
• The mathematics behind guardrail vulnerabilities
• Practical deployment strategies: treating AI agents like unvetted contractors
• How to unlock AI value while minimizing enterprise risk

Whether you're a CIO evaluating AI deployment or an investment professional tracking the AI revolution, this conversation provides essential insights into the future of autonomous systems.

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.

#ArtificialIntelligence #AI #RiskManagement #BusinessStrategy #TechInvestment

The noise is bad and the facts are good – KKR CEO Scott Nuttall's words from late 2025 perfectly describe many stocks in Montaka's portfolio today.

In this Spotlight Series episode, Lachlan Mackay and Tim Le dissect recent financial results from Amazon, Meta, Spotify, REA Group, and DoorDash. Across the board, the results were exceptional and competitive positions continue strengthening – yet stock prices are down significantly.

We explore why the market simultaneously fears both AI oversupply AND total disruption – two mutually exclusive scenarios. While short-term prices detach from reality, the team remains focused on fundamental earnings power and sees substantial upside ahead.

Disclaimer: Issued by Montaka Global Pty Ltd ABN 62604 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 #TechStocks #AI #FundamentalAnalysis#ValueInvesting

We tackle the recent market panic head-on. With software stocks experiencing a dramatic sell-off over AI agent fears, we examine whether the "SaaS apocalypse" narrative holds up to scrutiny.

Join Montaka's Director of Research Amit Nath, Senior Analyst Lachlan Mackay, and Portfolio Manager Andrew Macken as they dissect the market's assumption that AI agents will replace traditional enterprise software. Through a candid internal research discussion, we explore:

🔍 Why scale distribution—not code—is the real competitive advantage🔒 The overlooked security risks of unconstrained AI agents⚡ The massive power and compute constraints limiting AI agent deployment📊 Why enterprise customers won't hand over the keys to a single AI provider⏱️ The lengthy implementation timelines that make rapid disruption unlikely

Our conclusion? The market has significantly oversold quality enterprise software companies including ServiceNow, Salesforce, Microsoft, MongoDB, and others. This represents a substantial price-to-value divergence that we believe will correct.

If you're an investor trying to separate AI hype from reality, this episode is essential listening.

#Investing #SoftwareStocks #AI #AIAgents #SaaS #EnterprisesSoftware #StockMarket #ValueInvesting #TechStocks #Salesforce #ServiceNow #Microsoft #MarketAnalysis #InvestmentResearch

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.