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Home / Author: Roger Montgomery

Roger Montgomery

To zig or to zag?

At any point in the cycle, the portfolios of either the optimists or the pessimists perform better. Despite stretched valuations and rising rates, the optimists are winning at the moment.

The energy disruptions with forever impacts

The consequences of renewable energy disruption will be strongly felt by the Australian sharemarket with the falling contribution from existing energy and resource companies.

High or low price, future returns will be low

Despite most Australian shares trading above intrinsic value, investors’ risk perceptions are lower than they should be. Without profit growth, equity returns will be low, especially if the entry share price is elevated.

Seismic change and investing in barbells

The stock market is increasingly looking like a 'barbell' of company returns with a few big winners and lots of losers, especially in retailing where new competition led by Amazon is nothing less than a seismic change.

Index funds lack checks on stocks they buy

The economics of Australia’s biggest listed companies will not turn significantly more positive in the next 10 years. Don’t expect the large cap-weighted indices to produce returns any better.

Perfect storm brewing for local retailers

A decline in activity related to household construction, combined with the arrival of foreign retail brands, does not bode well for Australian retailers. And an online behemoth may be an even bigger threat.

Latest Updates

Weekly Editorial

Welcome to Firstlinks Edition 636 with weekend update

A new academic study shows that almost all Australians agree that there is a housing crisis yet we can’t agree on how to fix it and are sharply divided along generational and ideological lines.

  • 6 November 2025
  • 21
Taxation

13 ways to save money on your tax - legally

Thoughtful tax planning is a cornerstone of successful investing. This highlights 13 legal ways that you can reduce tax, preserve capital, and enhance long-term wealth across super, property, and shares.

Taxation

Taking from the young, giving to the old

Despite soaring retiree wealth, public spending on older Australians continues to rise. The result: retirees now out-earn the young, exposing structural flaws in the tax system and challenges for fiscal sustainability.

Investment strategies

An obsessive focus on costs may be costing investors

As a relentless fee war grips Australia’s ETF market, investors may be missing the real battleground. Beyond basis points, index design itself - not cost - may be the most powerful driver of returns.

Taxation

Clearing up confusion on how franking credits work

It seems the mere mention of franking credits generates a lot of heat but not much light. Here's a guide to how franking credits work, and the impact they have on both companies and shareholders.

Investment strategies

Are the good times about to end?

As the bull market revs up, some investors worry about a possible correction. History shows the real question isn’t timing the top, but whether you have the time and liquidity to ride out inevitable downturns.

Superannuation

Australia slips in global pension ranking

The 2025 Mercer CFA Institute Global Pension Index shows Australia has dropped to its lowest ranking in the 17 years of the index. This explores why we're falling and what can be done about it.

Property

Where wine country meets real estate

High-profile wine regions don’t always see strong property growth - volume, exports, and infrastructure investment often matter more than reputation in driving regional property markets.

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