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19 July 2025
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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.
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.
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.
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.
Sticking to a value-driven investment strategy is difficult in a market fuelled by hope and buoyant expectations. At what point should investors forego the equity market rally to prepare for a possible correction?
Understanding the difference between first- and second-level thinking can make for more informed investment decisions, finding things others miss or bringing insights others don’t possess.
Australian-based investors have been perplexed by the steep rise in CBA's share price But it's becoming clear that US funds are buying into our largest bank as a hedge against potential QE and further falls in the US dollar.
Markets have weathered geopolitical turmoil, hitting near record highs. Investors face tough decisions on valuations, asset concentration, and strategic portfolio rebalancing for risk control and future returns.
Soaring house prices are deepening Australia's cost of living crisis - and possibly distorting marriage decisions. New research links unexpected price changes to whether couples separate or silently struggle together.
Artificial intelligence is forcing Google to rethink search - and its future. As usage shifts and rivals close in, will it adapt in time, or become a cautionary tale of disrupted disruptors?
The surge in passive investing doesn’t just mirror the market—it shapes it, often amplifying the rise of the largest firms and creating new risks and opportunities. For investors, understanding these effects is essential.
Economists have long flagged the idea of swapping property taxes for land taxes for fairness and equity reasons. This looks at why what seems fairer may not deliver the outcomes that we expect.
Many of the behaviours that have made humans such a successful species also make it difficult for us to be good, long-term investors. The key to better decision making is to understand what makes us human and adapt.