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19 July 2025
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Handling extreme winners is a complex task. Conventional wisdom such as “you never go broke taking a profit” often leaves a lot of money on the table as strong growth stocks continue to run.
Investing is a field where experience matters, but we all operate with a set of beliefs. Staying on top of market research gives useful lessons for investors and challenges common assumptions.
Although equities are widely-held by Australian investors, there is a strong domestic bias that gives many portfolios high sector concentrations. Better diversification requires a global focus.
Look for a company whose prices are rising faster than inflation without customer churn, while leveraging its existing strong relationships to cross sell or up sell or some mix of both.
Investors underestimate the power of network effects, which increase the lifetime value of users and deliver high incremental margins with fixed operating costs. It's worth trawling the market for strong network effects.
Structuring an investment team around geography or sectors leads to manager bias in poor sectors. Better to focus on a few areas of fascination where product and business expertise can develop.
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.