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26 February 2026
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Aircraft constraints are holding back global air travel. Those constraints should soon ease which combined with a structural boom in travel demand could be a boon for global airport stocks.
Travel is about to be transformed by a new technological force: AI-powered travel agents. They will independently navigate websites, make decisions, and adjust your travel itinerary – just like a personal assistant.
In 2002, the share price of the company that became Sydney Airport (SYD) hit 80 cents from the $2 IPO price. After 20 years of astute investment driving revenue increases, it sold to private hands for $8.75 in 2022.
Even when the virus is finally contained, the business landscape will look very different. A critical issue is the ability of consumers to find product substitutes. Many people like what they find.
Real assets such as airports will benefit significantly from a massive growth in Asian tourism and a growing middle class, and are less subject to the vagaries of the business cycle.
Infrastructure assets usually benefit from long-term, stable and predictable cash flows, giving them defensive characteristics, with airports traditionally offering reliability even in difficult economic conditions.
Looking back over the major economic downturns the world's markets have experienced, airports have shown their ability to bounce back from short-term passenger shocks.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.