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8 October 2025
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While much of the investment industry recommends selling the banks, many were saying the same thing 12 months ago. The reporting season shows why bank shareholders should be rewarded for ignoring the current market noise.
Floating rate notes have increased in popularity but are still a worthy addition to investor portfolios in a rising interest rate environment. One opportunity at current levels is in Ampol subordinated notes.
As interest rates rise, more investors are attracted to bonds for income. What is the probability of default on investment-grade and below credits that might take the shine off what look like attractive returns?
The Chinese Government has been tightening lending conditions for developers but has no motive to undermine the housing market. Evergrande's restructure will be messy but the Government will stabilise the market.
With term deposits offering tiny returns, investors are looking for reliable sources of income and capital stability. Combining over 100 loans into a fund provides more diversification than buying a single corporate bond.
The debt picture in China is complicated by the many layers of property development, shadow banking and local government, and it poses a risk to China's economic stability.
This AI cycle feels less like a revolution and more like a rerun. Just like fibre in 2000, shale in 2014, and cannabis in 2019, the technology or product is real but the capital cycle will be brutal. Investors beware.
An explosion in low-skilled migration to Australia has depressed wages, killed productivity, and cut rental vacancy rates to near decades-lows. It’s time both sides of politics addressed the issue.
LICs are continuing to struggle with large discounts and frustrated investors are wondering whether it’s worth holding onto them. This explains why the next 6-12 months will be make or break for many LICs.
Australian housing’s 50-year boom was driven by falling rates and rising borrowing power — not rent or yield. With those drivers exhausted, future returns must reconcile with economic fundamentals. Are we ready?
Younger Australians think they’ll need $100k a year in retirement - nearly double what current retirees spend. Expectations are rising fast, but are they realistic or just another case of lifestyle inflation?
This week, I got the news that my mother has dementia. It came shortly after my father received the same diagnosis. This is a meditation on getting old and my regrets in not getting my parents’ affairs in order sooner.