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16 August 2025
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Markets are not driven by numbers alone. Examples from Tesla shares to Sydney houses show that investors must evaluate not just tangible assets or financials, but also the intangible story that magnifies their value.
The conventional academic view is that markets are efficient as they price in all available information effectively. Yet history shows the market can be wildly wrong on stocks, as may be the case with AI and China today.
With heightened uncertainty and the market near record highs, it's important to focus on companies that are largely insulated from unpredictable macroeconomic risks. CSL and Corporate Travel Management fit the bill.
Human beings are storytelling animals yet it’s the job of investors to separate truth from fiction. And the truth lies in numbers, the company earnings and the multiples attached to those earnings.
Rather than futile attempts to pick the bottom of the market, it's better to focus on improved valuations in quality companies and wait for the recovery in their businesses. But there are also problems to avoid.
When a value investor holds a large proportion of companies with good growth potential, does that mean a style has changed? With customer acquisition costs now expensed upfront, economic reality is understated.
Investors are convinced that Australia is going to have a recession, and that it’s going to be a humdinger. Several cyclical companies are trading at valuation levels reflecting the certainty of an uncertain recession.
It's complicated. Rising bond yields reflect optimism about economic growth and improving business conditions. But as the recovery matures, increases in bond rates prove counter-productive, kerbing economic growth.
Active managers need to know what factors are distorting asset prices. This interview with Ted Maloney, CIO of MFS, explores how much of 10 years of growth has been pulled forward and the impact of Reddit users.
The unrealistic value creation through lowering discount rates while assuming high growth shows a sensible link is critical. Interest rate assumptions need as much valuation focus as the cash flows of the business.
How does an analyst value a stock which has traded between $8 and $50 in two months? Regardless, Afterpay has delivered Australia's youngest billionaire, and thousands have enjoyed the wild ride.
Promoters of new listings can over-hype a loss-making company to achieve a desired valuation, but the market is increasingly critical of expensive IPOs. There are many ways to value the future.
Each generation believes its economic challenges were uniquely tough - but what does the data say? A closer look reveals a more nuanced, complex story behind the generational hardship debate.
Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.
The Labor government is talking up tax reform to lift Australia’s ailing economic growth. Before any changes are made, it’s important to know who pays tax, who owns assets, and how much people have in their super for retirement.
This goes through the different options including shares, property and business ownership and declares a winner, as well as outlining the mindset needed to earn enough to never have to work again.
Everyone has a theory as to why housing in Australia is so expensive. There are a lot of different factors at play, from skewed migration patterns to banking trends and housing's status as a national obsession.
China's steel production, equivalent to building one Sydney Harbour Bridge every 10 minutes, has driven Australia's economic growth. With China's slowdown, what does this mean for Australia's economy and investments?