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19 September 2025
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Here's a detailed look at how current valuations and profit forecasts for the S&P 500 stack up versus history. The answer? Both seem excessive, making the market vulnerable to a correction or worse.
Just because a stock is cheap doesn't necessarily make it good value. This uses case studies in the tech sector to help identify when stocks trading on 30x earnings may be inexpensive and when others on 10x may be value traps.
Many assets have enjoyed a positive year, leaving some of them looking pricey. Here we compare valuations of cash, bonds, stocks, and property, and suggest where investors may be able to find opportunities.
For decades, cyclically adjusted P/E ratios have been a common and widely accepted gauge of market valuation. But as the financial landscape continues to evolve, so too must our tools for understanding it.
Investments in intangible assets are as crucial to many companies as investments in capital equipment. The different accounting treatment of these investments, however, weighs on reported earnings and could render ratios like P/E less useful for investors.
ASX market bulls point to corporate balance sheets and earnings, while bears highlight company valuations and persistently higher inflation. It's best to ignore short-term noise and focus on investing in quality companies.
For one Commonwealth Bank worth ~$200 billion, you can buy three of Europe's leading banks with much larger addressable markets. This is just one example of the extreme valuation divergences across global stock markets.
ASX blue-chip ResMed has been hammered due to concerns that new obesity drugs will reduce demand for its product. What are these drugs, how effective are they and what impact could they have on the sleep apnoea market?
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.
Stock prices are like email: distraction machines. With email, it distracts people from getting work done efficiently, while with stock prices, they distract investors from what really matters: the businesses underlying them.
Investment in the energy sector has dropped significantly but demand continues to rise. Higher prices normally trigger more spending and increased supply. If this is not the case, it creates investment opportunities.
A check on price chart action for dozens of favourite tech stocks shows how dramatic the rises and falls have been. Where to from here? There's better value but profits need to remain strong or prices will fall.
Australia could unlock smarter investment and greater equity by reforming housing tax concessions. Rethinking exemptions on the family home could benefit most Australians, especially renters and owners of modest homes.
The creator of the 4% rule for retirement withdrawals, Bill Bengen, has written a new book outlining fresh strategies to outlive your money, including holding fewer stocks in early retirement before increasing allocations.
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.
Are franking credits factored into share prices? The data suggests they're probably not, and there are certain types of stocks that offer higher franking credits as well as the prospect for higher returns.
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.