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7 March 2026
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On every valuation metric, the US appears significantly more expensive than Australia. However, American companies are also much more profitable than ours, which means the ASX may be more overvalued than most think.
Like in the 1970s, today's investors face challenges of inflation, cold war, and fraying global trade ties - but unlike then, there's now high debt and environmental problems. Here's how to best navigate the difficult backdrop.
This week, Treasurer Josh Frydenberg told Australia companies to invest in growth rather than return capital or buy back their own shares. There are other reasons to check the merit of buy backs.
There's more to a company's profitability than the headline dollar figure. Measures such as return on equity, return on assets and profit margin can provide a much better and balanced perspective.
The major banks and other large companies attract a lot of attention when they report profits of billions of dollars, but other measures of profitability show the big headline figures can be misleading.
An important ratio for analysing companies is the ‘return on equity’, but while it may seem to be a simple measure of the earning power of a business, it can tell much more.
When building an investment portfolio it's a good idea to buy quality companies at a discount to intrinsic value. But what is that, and how does it fit into portfolio construction?
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 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.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
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.
Most commentary on gold's recent record highs focus on it being the product of fear or speculative momentum. That's ignoring the deeper structural drivers at play.