I think a lot about how higher-yielding income products, such as the Aura Private Credit Income Fund and the Aura Core Income Fund, might fit in a retiree’s portfolio and how to articulate that.   It’s a challenge to explain, primarily because we don’t know the future.

In a deal announced today, Magellan Financial Group (ASX: MFG) will buy Barrenjoey Investment Bank. For long-term investors, it could provide the opportunity to invest in another ASX-listed investment bank. Could it be the next Macquarie Bank? Of course, there is a long way to go from Barrenjoey’s $1. 6 billion valuation to Macquarie’s $76.

As we have outlined here on the blog many times over the last year, there just doesn’t seem to be enough money in the hands of potential customers to pay for artificial intelligence (AI) tools that would give hyperscalers a decent return on their intended capital expenditure.