Investor Insights

December 12, 2025

Lessons from past technology booms

By Roger Montgomery

Debt nuances I just read the following sentence: “Graphic Processing Unit (GPU) rich clouds are now raising multi-billion-dollar debt with GPUs as collateral. ” It got me thinking… Figure 1. General Purpose Technology (GPT) booms and busts, Gartner’s hype cycle Source: Gartner In the railroad boom of the 1800s, U. S.
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December 12, 2025

Rates reset across the West – December 2025

By David Buckland

Back in October, I examined the emerging trend of interest rate cuts across the Western world, looking at why they were occurring and how different economies were responding. Since then, rate cuts have continued in several countries. In this update, I return to the same six economies (Australia, the U. S.
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December 8, 2025

Cutting through the clickbait – a clearer look at 2026

By Roger Montgomery

Would you ask a barber whether you need a haircut? Amid the negative sensationalist media headlines – what Macquarie Chief Economist, Ric Deverell, dubs “click bait”– it’s crucial for investors to filter out the noise and focus on underlying economic and business fundamentals.
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December 5, 2025

Beyond the AI boom

By Roger Montgomery

As we farewell the shores of 2025 and sail into 2026, equity investors seem to be shrugging off fears of an artificial intelligence (AI) bubble and are instead betting on a growing U. S. economy, rate cuts, and a broadening of bullish sentiment beyond the AI leaders. The consensus view is the U. S.
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December 4, 2025

The calculus of madness: Part 2

By Roger Montgomery

From South Sea to AI: Artificial Intelligence (AI) companies seem to be asking investors the question: Just how long can growth be built on the question of future returns – and a productivity revolution – that are by no means guaranteed?
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December 3, 2025

The calculus of madness: Part 1

By Roger Montgomery

Sir Isaac Newton is enshrined in history as the saint of rational thought. He decoded the laws of gravity, invented calculus, and parsed the rainbow.
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December 1, 2025

From the horse’s mouth

By Roger Montgomery

Recently, the BBC interviewed Sundar Pichai, the CEO of Alphabet, Google’s parent. With all the claims the artificial intelligence (AI) boom is a bubble – something I have noted cannot be known until after the event – I wonder whether the BBC was motivated to go to the source.
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November 27, 2025

Digital Income Class – October 2025 Performance Update

By Roger Montgomery

  In this video, I provide an update on the October performance of Digital Asset Fund’s Management’s (DAFM) Digital Income Class. Despite significant volatility in Bitcoin – rising to record highs before sharply retracing – the fund continued to deliver steady results, returning 2. 72 per cent for the month.
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November 21, 2025

But nothing’s changed! 

By Roger Montgomery

Wall Street on Thursday experienced a stunning reversal in sentiment. Impressive results from the company spearheading the artificial intelligence (AI) revolution, Nvidia (NVDA), and a strong September jobs report initially drove the Nasdaq up more than two per cent.
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November 20, 2025

NVIDIA Q3 Fiscal 2026 Earnings

By Roger Montgomery

NVIDIA delivered another blowout quarter (Q3 2025 – ended 26 October, 2025 – released 19 November, 2025), significantly beating Wall Street expectations, and for some, partially alleviating (perhaps only temporarily) concerns about an artificial intelligence (AI) bubble.
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