Investor Insights

  Today on Ausbiz with Juliette Saly, I explained that while low valuations in 2022 set the stage for strong returns, we’re now at the opposite end of the spectrum, with very high price-to-earning ratios (P/Es), elevated enthusiasm (especially around artificial intelligence) – and growing economic and geopolitical uncertainty, all of which point to lower returns and greater volatility in 2026.…

On this episode of Over the Money Fence, I joined Nicola and Di to reflect on what really shaped markets in 2025, cutting through the noise around artificial intelligence (AI), technology stocks, gold, Bitcoin, inflation and interest rates.

At the outset, let me state unequivocally that no one knows whether the equity market will crash. The fact is, we can’t even definitely identify a bubble until after its demise, which therefore means we cannot know for certain if we are in one.

I joined Paul Turton on ABC Newcastle Mornings today to discuss the broader economic backdrop, including why interest rates are likely to remain steady for now, how household spending and cost pressures are shaping the outlook, and why global sharemarkets are being driven less by local conditions and more by international themes such as investment in artificial intelligence (AI), with…

I joined Jess Maguire on ABC Statewide Drive to discuss how Black Friday has evolved from a U. S. curiosity into Australia’s biggest retail event, now eclipsing even Boxing Day. I explained how the surge in discounting can pull Christmas spending forward and boost sales – but how it can also put pressure on retailer margins.

Buy and hope. With 30 per cent of the U. S.

I joined Angus Randall and Julia Bergin from ABC The world to discuss why, despite artificial intelligence’s (AI’s) enormous long-term promise, early investors often face the highest risks. History shows that major technology advancements usually go through a boom–bust cycle, which is why caution – not blind optimism – is essential right now.

I joined Phil Clark on Nightlife to explain why the market’s sharp fall may reflect growing doubts about the artificial intelligence (AI) boom. I argued that while AI is a powerful General Purpose Technology (GPT) that may change the world (like cars or the internet), it might not be as lucrative as investors hope.

On Monday the S&P/ASX 200 tumbled two per cent, led by a sell-off in tech stocks. It’s now down about seven per cent over the past month. Concerns about the end of the interest rate cycle in Australia, a lack of information on Wall Street and the forever present geopolitical fears seem to be weighing on investors.

  Today on Ausbiz I joined Juliette Saly to discuss why artificial intelligence (AI) remains a powerful long-term thematic but is now exhibiting classic bubble warning signs. We need to question whether the exponential share-prices, circular vendor-financing deals, and the huge capital expenditure (CapEx) that we are seeing today, are sustainable.

I joined Niav Owens on ABC Newcastle Mornings yesterday to discuss why cash is making a comeback – despite the rise of digital payments – and why it still plays an important role in budgeting, privacy, and accessibility.

Not only are stock market valuations stretched, but on the metrics that are most reliable for predicting future returns, the U. S. market is at an all-time high. We can say that factually and therefore categorically.   It’s not a matter of opinion.