Since January 1999, Macquarie Bank’s shares have risen almost 1,400 per cent, and that excludes the returns from reinvesting dividends. That’s just capital gains alone.  Assuming the Federal Labor Party is voted out, and their capital gains tax disincentives are unwound, there could be another Macquarie-Bank-like 1999 opportunity. The opportunity to buy a mini Macquarie on the ground floor might be Magellan Financial Group (ASX: MFG).

On 11 June 2026, the Australian Competition and Consumer Comission (ACCC) decided to approve Magellan Financial Group Ltd’s (MFG) proposed acquisition of the remaining shares in Barrenjoey Capital Partners Group Holdings Pty Limited (Barrenjoey) that it does not already own, in return for equity in MFG (the Acquisition).

Magellan Financial Group’s acquisition of the remaining shares in investment bank Barrenjoey was approved by shareholders in April 2026. Completion is expected in early July 2026.

Here are the key terms and structural details of the merger: Continue…

by Roger Montgomery Posted in Companies, Editor's Pick, Financial Services.

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With stock markets recently retreating marginally from artificial intelligence (AI)-fuelled record highs, the question many thoughtful investors are asking is: Will the bull run resume, or is this the beginning of a broader correction?

Of course, we can’t be certain but what we can know is that as stock prices continue to soar, fears of an AI bubble will likewise increase.

Financial markets have performed spectacularly since late 2022, and equities have accelerated their gains this year just as structural stresses begin to appear and debates about sustainability begin to intensify. Continue…

by Roger Montgomery Posted in Economics, Market commentary, Technology & Telecommunications.

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For the last three years, the corporate world’s relationship with artificial intelligence (AI) has been a lot like a toddler taking its first steps, or maybe a baby monkey trying to work out what to do with a camera.

Initially, there was The Era of Scaling and Praying (2022–2025), a typical phase after the invention of nearly every General Purpose Technology (GPT) since the railroad. During this period, tech giants invested hundreds of billions in infrastructure, creating huge engines even before knowing if their products would be useful or how they’d be operated. Continue…

by Roger Montgomery Posted in Market commentary, Technology & Telecommunications.

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I joined Kylie Morris on ABC Newcastle Mornings today to discuss the extraordinary rise of SpaceX following its record Initial Public Offering (IPO). We explored why the company’s valuation appears disconnected from traditional measures of value, how NASDAQ’s fast-tracked index inclusion could force ETFs and superannuation funds to buy shares, and why investors should be mindful of the risks that can emerge when market hype and scarcity drive prices higher.

Listen from 37:04: ABC Newcastle Mornings Continue…

by Roger Montgomery Posted in Companies, Global markets, Market Valuation, Radio.

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A peace deal between Iran and the United States has transformed the outlook for global markets – at least for now.

I joined Sean Aylmer from Fear and Greed, to discuss which sectors stand to benefit most from falling oil prices, why airlines, retailers and property stocks could outperform, and why history suggests investors should be cautious despite the optimism.

I also touch on the extraordinary valuation of SpaceX, why Elon Musk may be the greatest marketer the world has ever seen, and the surprising role Google may have played ahead of the company’s IPO.

Listen here: 

by Roger Montgomery Posted in Global markets, Insightful Insights, Market Valuation, Podcast Channel.

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When it comes to IPOs, you generally don’t want to be a member of any club that will have you. But, Australian retail investors are being given access.

Whether it’s the timing, the size, or something more sinister, the SpaceX IPO is poised to be one of the more polarising stockmarket milestones in recent times.

This article was first published in The Australian on 09 June 2026.
Continue…

by Roger Montgomery Posted in Companies, In the Press.

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I joined ABC Weekend Breakfast to discuss the record-breaking SpaceX Initial Public Offering (IPO), which briefly pushed Elon Musk’s wealth beyond US$1 trillion and valued the company at more than US$2 trillion. We explored what drove the strong debut, why much of SpaceX’s revenue now comes from its AI and data centre businesses rather than its space operations, and how NASDAQ’s decision to fast-track the stock into its index could force ETFs and index funds to buy shares. We also discussed the potential impact of insider selling in the months ahead and what the IPO could mean for everyday investors. Continue…

by Roger Montgomery Posted in Economics, Global markets, Market commentary, Popular, TV Appearances.

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The defining irony of today’s stock market has got to be the yawning chasm between asset prices and their intrinsic values. As equity indices scale ever higher peaks, and as hyper-parabolic Price-to-Earnings (P/E) and Price-to-Sales (P/S) ratios are normalised, the underlying truths don’t seem to have changed. Eventually even this bubble must bust.

U.S.-based senior economist at the Centre for Economic and Policy Research (CEPR) in Washington, DC, and author of the ‘AI Bubble Monitor’, and U.S.-based antitrust and policy analyst Matt Stoller reckon this dynamic can be attributed to something Stoller calls the “Number Go Up Rule”– a systematic rewiring of institutional incentives to ensure corporate valuations ascend at all costs, and frequently favouring speculative mania over fundamentally productive or socially additive enterprises. Continue…

by Roger Montgomery Posted in Economics, Editor's Pick, Global markets, Insightful Insights, Investing Education, Market commentary, Popular.

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