Proposed changes to negative gearing, capital gains tax (CGT) and new Australian Taxation Office (ATO) rules for holiday homes could significantly alter the economics of property investing in Australia. By reducing the tax advantages associated with property ownership, the changes may weaken demand across several investor groups and influence property prices over time.

Drawing on supply and demand principles, this whitepaper paper examines how investors, rentvesters, property flippers, holiday homeowners and discretionary trusts could be affected. It also explores the potential impact on borrowing capacity, resale demand and the attractiveness of established residential property compared with new builds. Continue…

by Roger Montgomery Posted in Aura Group, Economics, Editor's Pick, Market commentary, Popular, Property, Whitepapers.

• save this article
• POSTED IN Aura Group, Economics, Editor's Pick, Market commentary, Popular, Property, Whitepapers.

“You cannot be afraid of new technologies. I think that this tenet passed Warren Buffett by. As he is the greatest investor of all time, I think it’s important to recognise that if he were not afraid of product cycles and obsolescence, he would have made much more these last few years than he did. Now, I know we shouldn’t criticise someone of his unbelievable prowess, but we must also recognise that it was wrong not to include technology stocks in the portfolio…[they] are creating too much wealth to ignore.”

With Musk now the world’s first recorded trillionaire after SpaceX’s float last Friday, you might be thinking the above quote has merit, especially as 60 per cent of Berkshire Hathaway’s portfolio is sitting in cash. 

But the above quote, by Jim Cramer, was made in January 2000, just three months before the Dot.Com crash wiped 76.81 per cent from the tech-heavy NASDAQ Composite index and investors saw an estimated US$5 trillion in paper wealth evaporate between 2000 and 2002. Continue…

by Roger Montgomery Posted in Economics, Editor's Pick, Global markets, Market commentary, Technology & Telecommunications.

• save this article
• POSTED IN Economics, Editor's Pick, Global markets, Market commentary, Technology & Telecommunications.

What 30 June means for investors in managed funds

While many people this time of year are focusing on winter holidays and tax returns, investors in actively managed equity funds like those offered by Montgomery are likely watching for their distributions.

This article explains what a managed fund distribution is, what drives it, how it impacts your investment, and answers a few common questions we receive at this time of year. Continue…

by Rhodri Taylor Posted in Popular.

• save this article
• POSTED IN Popular.

I joined Kirsten Aiken on ABC The Business to discuss the challenges facing Australia’s retail sector. With higher interest rates slowing the economy and uncertainty around proposed tax changes weighing on consumer confidence, spending has softened across age groups. We explored the pressures facing traditional retailers, the accelerating shift to online shopping, the impact of global competitors, and why department stores such as Myer and David Jones continue to face long-term challenges as consumer habits evolve.

Watch here: Challenges grow for the retail sector, Glue the latest to close. Continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Economics, Editor's Pick, Insightful Insights, Market commentary.

• save this article
• POSTED IN Companies, Consumer discretionary, Economics, Editor's Pick, Insightful Insights, Market commentary.

SpaceX has some real businesses, but if I am completely lucid, I’d say there’s no business that would support its US$2 trillion valuation.

While the headlines are made by rockets and SpaceX’s reusable Falcon 9, which has radically changed the economics of sending cargo into orbit, slashing launch costs by 85 per cent to roughly US$2,700 per kilogram, it is Starlink that generated US$11 billion of last year’s US$18 billion in revenue. 

In fact, sending rockets into space doesn’t do a lot for the company’s finances. Indeed, SpaceX generates more revenue from renting out its NVIDIA chips to Anthropic than it does from rockets. Continue…

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

• 2 Comments
• save this article
• 2
• POSTED IN Companies, Market commentary, Market Valuation, Technology & Telecommunications.

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.

• save this article
• POSTED IN Companies, Editor's Pick, Financial Services.

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.

• save this article
• POSTED IN Economics, Market commentary, Technology & Telecommunications.

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.

• save this article
• POSTED IN Market commentary, Technology & Telecommunications.