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I joined Juliette Saly from Ausbiz to discuss America’s growing debt crisis and the looming risk of stagflation – the mix of slowing growth and stubborn inflation. We explored why rising borrowing costs, political pressure on the Federal Reserve, and stretched equity valuations are fuelling concerns, and what this means for investors navigating fragile markets. We also looked at the drivers behind the recent gold price surge.

by Roger Montgomery Posted in TV Appearances.

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When it comes to investing, I’ve always believed the most important thing is managing risk. Over the years I’ve learnt a lot about how to build wealth steadily, and those lessons are just as relevant for people in their 30s as they are for those approaching retirement. In this bonus episode of The Money Puzzle, I sit down with The Australian’s Wealth Editor, Julie-anne Sprague, to share how I developed my approach to investing and what it can mean for your financial journey.

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by Roger Montgomery Posted in In the Press, Investing Education, On the Internet, Podcast Channel, Press.

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I joined Paul Turton on ABC Newcastle Mornings to talk about digital asset funds – what they are, how investors can gain exposure to cryptocurrencies without directly buying or managing them, and whether the asset class is becoming more mainstream. We explored real-world cases that show why blockchain makes sense, as a digital version of cash that enables frictionless payments while bypassing banks to help preserve wealth. With regulation on the way, the space is becoming more comfortable for investors. Bitcoin isn’t going anywhere, but the real question is what’s driving its price higher. I also touched on funds that profit from bitcoin regardless of price direction by arbitraging futures contracts. You can listen to the full interview here: ABC Newcastle Mornings – Is cryptocurrency becoming more mainstream? 

by Roger Montgomery Posted in Radio.

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I recently penned a blog post in which I highlighted the market-related concerns of American economist, chess Grandmaster, professor of international economics at Harvard University, former International Monetary Fund (IMF) Chief Economist and co-author of This Time is Different: Eight centuries of Financial Folly, Kenneth Rogoff. Continue…

by Roger Montgomery Posted in Global markets, Market commentary.

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I joined Michael Thompson on FEAR + GREED podcast to unpack one of the most volatile reporting seasons in recent memory. From sharp share price swings to three key lessons for investors — including signs of recovery, earnings downgrades, and the resurgence of small caps — this episode cuts through the noise to help you make sense of the market.

Listen to the full episode here:

by Roger Montgomery Posted in Market commentary, Podcast Channel.

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I recently read an interesting post on Substack about the state of the market. However, there was one paragraph whose significance might have been missed, even by those who subscribe to the author’s musings.  

Here’s the paragraph in question, followed by what I hope will prove a useful explanation.

The paragraph was titled “No Equity Risk Premium.”

“Meanwhile the macro-middle scenario that has prevailed in 2025 has helped stocks push higher, and with still elevated bond yields that has squeezed the forward-looking “prospective equity risk premium” deeper into the negatives. That may not matter this week, this month, or even this quarter, but it does tell us the forward looking risk vs return set points to an entirely different regime than what we’ve become accustomed to.” Continue…

by Roger Montgomery Posted in Aura Group, Investing Education.

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In my article for Firstlinks, I explore whether a new brand of capitalism is emerging – one where governments take equity stakes in key industries to fund public services. Drawing on recent moves by the U.S. under Trump, I ask if Australia should consider a similar model to turn our resource wealth into broader social good, rather than relying solely on higher taxes or immigration.

You can read the article here: Firstlinks – Should Australia follow Trump’s new brand of capitalism? 

by Roger Montgomery Posted in In the Press, On the Internet.

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There are four major criticisms for holding cash as an investment. But what if there was a simple alternative that went some way to invalidating those criticisms? Continue…

by Roger Montgomery Posted in Aura Group, Investing Education.

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In 2025, so far, the seven most influential U.S. tech giants – The Magnificent Seven, or Mag 7 (Alphabet, Amazon, Apple, Microsoft, Meta Platforms, Tesla and Nvidia) – have continued to assert their dominance and reinforce their role in determining the S&P 500’s trajectory. Despite what appears to be artificial intelligence (AI) hype, or perhaps because of it, the seven giants have collectively outpaced the broader S&P 500’s 12.47 per cent year-to-date (YTD) rise, delivering a gain of 15.9 per cent through Monday’s close. At the same time, however, their market-capitalisation share has dropped slightly from a peak of 32.2 per cent in mid-August to 31.3 per cent of the S&P 500’s total value. That indicates some stocks outside of the Mag 7 have been outperforming them. Continue…

by Roger Montgomery Posted in Companies, Polen Capital, Stocks We Like, Technology & Telecommunications.

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If you were listening carefully during reporting season, you might have noticed a growing buzz around small-cap stocks, both here in Australia and in the United States.

More investors are now seeing small caps as a hidden gem. Small caps seem undervalued, overlooked, and are showing signs of a strong recovery. 

If you don’t already have an allocation to small caps in your portfolio, now could be the right time to take a closer look. Continue…

by Roger Montgomery Posted in Companies, Investing Education, Market commentary.

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