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Corporate strategic pivots are common throughout history and particularly during market booms. Recall the mining companies that became internet companies during the internet bubble of 1999. Back then, merely adding “.com” to a company’s name saw its share price surge. 

In the 1920s, radio was the ‘Internet and artificial intelligence (AI)’ equivalent of its day. It was the first time an electronic buzzword could instantly inflate a company’s value, and between 1922 and 1929, sales of radio equipment in the U.S. jumped from US$60 million to over US$840 million. Investors were so hungry for radio exposure that any company adding the word to its name saw its stock soar. Continue…

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

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As Agentic artificial intelligence (AI)’s threat to jobs spreads ever wider, the concept of Universal Basic Income (UBI) is shifting from theory to, frighteningly, a central pillar of Silicon Valley’s vision for our future.

Love him or hate him now, OpenAI’s Sam Altman was the first to publicly discuss a UBI, announcing in early 2016 that Y Combinator would fund a multi-year, large-scale UBI study to prepare for an automated future. Elon Musk followed later that year, saying in a CNBC interview that UBI is “going to be necessary” because “there will be fewer and fewer jobs that a robot cannot do better.” Continue…

by Roger Montgomery Posted in Global markets, Insightful Insights, Market commentary, Technology & Telecommunications.

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The HY26 results for Domino’s Pizza Enterprises (ASX:DMP) mark a “reset” phase for the company, as it moves away from a decades-long reliance on deep discounting and volume growth toward a more sustainable, value-driven model.

While this transition will take time, the underlying focus on franchisee health and cost discipline is laying the groundwork for a leaner, more resilient business, perhaps explaining the nine per cent share price bounce at the time of writing (26 February 2026), following an 11 per cent drop the day before on the day of the result’s release. Continue…

by Roger Montgomery Posted in Companies, Market commentary.

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The 2026-27 Australian Federal Budget, handed down on May 12, 2026, fundamentally alters the economics of property flipping.

For decades, a tax system that rewarded capital growth over rental yield made the “buy, renovate, and flip” property model a popular way for middle-class investors with a bit of energy and an idea to get ahead.

However, Labor’s latest proposed tax reforms have gutted the high margins that once made short-term established property speculation rewarding. Continue…

by Rhodri Taylor Posted in Economics, Insightful Insights, Investing Education, Market commentary, Property.

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Yikes! Did the U.S. Federal Reserve (Fed) just propose a material reduction in its balance sheet?

After the war is over, investors will revert to concentrating on earnings and other thematics again, and a recent Fed research paper may give investors something to worry about. Continue…

by Roger Montgomery Posted in Global markets, Market commentary.

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ARB just dropped its half-year 2026 results, and if you only looked at the stock price as  – down 13 per cent by the close of 24 February 2026 – you’d think the wheels had fallen off the 4WD. But as any off-road enthusiast knows, sometimes you have to gear down to get through the mud. In fact, ARB is up by 14 per cent today (25 February 2026).

While the headline numbers from their report reflect some “short-term pain,” the underlying story suggests the “long-term gain” remains on track. Continue…

by Roger Montgomery Posted in Companies, Small Caps, Stocks We Like.

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There’s a thesis many investors are now positioning for: The artificial intelligence (AI) infrastructure buildout being led by the hyperscalers can’t proceed without copper, silver, and other critical metals, such as scandium. Their conclusion is that commodity prices will rocket higher if the the A.I. revolution continues.

Current forecasts suggest the combined capital expenditure of Amazon, Google, Meta, and Microsoft will reach US$715 billion in 2026, up 98 per cent on 2025 and nearly three times their combined capital expenditure (capex) in 2024. Continue…

by Roger Montgomery Posted in Energy / Resources, Manufacturing, Market commentary, Technology & Telecommunications.

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In late March 2026, the ANZ Roy Morgan Australian Consumer Confidence Index hit the lowest level since the survey began in the early 1970s. 

Last week (5 April 2026), it rallied to the second worst week on record, as motorists received a $0.26 per litre reduction in the fuel excise.  And this week, I’m confident it will rally further on the back of the provisional ceasefire between the USA and Iran and the announcement of the reopening of the Strait of Hormuz. Continue…

by David Buckland Posted in Market commentary.

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I have often joked that billionaire Ray Dalio, the founder of hedge fund Bridgewater, has predicted 15 of the last 3 recessions. In other words, far more than transpired.

It’s worth remembering the late Charlie Munger’s observation about forecasts: The only thing one needs to do to be a successful forecaster is to forecast often. 

Dalio is certainly a frequent prognosticator.

I can tell you, from painful personal experience, that trying to accurately predict a complex system like the global economy and financial system is nearly impossible, and it’s made more difficult by the fact that investors respond unpredictably even to the same scenarios presented at different times. Continue…

by Roger Montgomery Posted in Market commentary.

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Worley Limited (ASX: WOR) has spent much of the past decade trying to redefine itself. Once known primarily as a traditional engineering contractor tied to cyclical project work, the company expanded aggressively into energy services through the acquisition of Jacobs’ ECR division in 2019, just before the world turned against fossil fuels. What followed was a difficult period marked by integration challenges, weak energy markets and a sharp de-rating as investors questioned both the strategy and the sustainability of earnings. Today, that same business is being viewed through a very different lens as the importance of energy and infrastructure are being highlighted by headlines and capital allocation. Continue…

by Sean Sequeira Posted in Companies, Editor's Pick, Energy / Resources, Market commentary, Market Valuation, Stocks We Like.

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