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Last month, the United States House of Representatives passed Donald Trump’s absurdly named “One Big Beautiful Bill Act,” a 1,038-page legislative juggernaut championed to deliver on campaign promises including “a hodgepodge of controversial tax breaks for the wealthy, spending reductions and increased work requirements for food aid and Medicaid programs and huge funding increases for President Trump’s mass migrant removal program…”, according to The Hill News. Continue…

by Roger Montgomery Posted in Market commentary.

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Trumps massive deficit spending plan coincides with an unprecedented refinancing burden that could drain market liquidity. Continue…

by Roger Montgomery Posted in Market commentary.

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We recently published a blog post here showing that all of Berkshire Hathaway’s alpha between 2016 and 2023 came from just one stock – Apple. Without Apple, Berkshire would have underperformed the S&P 500. 

I know firsthand how challenging it can be to invest in equities. Pursuing exceptional returns requires the ability to identify rare out-performers and the discipline to hold them through inevitable market turbulence. Continue…

by Roger Montgomery Posted in Investing Education.

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In the final part of this series, I speak with June Lui, Portfolio Manager and Analyst from Polen Capital’s Emerging Markets Growth Team, to explore China’s dominance in artificial intelligence (AI), and innovative technologies.

We discuss how Polen Capital – our investment partner in global equities – evaluates whether new technology companies are capable of generating profitable growth. June shares insights on the excitement around AI developments, such as DeepSeek, and whether these companies will be able to compete with established technology giants. We also discuss the potential for opportunity in large and small language models. Continue…

by Roger Montgomery Posted in Video Insights.

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QBE (ASX:QBE) has been a long-term holding of the Australian Eagle Long portfolio, albeit one that has faced its share of missteps over the years. However, in recent periods, the business has undergone a clear and deliberate transformation under current management, with a renewed focus on profitability, discipline and simplification. Continue…

by Sean Sequeira Posted in Companies, Stocks We Like.

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Twenty years ago, U.S. Senator Bernie Sanders delivered a powerful explanation of a political tactic used to persuade voters to support policies that benefit the wealthy, often at the expense of their own interests. Continue…

by Roger Montgomery Posted in Market commentary.

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Global financial markets are enjoying a period of relative calm, with investors seemingly unperturbed by the unpredictability of U.S. President Donald Trump’s second term. The spectre of a trade war between the United States and China, which once loomed large, has, for now, receded, with optimism about deregulation and tax cuts replacing those concerns. Continue…

by Roger Montgomery Posted in Market commentary.

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Most of the time, you can ignore monthly economic data – it rarely, if ever, changes trends in markets. But with Trump fiscal profligate ways, a huge global debt refinancing event coming in 2026/27 and threats to democracy itself, it probably now pays to keep a closer eye on how the U.S. economy is faring. Continue…

by Roger Montgomery Posted in Market commentary.

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In a May 2025 letter to clients entitled ‘Brace for Impact’, Perpetual Asset Management Australia (ASX:PPT) echoed the cautionary sentiments of legendary investor Paul Tudor Jones, warning investors to “brace for impact” as markets fail to price in an economic slowdown already underway.

Their letter highlights a precarious optimism in U.S. equity markets, despite looming threats from trade wars, elevated valuations, and diminishing diversification from traditional safe havens like U.S. treasury bonds. Continue…

by Roger Montgomery Posted in Global markets.

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Last week, REA Group delivered a broadly in-line third quarter result, highlighting the resilience of its pricing power and disciplined cost management, even as listing volumes soften into the final quarter.

Revenue for the period rose 12 per cent year-on-year to A$374 million, essentially matching market expectations, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) excluding associates increased 12 per cent to A$199 million, just shy of consensus estimates. Free cash flow was robust at A$132 million, marking a 19 per cent year-on-year increase. Continue…

by Roger Montgomery Posted in Companies, Property.

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