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In the sun-drenched suburbs of Sydney and the graffiti-covered laneways of Melbourne, electric vehicles (EVs) are silently zipping around, charging up in garages, and bringing smiles to the faces of those who voted for Labor’s march toward net zero.

It is, without doubt, a feel-good story: cleaner air for the user, reduced emissions for the suburb, and tech-savvy signalling to everyone else on the road. But beneath the glossy ads and government incentives lies a darker undercurrent – one that cybersecurity experts, former military leaders, and national security advisors have recently shouted from the rooftops. Continue…

by Roger Montgomery Posted in Manufacturing.

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I joined Phil Clark on ABC Nightlife yesterday to discuss what’s driving today’s market. Falling inflation, steady growth, and record central-bank liquidity continue to fuel this bull run. But with artificial intelligence (AI) spending soaring, returns need to justify valuations. We also discussed the rising demand for gold, with many investors viewing it as a hedge against uncertainty. Although physical gold might be nice to look at, exchange-traded options may offer more efficient exposure for investors.

Perhaps considering alternative asset classes that are uncorrelated to public markets such as private credit or arbitrage strategies may help to manage risk in these uncertain times. You can listen to the full episode here: Nightlife Finance with Roger Montgomery. Continue…

by Roger Montgomery Posted in Insightful Insights, Market commentary, Radio.

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Nvidia is increasingly finding itself at the centre of a growing list of round-robin style transactions between artificial intelligence (AI) players that are collectively raising the eyebrows of a variety of reputable investors and industry stalwarts, from Microsoft co-founder Bill Gates to famed short seller Michael Burry. Continue…

by Roger Montgomery Posted in Companies, Market commentary.

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As investors, we have a particular interest in Australia’s condition, its desirability as a destination for living and its quality as a destination for investing. For some time now, I have feared better destinations exist elsewhere. Whether deliberate or unwitting, the government is not prioritising the betterment of the nation. Continue…

by Roger Montgomery Posted in In the Press, Property.

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Fourteen years ago, in 2011, a commodity boom in iron ore saw BHP’s share price hit $40 for the first time. It was the 8^th of April 2011. There was great excitement, surrounding Australia being the ‘lucky’ country yet again. Peter Richardson, Morgan Stanley’s then global metals chief economist, put forward a strong investment case for the “crucial” steelmaking commodity.

We will see Morgan Stanley again soon.

By contrast, on April 11 that year we published a blog Will China demand Iron… or…?, where we wrote that iron ore prices would henceforth decline, ending the commodity boom and causing buoyant share prices to fall. Continue…

by Roger Montgomery Posted in Market commentary.

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In this week’s video insight I take a closer look at record stock markets, what’s driving them to new highs, and what that might mean for investors. The S&P 500 is trading at historic levels on measures such as price-to-earnings and price-to-book ratios, with much of the enthusiasm powered by the artificial intelligence (AI) boom. Companies are spending billions on cloud, semiconductors and infrastructure, while revenues are still catching up. It’s an exciting period of innovation, but also one where history reminds us markets often price in future growth well before it materialises. Continue…

by Roger Montgomery Posted in Aura Group, Digital Asset Funds Management, Market commentary, Market Valuation, Video Insights.

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Yesterday on ABC Statewide Drive, I discussed how Australia’s rising unemployment rate has lifted the odds of an interest rate cut – a move that could support valuations even as the economy softens. I explained why investors shouldn’t react to monthly data but instead stay focused on quality businesses and consider diversifying into alternatives like private credit or arbitrage funds to stay balanced in a volatile market.

Listen in from 1:48:17 on ABC Statewide Drive.

Continue…

by Roger Montgomery Posted in Radio.

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In this week’s video insight, I highlight the folly of buying physical gold amid the recent surge in prices. When people were lining up at Sydney’s bullion stores paying nearly $225,000 per kilo, it signalled a market nearing its peak – exponential rallies like that are rarely sustainable. Beyond timing risk, buying bullion involves steep frictional costs, with a spread of around 7 per cent between buy and sell prices. Since then, gold prices have fallen sharply, leaving many buyers facing losses. If you really want exposure to gold, I argue it’s far more efficient to buy a low-cost exchange-traded fund (ETF) rather than lining up for physical bullion. Continue…

by Roger Montgomery Posted in Video Insights.

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Breville Group (ASX: BRG) delivered a concise trading update at its Annual General Meeting yesterday, focusing on the first half of financial year 2026 (1H26) to date. While the commentary was positive on several fronts, ongoing uncertainties remain in the U.S. market. Continue…

by Roger Montgomery Posted in Companies.

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In this video insight, I question whether the trillions being poured into artificial intelligence (AI) infrastructure can ever be justified. By 2028, the industry’s hardware and data centre spend could exceed US$3 trillion, yet customers would need to spend over US$3 trillion a year – around 10 per cent of U.S. gross domestic product (GDP) – to make the math work. Unless adoption and profits scale far faster than history suggests, this AI rocket ship could run out of fuel. Continue…

by Roger Montgomery Posted in Video Insights.

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