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When you hear people talk about U.S. inflation, a popular narrative is the Federal Reserve (the Fed) is essentially powerless. The argument goes that today’s sticky price pressures are almost entirely driven by outside supply shocks – things like new tariffs, volatile energy costs, and bottlenecks in tech hardware caused by the massive artificial intelligence (AI) investment boom. Continue…

by Roger Montgomery Posted in Economics, Insightful Insights, Manufacturing, Market commentary, Market Valuation, Technology & Telecommunications.

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• POSTED IN Economics, Insightful Insights, Manufacturing, Market commentary, Market Valuation, Technology & Telecommunications.

Harvey Norman Financial Year 2026 (FY26) results: Australian squeeze, overseas drag, and what it signals for the broader economy

Harvey Norman Holdings (ASX: HVN) released its FY26 full-year financial results and early FY27 trading update. While property revaluations boosted top-line profit, the underlying retail and franchising operations reflect the well-documented challenges in the domestic consumer environment, as well as overseas operational challenges. Continue…

by Roger Montgomery Posted in Companies, Consumer discretionary.

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It’s the question on every investor’s mind: are the hyperscalers spending too much on their infrastructure buildout such that they won’t generate a satisfactory return on capital?

Investors are furiously debating whether the Hyperscalers are overspending.

Recently, ‘Lloyd’ commented on a Livewire blog post about the subject, stating the following: Continue…

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

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In my latest article for The Australian, I explore the growing risks facing global markets as cracks emerge across technology, fixed income and inflation. With artificial intelligence (AI) investment increasingly circular, government debt climbing and inflation remaining stubborn, investors may need to prepare for a more volatile and challenging market environment.

Download here: Global markets face reckoning as triple threat fractures appear Continue…

by Roger Montgomery Posted in Editor's Pick, In the Press, Insightful Insights, Market commentary, Market Valuation.

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In this video I discuss Aussie Broadband (ASX: ABB), a growing challenger in Australia’s retail broadband market with around 15 per cent of the NBN market across its retail and wholesale services.

The company has delivered double-digit organic sales growth alongside acquisitions, while increasing scale may support further growth and operating efficiencies. Earnings are expected to grow over the next two years, supported by a cashflow-generative business and relatively low gearing.

While concerns around competition from Starlink have recently weighed on the share price, I explain why the current valuation may offer an attractive entry point if ABB continues to execute on its growth strategy. Continue…

by Gary Rollo Posted in Companies, Editor's Pick, Insightful Insights, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like, Video Insights.

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• POSTED IN Companies, Editor's Pick, Insightful Insights, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like, Video Insights.

I joined Jess Maguire on ABC Statewide Drive to unpack the key lessons from the 2026 reporting season. We discussed why results were generally better than feared, the importance of revenue growth over cost cutting, the volatility across individual companies, and what the results could signal for the year ahead.

Tune in from 1:45:36 here: ABC Statewide Drive

by Roger Montgomery Posted in Insightful Insights, Market commentary, Market Valuation, Radio, Technology & Telecommunications.

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I joined Jess Maguire on ABC Statewide Drive to discuss the Big Mac Index and how it uses the concept of purchasing power parity to assess whether currencies appear overvalued or undervalued. We also explored why the index has limitations as a measure of fair value, what it suggests about the Australian dollar, and the important differences between market pullbacks, corrections and crashes, highlighting why short-term volatility is a normal part of investing.

Listen in from 1:47:03: ABC Statewide Drive

by Roger Montgomery Posted in Economics, Radio.

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Daily stock market commentary is replete with warnings of storm clouds forming over global equity markets. But major indices are registering all-time highs with daily, boring monotony, and those dark clouds seem in no imminent danger of producing rain, let alone a storm.

So are the bearish experts wrong?

A healthy, resilient bull market is typically broad-based, with companies across diverse sectors participating in the upward momentum. What we have today is the precise opposite. According to a widely circulated Goldman Sachs report, equity market breadth has plummeted to levels unseen since the dot-com bubble. Continue…

by Roger Montgomery Posted in Economics, Market commentary.

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I joined Jess Maguire on ABC Statewide Drive to discuss why traditional approaches to diversification may no longer offer investors the same protection they once did. We explored how persistent inflation has changed the relationship between shares and bonds, the growing concentration of global share markets in a handful of artificial intelligence (AI) linked companies, and why investors may need to diversify beyond traditional asset classes and markets by considering a broader range of investment strategies.

Listen to the full segment from 1:46:20 – ABC Statewide Drive Continue…

by Roger Montgomery Posted in Economics, Insightful Insights, Investing Education, Market commentary, Market Valuation, Radio.

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I have spent the better part of the last 18 months warning investors the pattern of past returns from investing in new technology – what we refer to as General Purpose Technologies (GPT) – are likely to apply to the latest GPT- artificial intelligence (AI).

Quite simply, there’s a point in every technology investment boom when the technology stops being the most important question, and the money takes over. Continue…

by Roger Montgomery Posted in Market commentary.

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