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I joined Jess Maguire on ABC Statewide Drive to discuss how scandals at Super Retail Group, Qantas, and Star Entertainment reveal a troubling pattern: CEOs behaving badly and boards failing to act. From cover-ups to ignored red flags, weak oversight has led to billions in fines, lost trust, and damaged valuations. I stressed that it’s often the cover-up that sinks a CEO – and that boards must demand transparency, independence, and stronger governance to protect investors.

Listen to the full interview from 1:46:00 here: Statewide Drive – when boards fail, investors will pay the price

by David Buckland Posted in Radio.

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Financial markets are riding a wave of bullish enthusiasm, with stocks, cryptocurrencies, and other speculative assets soaring to new heights. Fueled by optimism around cooling inflation, robust corporate earnings, and the transformative potential of artificial intelligence (AI), the rally has pushed valuations to levels some are saying is reminiscent of the 1999/2000 dot-com era. Continue…

by Roger Montgomery Posted in Market commentary.

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During a boom, warnings of bubbles and crashes are swept under a rug woven with proclamations such as “we’ve entered a multi-year bull market” and “there’s so much money on the sidelines waiting to invest”.

This article was first published in The Australian on 06 October 2025. Continue…

by Roger Montgomery Posted in In the Press, Insightful Insights, Market commentary.

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Anecdotal evidence. Dismissed as mostly irrelevant, anecdotal evidence becomes useful often only in hindsight. Until then, it’s a novelty, statistically unsound, unreliable, lacking objectivity and unverifiable.

But boy, it’s fun to inquire.

That was then

In the 1920s, the stock market was ‘roaring’, enjoying widespread optimism and even euphoria amid new innovations. On October 15, 1929, after the market had experienced a nine-year rise, the first celebrity Yale economist, Irving Fisher, gave a speech in New York City. Continue…

by Roger Montgomery Posted in Global markets, Market commentary.

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As August 2025 has now wrapped up, Australia’s reporting season has again delivered a snapshot of the economy’s trajectory. For years, we’ve heard the refrain of a “resilient” domestic market weathering global headwinds, interest rate hikes, and inflationary pressures. But this time around, the narrative has evolved. Companies across the ASX are signalling that resilience is giving way to tentative recovery, particularly in consumer spending and the housing sectors. Continue…

by Roger Montgomery Posted in Companies, Market commentary.

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With Jim Chalmers’, Treasurer of Australia, three-day roundtable kicking off yesterday, I thought it would be interesting to hear what different parts of the community were seeking. Of course, while collaboration is expected, consensus will be impossible, partly because of the diverse attendees, which includes representatives from the unions, government, business and civil society.

The other issue is that solutions require an understanding of the problem’s root cause.  And when we are talking about labour productivity, most cannot even agree on first principles. Continue…

by Roger Montgomery Posted in Market commentary.

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CrossBorder Capital’s latest report by founder Michael Howell paints an ominous picture of a maturing global liquidity cycle, raising concerns that the U.S. Federal Reserve’s (the Fed) waning role in providing liquidity (the fuel for market and asset rises) has negative implications for markets and the U.S. economy.

Howell’s analysis concentrates on the September Federal Open Market Committee (FOMC) meeting, where a 25-basis-point rate cut was delivered alongside hints of further cuts, consistent with Trump’s demands. Yet, he labels this a “hawkish cut,” emphasising the Fed’s tough stance on liquidity. Fed Chair Jerome Powell, incoming appointee Stephen Miran, and Treasury Secretary Scott Bessent are reportedly aligned in their push to shrink the Fed’s balance sheet and minimise its market influence. Continue…

by Roger Montgomery Posted in Global markets, Market commentary.

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On November 30, 2022, the world marvelled at the release and conversational prowess of OpenAI’s ChatGPT. What the world might have missed, however, was the subtle shift that began rippling through the U.S. economy.

What started as a viral tech demo – capable of drafting emails, coding snippets, and even poetry – escalated into a full-blown revolution in large language models (LLMs) and artificial intelligence, now described as the fourth industrial revolution. Continue…

by Roger Montgomery Posted in Technology & Telecommunications.

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At face value, Iluka Resources (ASX:ILU) is best known as a mineral sands producer. However, the market continues to undervalue the hidden strategic and financial assets embedded across its diversified portfolio. With a current market capitalisation of over A$3 billion, Iluka trades below the implied value of its tangible holdings alone  – ~A$1 billion in mineral sands inventory, ~A$1.3 billion in rare earths concentrate feedstock (potentially greater than A$2 billion Net Present Value (NPV)) and a A$450 million equity stake in Deterra Royalties (ASX:DRR) – therefore ascribing very little value to the core mineral sands business. Continue…

by Sean Sequeira Posted in Companies, Stocks We Like.

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As I delve a little deeper into the aggregate artificial intelligence (AI) capital expenditure (capex) numbers and the revenue and profits subsequently required to recoup them, one thing stands out: a world of AI forecasts that are universally optimistic.

That’s not usual in any hype-inspired boom, but these numbers are extraordinary. Continue…

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

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