Ending November 21 2025
Video Overview
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THIS IS VERY IMPORTANT
This example is why we warn against investing too much in individual companies. Droneshield causing volatility with insider selling. Watch these companies because they are small, growth oriented and experience huge volatility.
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Short Stories
- Immigration is changing. UK feeling the heat.
- Property Problems?
- Trump Trouble?
The Oz Economy
This one issue highlights what we think is a continuation of the return of old industries. These old industries play a strategic role in military hardware and so it is beholden on government to maintain their operations regardless of cost.
Some positive expectations for the ASX over the next decade. We too believe the ASX should outperform many developed markets and some emerging ones.
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Private credit in Australia is worrying regulators. They should be.
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Lesson of the Week
Howard Marks: “When you buy the S&P 500 at a 23x P/E, your 10-yr annualized return has always fallen between +2% and –2%, IN EVERY CASE, EVERY CASE.” Today, the market sits at a 25x P/E. Add inflation… and your “returns” are negative.
The TMM Podcast
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