This Week's Focus
The Tax Myth That Costs Investors Money
With the recent introduction of tax changes, it is worth looking past the speculation and the bias to see what the potential impacts really are.
As we mentioned previously, the idea that investment will simply stop is probably not correct. Imagine a market where there are people who want to buy a product. But according to the doomsayers, no one will be willing to invest because of those dreaded taxes. We would suggest there is probably one person who realises that if this were true, they could invest and have a near monopoly, since nobody else wants to.
The deeper point is one we have made about stock investing for years. If taxes drive your decision, for better or for worse, that is probably not a good decision-making process. We have seen plenty of people make investments for "tax reasons" and lose money, because tax deductions get promoted precisely when, under normal circumstances, the economics would never justify the investment. The thing being sold is the deduction, not the asset. And that distinction is about to matter enormously, because …
… the Budget 2026 CGT changes fundamentally rewrite the maths on property and shares. We walk through exactly what the new rules cost on a $100,000 gain, and the answer surprises most people. Steve has the full breakdown of why so few property investors ever actually hold long enough to reach positive cash flow, and what happens to supply when the capital gains incentive disappears …
Plus this week: the AI reckoning as OpenAI's $38.5 billion loss becomes public ahead of the IPOs, why we think this sector could be the catalyst for the market reversal just as dot-com was in 2000, the critical minerals supply crisis now declared "nearly unobtainable" from China, and the emerging markets case for the coming inflation era …
And the chart that shows emerging markets returning 85% while the S&P 500 lost 9% the last time the US was this overvalued …
Want the rest? Premium subscribers received the full edition this morning, including the CGT calculator, the property cash-flow reality, the AI reckoning, and the emerging markets case.
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