The 2026 financial year delivered a remarkable run of records, matched only by the ability to take them back. Beneath the headlines sat a single story: a year in which inflation, geopolitics, central bank policy and the AI build-out stopped behaving as separate themes and converged into one.  

Whenever markets have run ‘hot’ it is wise to remind ourselves that while equities trend higher over the longer term, they are inherently cyclical, repeatedly rising above and falling below their long-term upwards trend. 

April 2026 was, by almost any historical measure, an extraordinary month for equity markets.

Markets had a difficult start to the year. Returns are broadly negative across major regions... there has been little place to hide.

Geopolitical risk is a constant in markets — it simply flares up from time to time.

If markets have taught investors anything in recent years, it is to expect the unexpected.

December was broadly a risk-on month, though performance varied by region; looking back, 2025 was a year full of surprises – and one best navigated by patience.

Technology disruption always feels magical the first time you experience it.

October monthly commentary: Gold’s strength emerges from the intersection of two powerful forces: the transition from tightening to easing, and the erosion of faith in other safe havens.

Markets have entered a phase in which fundamentals and sentiment seem increasingly disconnected.

The most common question we hear today is: “What do you think about markets here?”

Stock markets rallied during most of July, driven by renewed enthusiasm that tariff rates will be much lower than some had feared.

Markets bounced broadly in June, led yet again by the familiar rallying cry of US exceptionalism.

Markets bounced in May, amid mounting risks.

While global equity markets began April under pressure from ongoing macroeconomic challenges, they managed a modest recovery by month-end.

During the second week of April, US Government bonds — commonly referred to as Treasuries — experienced a significant selloff.

March was another down month for stock markets, delivering the worst first quarter for Australian shares since the initial Covid hit of 2020.

The global equity seascape witnessed significant divergence, with Australian and US markets underperforming their European and Asian counterparts.

Are selloffs in mega-cap US companies a screaming buy opportunity or a warning signal of deeper troubles ahead?

A useful analogy for understanding economic growth is that of a spinning top. At high speeds, it remains stable and self-sustaining; however, as it slows down, it becomes increasingly unstable and wobbly...