From the Market Ear: The vol smash All volatilities have been reset lately, but NASDAQ volatility remains way above year lows, VIX is close to year lows and Russell volatility, RVX, is practically at year lows. Seen VVIX? VIX is down, but VVIX has crashed lately. Soggy VIX The front VIX future keeps lagging its
The Australian has published fascinating data showing the extraordinary rise in home values this century. As illustrated below, house prices have soared by between 227% (Darwin) and 570% (Adelaide) over the past 25 years: Unit prices have experienced similarly explosive growth, rising by between 163% (Darwin) and 600% (Adelaide) over 25 years: Cotality’s latest housing
Asian share markets are generally still doing well as we head into the low volume Christmas period with local shares the standout on a somewhat dovish outlook from the RBA minutes released today. This has seen the Australian dollar continue its bounceback on a slightly weaker USD above the 66 cent level. Oil markets remain
Quick disclaimer. I run ethical funds. We let clients add or subtract ethical (and investment) themes from all our portfolios. But I’ve never been a fan of the industry. Seven years ago, I argued that the booming industry of ESG (Environmental, Social, and Governance) ratings was more akin to marketing magic than investment medicine. At the
Dwelling values in Sydney and Melbourne have begun to fall. According to Cotality’s dwelling values index, home prices in Sydney and Melbourne have declined by 0.1% so far in December (i.e., to 22 December 2025). By contrast, dwelling values in Brisbane (1.1%), Perth (1.4%), and Adelaide (1.2%) have risen strongly so far in December. The
Since the horrific ISIS terrorist attack at Bondi, the issue of social cohesion has dominated commentary in the media and among various politicians. On Saturday, Independent Federal MP Allegra Spender put out a press release calling for a cabinet-level minister for Social Cohesion and tougher laws to crack down on hate speech. Meanwhile, in New
The state of Victoria already has the highest debt load and the nation’s poorest credit rating. Victorians also pay the highest taxes in the nation. The Allan Government last week unveiled a suite of new ‘value capture’ taxes and levies on developers, landowners, and car‑park operators to help fund the Suburban Rail Loop East (SRL
In the long history of financial markets, there have been all manner of hot assets; in the Netherlands in the 1630s, it was tulip bulbs, in the 1720s Britain, it was shares in the South Sea Company, and today the hottest asset on the market is anything to do with AI. In the United States,
In the early 2010s, the federal Labor government made the ill-fated decision to allow liquefied natural gas (LNG) exports from Queensland without requiring gas companies to first supply Australians. Gary Grey, the then-Federal Resources Minister under the Gillard/Rudd Labor governments, claimed that domestic gas reservation would cause uncertainty and discourage investment, placing the government against
Wall Street and other risk markets are drifting into holiday mode which means not a lot of selling and small gains here and there although silver and gold are making record highs while the USD is getting sold down the river. Defense stocks helped Wall Street overnight while Yen stabilised somewhat after a big move