Ben Graham was born in England and moved with his family to the US when he was 1 year old. His father took the family to New York to set up a new branch of a successful family business. This was far from the prototypical immigrant experience. His family was wealthy and moved to 5th Avenue in a house staffed by domestic servants. This lifestyle would ...
The Strait of Hormuz has been described as the world’s most critical energy artery, but in February 2026, that artery was effectively severed. As conflict between the US and Iran escalated, the closure of this passage didn’t simply spike the price of oil — it broke the global supply chain for refined products in ways that have no modern parallel, not ...
Mined gold production reached a record high in 2025, based on our 2025 Gold Demand Trends report(Chart 1). Global miners produced 3,672 tonnes of gold, a modest year-on-year increase of 1% and the highest in our data series – albeit this may be subject to revisions when more data becomes available.[1] And we expect mined gold production to further ...
Geopolitical events like the current Middle East conflict and supply chain disruptions can create short term market volatility, but they rarely change the long-term fundamentals for investors as the Vanguard Index Chart demonstrates.
Vanguard has seen more than $1.5 billion of net inflows into its ETFs in the first half of March, already outpacing ...
Energy and climate policy in this country continues to divide many in the electorate and has been at the forefront of political debate for several decades now.
Recently, I argued that current policy is leading us down a path of ‘duplication’ as opposed to a path of genuine energy ‘substitution’. I was implying that policy is top heavy in the pursuit of ...
This will be the third time I’ve written specifically about private assets under the “take my money and lie to me” title, and honestly, I wish I didn’t have to do it.
The first time I did so, in December of 2022, a large Canadian mortgage lender with a sterling reputation decided that they would suspend redemptions on a fund that was marketed to ...
Australia’s research and innovation system is “broken” and needs “bold reform”, according to a major new independent report released on Tuesday.
Titled “Ambitious Australia”, it’s the culmination of a strategic examination of research and development in Australia, commissioned by the federal government in December 2024. It was led by Tesla chairwoman ...
The annual UBS Global Investment Returns Yearbook offers an opportunity to take a step back from the daily news cycle and reflect on drivers of returns over the long-term. This is always a valuable exercise for investors.
Beating inflation over the long-term
In times of geo-political tensions, it can be easy to move to ‘safer’ investments. The ...
Intergenerational bickering continues and with over 50% of voters in the Gen Z and Millennial cohorts, Canberra is listening to the grievances from young Australians.
Allegra Spender the independent member for Wentworth released a 75-page tax reform white paper and Treasurer Jim Chalmers has announced there will be significant tax changes included in ...
For all the talk of energy transitions, oil and gas markets remain at the centre of the global economy.
When oil and gas are cheap, inflation is low and growth is strong. When they rise sharply, the opposite usually follows.
That matters for Australia because oil and gas are becoming more expensive as the US escalates its war with Iran.
Reflecting ...
GLI dividend yields attractive in absolute terms and relative to history
For over twenty years, the global listed infrastructure asset class (GLI) has consistently generated dividend yields in the 3%-4% range. As valuation multiples have declined in the past few years, dividend yields have expanded into the upper half of this range.
The sustainability ...
The new war in Iran is about to hand politicians yet another ‘get out of jail free card’ – to blame rising oil prices for inflation, diverting attention from the real causes of persistent inflation: loose fiscal policies (spending sprees financed by deficits and rising debts), loose monetary policies (low nominal and real interest rates), plus some ...
Ben Graham was born in England and moved with his family to the US when he was 1 year old. His father took the family to New York to set up a new branch of a successful family business. This was far from the prototypical immigrant experience. His family was wealthy and moved to 5th Avenue in a house staffed by domestic servants. This lifestyle would ...
The Strait of Hormuz has been described as the world’s most critical energy artery, but in February 2026, that artery was effectively severed. As conflict between the US and Iran escalated, the closure of this passage didn’t simply spike the price of oil — it broke the global supply chain for refined products in ways that have no modern parallel, not ...
Mined gold production reached a record high in 2025, based on our 2025 Gold Demand Trends report(Chart 1). Global miners produced 3,672 tonnes of gold, a modest year-on-year increase of 1% and the highest in our data series – albeit this may be subject to revisions when more data becomes available.[1] And we expect mined gold production to further ...
Geopolitical events like the current Middle East conflict and supply chain disruptions can create short term market volatility, but they rarely change the long-term fundamentals for investors as the Vanguard Index Chart demonstrates.
Vanguard has seen more than $1.5 billion of net inflows into its ETFs in the first half of March, already outpacing ...
Energy and climate policy in this country continues to divide many in the electorate and has been at the forefront of political debate for several decades now.
Recently, I argued that current policy is leading us down a path of ‘duplication’ as opposed to a path of genuine energy ‘substitution’. I was implying that policy is top heavy in the pursuit of ...
This will be the third time I’ve written specifically about private assets under the “take my money and lie to me” title, and honestly, I wish I didn’t have to do it.
The first time I did so, in December of 2022, a large Canadian mortgage lender with a sterling reputation decided that they would suspend redemptions on a fund that was marketed to ...
Australia’s research and innovation system is “broken” and needs “bold reform”, according to a major new independent report released on Tuesday.
Titled “Ambitious Australia”, it’s the culmination of a strategic examination of research and development in Australia, commissioned by the federal government in December 2024. It was led by Tesla chairwoman ...
The annual UBS Global Investment Returns Yearbook offers an opportunity to take a step back from the daily news cycle and reflect on drivers of returns over the long-term. This is always a valuable exercise for investors.
Beating inflation over the long-term
In times of geo-political tensions, it can be easy to move to ‘safer’ investments. The ...
Intergenerational bickering continues and with over 50% of voters in the Gen Z and Millennial cohorts, Canberra is listening to the grievances from young Australians.
Allegra Spender the independent member for Wentworth released a 75-page tax reform white paper and Treasurer Jim Chalmers has announced there will be significant tax changes included in ...
For all the talk of energy transitions, oil and gas markets remain at the centre of the global economy.
When oil and gas are cheap, inflation is low and growth is strong. When they rise sharply, the opposite usually follows.
That matters for Australia because oil and gas are becoming more expensive as the US escalates its war with Iran.
Reflecting ...
GLI dividend yields attractive in absolute terms and relative to history
For over twenty years, the global listed infrastructure asset class (GLI) has consistently generated dividend yields in the 3%-4% range. As valuation multiples have declined in the past few years, dividend yields have expanded into the upper half of this range.
The sustainability ...
The new war in Iran is about to hand politicians yet another ‘get out of jail free card’ – to blame rising oil prices for inflation, diverting attention from the real causes of persistent inflation: loose fiscal policies (spending sprees financed by deficits and rising debts), loose monetary policies (low nominal and real interest rates), plus some ...
