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Welcome to Firstlinks Edition 657

Welcome to Firstlinks Edition 657

When I was teenager and living outside of New York I used to listen to a radio station called WFAN. For 24 hours a day the station was dedicated to sport. Most of the programming involved a host arguing with callers about some esoteric sporting topic – player A was better than player B, etc. This was one of my less harmful teenage vices but it is hard ...
War can’t be good, can it?

War can’t be good, can it?

What’s war good for? With apologies to Motown songwriters Norman Whitfield and Barrett Strong, absolutely nothing from humanity’s point of view. While the human cost of conflict - measured in lives lost, families displaced, and immense suffering - is profound and undeniable, the historical relationship between geopolitical chaos and long-term equity ...
Origins of the mislabeled capital gains tax ‘discount’

Origins of the mislabeled capital gains tax ‘discount’

The debate around the capital gains tax (CGT) ‘discount’ is really heating up due to budgetary pressures, and arguments around ‘intergenerational equity’ and housing affordability. But the so-called ‘discount’ is not a concession, rather it is an ‘adjustment’ to approximate gains arising from inflation that should not be taxed. Prior to 1999, the cost ...
There’s more to software than just code

There’s more to software than just code

Software companies, long regarded as some of the most durable and profitable businesses, faced an indiscriminate sell-off in early 2026, with investors referring to the moment as the “SaaSpocalypse.” Behind this sell-off was the rapid emergence of powerful AI coding agents, such as Claude Code and Openclaw, which made headlines by demonstrating that AI ...
Orbital AI data centers prepare for launch

Orbital AI data centers prepare for launch

Welcome to the new space race, brought to you by AI. Data centers built to deliver artificial intelligence (AI) services are springing up as fast as Wall Street can finance them. Meanwhile, these sprawling digital workhorses are inhaling electricity (putting pressure on already stretched grids) and consuming massive amounts of water for cooling. ...
Little‑known government scheme can help retirees tap into $3 trillion of housing wealth

Little‑known government scheme can help retirees tap into $3 trillion of housing wealth

For many Australians, most of their retirement wealth is tied up in their home. A simple, well-designed program to tap into those trillions in home equity could help boost their retirement incomes. Such a program exists. However, it remains little known and underused. The federal government’s Home Equity Access Scheme (HEAS) allows older Australians to ...
Welcome to Firstlinks Edition 656

Welcome to Firstlinks Edition 656

The economic impacts of the war in Iran continue to dominate headlines. Investors are following their typical playbook and rushing into the ‘obvious’ winners of the turmoil in the Middle East. For instance, there are higher oil prices. Over the previous month the following energy companies have performed well: Exxon Mobil is up 12.44% Chevron is up ...
Central banks need higher inflation targets

Central banks need higher inflation targets

In 1971, an uncle of Don Brash, the governor of the Reserve Bank of New Zealand from 1988 to 2002, invested the proceeds from selling his fruit farm in 18-year government bonds yielding 5.4%. At that time, the uncle’s NZ$30,000 could buy 11 four-cylinder cars. But when the bonds matured in 1989 the NZ$30,000 could buy only one of those cars. Inflation, ...

Welcome to Firstlinks Edition 657

Welcome to Firstlinks Edition 657
When I was teenager and living outside of New York I used to listen to a radio station called WFAN. For 24 hours a day the station was dedicated to sport. Most of the programming involved a host arguing with callers about some esoteric sporting topic – player A was better than player B, etc. This was one of my less harmful teenage vices but it is hard ...

War can’t be good, can it?

War can’t be good, can it?
What’s war good for? With apologies to Motown songwriters Norman Whitfield and Barrett Strong, absolutely nothing from humanity’s point of view. While the human cost of conflict - measured in lives lost, families displaced, and immense suffering - is profound and undeniable, the historical relationship between geopolitical chaos and long-term equity ...

Origins of the mislabeled capital gains tax ‘discount’

Origins of the mislabeled capital gains tax ‘discount’
The debate around the capital gains tax (CGT) ‘discount’ is really heating up due to budgetary pressures, and arguments around ‘intergenerational equity’ and housing affordability. But the so-called ‘discount’ is not a concession, rather it is an ‘adjustment’ to approximate gains arising from inflation that should not be taxed. Prior to 1999, the cost ...

There’s more to software than just code

There’s more to software than just code
Software companies, long regarded as some of the most durable and profitable businesses, faced an indiscriminate sell-off in early 2026, with investors referring to the moment as the “SaaSpocalypse.” Behind this sell-off was the rapid emergence of powerful AI coding agents, such as Claude Code and Openclaw, which made headlines by demonstrating that AI ...

Orbital AI data centers prepare for launch

Orbital AI data centers prepare for launch
Welcome to the new space race, brought to you by AI. Data centers built to deliver artificial intelligence (AI) services are springing up as fast as Wall Street can finance them. Meanwhile, these sprawling digital workhorses are inhaling electricity (putting pressure on already stretched grids) and consuming massive amounts of water for cooling. ...

Little‑known government scheme can help retirees tap into $3 trillion of housing wealth

Little‑known government scheme can help retirees tap into $3 trillion of housing wealth
For many Australians, most of their retirement wealth is tied up in their home. A simple, well-designed program to tap into those trillions in home equity could help boost their retirement incomes. Such a program exists. However, it remains little known and underused. The federal government’s Home Equity Access Scheme (HEAS) allows older Australians to ...

Welcome to Firstlinks Edition 656

Welcome to Firstlinks Edition 656
The economic impacts of the war in Iran continue to dominate headlines. Investors are following their typical playbook and rushing into the ‘obvious’ winners of the turmoil in the Middle East. For instance, there are higher oil prices. Over the previous month the following energy companies have performed well: Exxon Mobil is up 12.44% Chevron is up ...

Central banks need higher inflation targets

Central banks need higher inflation targets
In 1971, an uncle of Don Brash, the governor of the Reserve Bank of New Zealand from 1988 to 2002, invested the proceeds from selling his fruit farm in 18-year government bonds yielding 5.4%. At that time, the uncle’s NZ$30,000 could buy 11 four-cylinder cars. But when the bonds matured in 1989 the NZ$30,000 could buy only one of those cars. Inflation, ...