Just a quick post as I'm musing the consequences of what could be a fundamental shift in AI.

Two of the best-performing stocks in our portfolio over the last year or so have been Eli Lilly and Novo Nordisk, due to their successful obesity drug rollouts. The question is whether there is more growth to come or if the share prices have run too far.

US inflation came in low. Services are still running hot, but that is mostly driven by housing costs. It would seem that the housing costs in CPI are probably overstated. See tables:

Are we headed for Tech Boom 2.0? There are considerable parallels between the tech boom in the early 2000s and the AI boom of the last year.

The Reserve Bank of Australia has held rates again and hasn't added a hawkish bias but its rhetoric is less patient:

It's amazing how two economists can see the macroeconomy so differently.

For 13 years, this website has tracked the decline and fall of Australian policymaking. We have been astounded at how low politics and policy can go at every turn, but in actuality, this is a reflection of our age.

A couple of notes from BCA make some good points about the prospects for Chinese growth.