Nucleus Research and Insights

Investment risk is complicated. It includes the risk that earnings fall, margins collapse, tenants leave, interest costs rise, debt cannot be refinanced, an asset needs unexpected expenditure, or that you simply paid too much in the first place. Yet much of the investment industry boils all of this ...

I have been struck by how difficult it has become to answer a seemingly simple question: how much oil is actually available to the global market? During a normal period, inventories, tanker movements and production figures give investors a reasonably clear picture of supply and demand. During an ...

In this week’s podcast, Nucleus Wealth’s Chief Investment Officer, Damien Klassen, examines just how bad the Middle East oil shock could get — as disruptions spread beyond the Strait of Hormuz and oil prices climb above $100 a barrel. We explore how much global supply is really at risk, what ...

For most of my career, government debt has been treated as a problem to be managed. Politicians talked about balancing budgets. Treasurer speeches revolved around surpluses. Credit rating agencies mattered. Governments that overspent were expected to pay a political price.

In August, the macroeconomic narrative shifted as surging U.S. Treasury yields challenged the unbridled momentum of the tech boom. With the 10-year Treasury yield climbing rapidly toward 4.7% and the looming threat of a super El Niño reviving inflation fears through agricultural and supply chain ...

Australia’s housing market is undergoing a significant correction, and the evidence increasingly suggests that the decline has further to run. House prices have already fallen rapidly across the major capital cities, but the combination of higher interest rates, weaker investor demand, slowing ...

In this week’s podcast, Nucleus Wealth’s Chief Investment Officer, Damien Klassen, is joined by Leith van Onselen of MacroBusiness to examine why Australia’s housing downturn could have much further to run. With prices now falling across much of the country and forecasts pointing to a potential ...

Nvidia has become more than just a semiconductor company. Its results have become one of the clearest indicators of whether the enormous investment boom in artificial intelligence is still gathering momentum.

In this week’s podcast, Nucleus Wealth’s Chief Investment Officer, Damien Klassen, examines what Nvidia’s latest earnings tell us about the AI boom — with record revenue, strong data centre demand, and another major upgrade to its outlook suggesting there’s still plenty of runway ahead. We unpack ...

Every ASX reporting season, investors are bombarded with headlines declaring that corporate Australia is thriving or struggling based on the latest profit results. Bank earnings beat expectations. Miners miss forecasts. Retailers warn about consumer spending. Before long, a narrative emerges that ...

Most of the debate around Division 296 has focused on whether taxing unrealised gains is fair. A more interesting question is who bears the cost of Australia's changing demographics.

For much of the past six months, the direction of U.S. Treasury yields has been hard to ignore. The 10-year Treasury yield has climbed from around 4% to roughly 4.7%, briefly moving above that level. That has raised a broader question for investors: can U.S. Treasury Secretary Scott Bessent ...

Every few years, investors are told a new tax change will transform the investing landscape.

In this week’s podcast, we ask whether Scott Bessent is losing control of the U.S. bond market — as long-term Treasury yields surge despite government intervention. We unpack what’s driving the bond selloff, from soaring deficits and a $40 trillion national debt to inflation risks and growing ...

For me, the most interesting investment question involving SpaceX isn’t whether it is worth the enormous valuation. It’s whether Elon Musk can build AI data centres quickly enough to change the supply-demand balance of the entire industry.