Trump has begun an unprecedented attack on the norms of US lawmaking. The scale and scope of the attack are significant and mostly unconstitutional. The two most likely outcomes are:

Tariffs, in an ever-evolving form, are front page of every business paper at the moment. Are they going to give cover for companies to push through another round of price increases?

Another big month for markets. Our international portfolio in particular performed much better than benchmark, up almost 5% for the month, while our growth portfolio was not far behind.

Justin Fabo from Antipodean Macro posted the following update on labour productivity across major advanced nations.

Australia's manufacturing sector has shrunk to just over 5% of GDP, the lowest share in the OECD.

It's a very big debate for asset allocators by very big people that I respect on both sides.

It would be hard to do a podcast on anything other than tariffs... In this week Nucleus Wealth's Chief Investment Officer, Damien Klassen discussed the what, how, who and why.

DXY is back.

Over the past decade, the number of cafes nationwide has reached an unsustainable level, and many are struggling to survive.

There really is not much more Tony Wood of the Grattan Institute can do to destroy Australia's energy transition.