Australia’s superannuation system is on a path beyond A$6 trillion. For its largest funds, the harder question is how to turn an active idea into a position large enough to matter without losing its edge.

The S&P 500 fell 3% over a month in which the average company inside it rose about 2%. We think the gap says more about what a concentrated benchmark measures, and who sits downstream of it, than about artificial intelligence.

Canberra's argument is about who the Budget's tax changes are fair to. The market question is quieter: what the grandfather clause tells the landlords it exempts to do next.

Three cuts in 2025, three rises in 2026, and a cash rate back at 4.35 per cent. For portfolios, the level that returned matters less than what failed to return with it.

Crude has risen 37% since the strikes on Iran, and the reassurance offered most often is five decades of falling oil intensity. The decline is real, and it measures barrels rather than borrowing terms.

Data-centre debt with legal maturities in the 2050s is being planned around repayment within five years. What happens at that earlier date is decided by the market for replacement capital, not by the building.