Friday, September 18, 2026
Chemo Round 4: Getting used to the routine, still much better than expected
By Round 4 I’m getting used to the routine. Now one-third of the way through my 12-fortnight chemo program following cancer surgery in January. So far, nothing debilitating. Back to normal day-to-day life by about day 6 or 7 (ie 3-4 days recovery after 3 days of chemo). Still about a dozen chemo side effects. Nothing major so far, and the mix continues to change each time. I put my chemo side effects into 5 columns: – ‘Gone’, ‘Less’, ‘Same’, ‘Worse’, ‘New’, plus a new column I have added: ‘Permanent?’, because some of the side effects are taking longer to wear off and may become permanent. Bottom line: so far, the whole cancer surgery/chemo journey has been much better than I had been expecting. Once again, a huge thank you for all the kind words of support and encouragement I have received from near and far. Very much appreciated!
Why are Australian cash rates HIGHEST in the world? Five simple reasons.
This is one of the most common investor questions I receive from advisers, and it is one of the easiest to answer. It’s fairly simple. Australians suffer the highest cash rates amongst their rich country peers (chart A) because Australia has: The highest inflation rate (chart B), The highest medium-long-term inflation expectations ie highest treasury yields (C), The highest central bank inflation target (D) – for no good reason at all, The strongest jobs market eg lowest unemployment rate (E) (apart from Japan which has a declining population and workforce), and The loosest / most undisciplined monetary and fiscal policies during and since Covid. Bottom line = locked-in structurally higher inflation
My latest IFPA webinar: Impacts of War on shares, bonds, gold, inflation: Rate HIKES or Rate CUTS?
Here’s my latest webinar for the IFPA ‘Investment Insight’ series. Covers impacts of the war on share markets, bonds, oil, gold, interest rates. Plus audience questions. Likely outcomes of the war and implications for investors. Are we heading for rate CUTS or rate HIKES? The BIG picture on INFLATION and implications for long—term portfolios Aimed at portfolio managers and advisers managing client wealth portfolios. Designed to arm advisers with clear, fact-based analysis and insights to assist in answering client queries about what is happening in investment markets and what is driving returns. PLUS – I recorded this session while on a Chemo drip, so I provide a quick update on my cancer / chemo journey.
Open Letter to Albo in Singapore begging for fuel
While you are in Singapore perhaps you should ask your hosts why Australia, the most RESOURCE RICH country on earth and a NET EXPORTER of fossil fuels/energy, has to beg for essential liquid fuels from Singapore, a country with ZERO oil or gas of its own, Zero mineral resources, Zero raw materials for industry, and has to IMPORT EVERYTHING from food, fuel, minerals, metals, manufacturing inputs, building materials, and even has to import drinking water for its citizens? 'Self-Reliance' is NOT about 'Made at Home'. It’s about doing the BEST with what you HAVE.
1973-4 Oil Crisis - Fact Check: impacts on inflation, interest rates, shares, FX, gold. Then-v-Now?
With the recent spike in oil prices there are a lot of myths about the 1973-4 oil shock causing the 1970s inflation, and also triggering the 1973-4 share market crashes. Here are the facts about what actually happened to shares, bonds, interest rates, exchange rates, oil, gold, and inflation before, during and after the 1973-4 crisis. SHARE MARKETS actually ROSE during the Yom Kippur War, OPEC production cuts and embargoes. The oil price spike was only part of a much larger 1973-4 share market crash where there were several other causes. INFLATION was already running at 7.4% in US and 10.1% in Australia BEFORE the crisis. Oil prices certainly added to inflation, but was not a primary cause. I outline many SIMILARITIES and DIFFERENCES between the 1973-4 crisis and today’s conditions.
March 2026 snapshot: Not a dull month but I have two practical & logical reasons to be bullish
March 2026 was certainly one of the more eventful months for investment markets! Here’s my quick wrap-up on global markets for serious long-term Aussie investors, including shares, interest rates, inflation, bonds, cash rates, currencies, commodities, and more. I outline two practical and logical reasons to be bullish in the medium term – one is my take on Trump’s war agenda, the other is chronic fiscal diarrhoea.
“Ashley is one of the best writers and thinkers on financial markets in Australia. His unique analysis and research is always fact-based and insightful, not the usual uninformed market noise and waffle that infects the mainstream financial media.”
Graham Hand - Editorial Director of Morningstar Australia, including Founder/Managing Editor of FirstLinks, Australia’s leading newsletter and publishing service on wealth management, superannuation, and personal finance.
“Ashley has the rare ability to ground insightful analysis in solid data and to present it in readily understandable ways. His wry, detached style and focus on the long term is rare and willingness to share a lifetime of learning and thinking appreciated by all who come to know him.”
Toby Potter - Chair, Institute of Managed Account Professionals (‘IMAP’), the peak industry body for the discretionary managed accounts industry in Australia, representing investment managers, advisers, Managed Account providers, and technology companies. It is the primary thought-leader for the industry in Australia, and provides training and industry events and conferences.
“Over the past 20 years, Ashley has been an invaluable assistance to me, as a reliable source of unbelievably strong and interesting data, and many good investment ideas.”
"The depth and quality of Ashley’s research and analysis of investment markets is the best in the business.”
Dr Don Stammer - Australia’s most respected economic writer, commentator, and speaker for the past 40 years, with a distinguished career including the Reserve Bank of Australia, Chief Economist at Deutsche Bank Australia for 21 years, chair of nine ASX companies, plus numerous non-listed and not-for-profit boards.
“Ashley’s unique fact-based analyses and insights into Australian and global markets are always worth reading. He has an incredibly deep and comprehensive store of financial markets data.”
Chris Cuffe, AO – One of Australia’s best known and most experienced investment managers – former CEO of industry giants Colonial First State, then Challenger Financial; founder and Chair of Australian Philanthropic Services, and Third Link Growth Fund; current/former chair, director and/or investment committee member of numerous funds including UniSuper, Argo Investments, Hearts and Minds Investments, Paul Ramsay Foundation, and many others.
“What sets Ashley Owen’s analysis apart from investment banks and the financial press is his deep fact-based understanding of long-term financial data, rather than getting caught up on the daily noise over issues that may generate trades or sell newspapers today, but will be irrelevant and misleading two years from now.”
Hugh Dive, CFA. Chief Investment Officer, Atlas Funds Management, and frequent expert commentator quoted in the AFR.
‘For many years, Ashley has been my go-to source of information and analysis on what’s going on in financial markets and why.’
“Ashley has an encyclopaedic knowledge of the markets – I call him Mr Google!”
Noel Whittaker, AM – Australia’s best-known personal finance writer, columnist, and media commentator for the past three decades. He has written more than 20 books on personal finance, his regular columns on personal finance are published in almost every major Australian newspaper, and he appears regularly on radio and TV as an expert on finance and investing.
"I read all of Ashley's research on financial and economic issues. His data resources, deep knowledge, and original analysis put him in a class of his own."
Ian Macfarlane AC - Former Governor, Reserve Bank of Australia (Australia's central bank), 1996-2006. Former Director, Woolworths, Leighton Holdings, and ANZ Bank. Also on the International Advisory Boards of Goldman Sachs (2007-2016), the China Banking Regulatory Commission (2011-2014), and director of the Lowy Institute for International Policy (2004-2017).