Independent financial education newsletter for Australians investing in US markets. Weekly insights on stocks, ETFs, currency, and tax — every Sunday.
market-moves
SpaceX’s Super Intelligence beat lifted the Nasdaq mid-week. Meta’s free-cash-flow outflow and Lam’s constrained outlook reversed it. The 10-year eased to 5.01%. The AI trade is now pricing the bill, not just the demand.
currency-watch
The ATO doesn’t care what happened in USD. Every gain and loss on your US stocks is calculated in AUD — and the exchange rate on the day you bought creates a number most investors have never checked.
investing-101
Diversification decides the weights. Order types decide the fill. The P/E ratio asks whether the price you just paid is justified by the earnings the company is actually producing. It is a ratio, not a verdict.
editorial
The 19 October proxy is empty of any SpaceX merger vote. The AGM on 3 December is defensive. For unhedged Australian holders the structural discount remains: if Musk unifies the empire, TSLA is still the cheaper entry than SPCX.
stock-spotlight
Cooling only matters if there’s power to cool. Constellation runs the largest US nuclear fleet and is signing 20-year contracts with the same labs that buy the racks. The Three Mile Island restart is the public version of a private baseload problem.
newsletter
Issue #24 | Sunday, 18 October 2026
market-moves
The Nasdaq gave back 4.5% as CoreWeave’s bonds broke 15% and inflation prints ran hot. The 10-year eased to 5.10%. The AI build-out’s financing is now a visible risk, not a footnote.
editorial
Tesla flipped a car off an upside-down ramp in Texas. That is an engineering milestone. A halo car with no confirmed price, volume or delivery date is not a scale milestone, and scale is what the stock was already pricing.
investing-101
Order types decide whether you pay the spread, avoid it, or accept gap risk. Market for speed in liquid names, limit to lock the price that keeps your allocation intact, stops only with gap risk priced in — especially from Australia.
stock-spotlight
Last week the AI cluster found a landlord. This week it has to survive the heat everything built in the previous two arcs actually produces.
newsletter
Issue #23 | Sunday, 11 October 2026
market-moves
The S&P 500 finished the week near a record with the 10-year still at 5.24%, after a minutes-day high near 5.36%. Most Fed officials want another hike this year. The Aussie rose about 0.7%, so an unhedged holder kept roughly 0.5%, not the 1.2%.