Wall St. Down Under
Issue #24 | Sunday, 18 October 2026
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Price-to-Earnings (P/E) Ratio: Basic Valuation Metrics
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 Proxy is Empty. The Musk Arbitrage Just Got Cheaper.
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.
AI Picks and Shovels (Arc 3: Keeping it Alive): Constellation Energy (NASDAQ: CEG) — The Power Plant
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.
The Debt in the Build-Out Showed Up in the Price | Week Ending 16 October 2026
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.