The never-ending melt-up on equity markets can mask big changes under the surface, and the brutal profit season Australia’s top fund managers have just endured is a case in point.
The beatings handed out to blue-chip stocks suggest investor patience is exhausted. Small caps are starting to outshine our largest companies. Artificial intelligence is casting a long shadow. Costs, and not revenue growth, are driving earnings in an economy where productivity is close to going backwards.
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