Big expectations demanded big results, while outperformance was rewarded.<\/p>\n
Simply meeting expectations didn\u2019t cut it. <\/p>\n
It certainly wasn\u2019t enough to save CBA (-5%), JB Hi-Fi (-9.7%) and QBE (-8.7%), all of which sold-off on broadly in-line results. <\/p>\n
Of course, that didn\u2019t stop the ASX 200 hitting record highs, passing 8,900 points for the first time late this week. Strong results from Westpac, Pro Medicus, Origin Energy and others showed there\u2019s strength across miners, banks and even growth stocks. <\/p>\n
And after a shock hold last month, another RBA rate cut finally arrived on Tuesday, but things remain finely balanced in the ongoing battle with inflation and growth. <\/p>\n
Elsewhere, US stocks shrugged off hot inflation numbers to also hit new highs, European stocks followed suit and Bitcoin briefly hit a new all-time high before retracing.<\/p>\n
Even lithium stocks have managed to mount a recovery after news from China suggested supply cuts are coming. Mineral Resources and Pilbara Minerals are now both up more than 30% over the last month. <\/p>\n
If there\u2019s any uneasiness around elevated valuations, the markets are doing a good job of hiding it. <\/p>\n
And with markets overwhelmingly expecting a US Fed rate cut in September, the party might not be over yet. Just don\u2019t mention the b-word (bubble).<\/p>\n
Have a great weekend.<\/p>\n
Tom Stelzer<\/a>, Content Editor, Livewire Markets<\/p>\n How to invest $1 million in 2025 | Mid-year update<\/p>\n Markets have come full circle since December, despite a wild ride in between. In this mid-year update, Ben Clark from TMS Private Wealth shares why valuations remain stretched, where he sees genuine opportunities, and the risks lurking in Australia\u2019s concentrated market. We also revisit my SMSF to discuss recent changes and explore Ben\u2019s framework for understanding private equity – from venture capital to infrastructure. This is the follow-up to our January conversation and is packed with insights for investors looking to diversify and smooth returns. Click below to watch the interview or read a summary.<\/p>\n WATCH | READ<\/a><\/p>\n Why this could be the \u201csingle best innovation for retirees\u201d<\/p>\n I\u2019ve been watching separately managed accounts (SMAs) quietly gain traction, and the growth is staggering. From $8.8 billion a decade ago to almost $148 billion today, they\u2019re now being hailed as the \u201csingle best innovation for retirees.\u201d In this article, I share insights from Hugh Robertson of Centaur Financial on why SMAs are growing so quickly and how they deliver flexibility, transparency, and tax efficiency. If you\u2019re looking for smarter ways to manage your retirement income, this could be the most important three-minute read you have today.<\/p>\n FIND OUT<\/a><\/p>\n Top 3 Wires this Week<\/p>\n Here are the weeks top viewed or liked wires by our subscribers:<\/p>\n Some of the best wires from our Contributors this week:<\/p>\n Last week, it was the Buffett Indicator; this week, another red flag is waving. The Macquarie Market PER \u2013 a blended trailing and forward P\/E ratio for the ASX – has climbed to 20.3x, its highest on record and above the 20x threshold often linked to overvaluation, notes my esteemed colleague Carl Capolingua. The forward reading is close behind at 19.8x, well above the \u201cfair value\u201d benchmark of 15x. The surge implies prices have run ahead of earnings, leaving little room for disappointment. Historically, PER peaks often precede pullbacks, while dips toward 15x have signalled strong buying opportunities. The Macquarie PER isn\u2019t infallible, but it\u2019s a respected valuation gauge. And right now, it\u2019s warning that without continued earnings momentum, the market could be vulnerable to a correction.<\/p>\n Vishal Teckchandani<\/a>, Senior Editor, Livewire Markets<\/p>\n Weekly Poll a) Higher \u2013 earnings momentum will keep driving gains VOTE NOW<\/a><\/p>\n LAST WEEKS POLL RESULTS<\/p>\n We asked “With the Buffett Indicator now above dotcom and COVID-era highs, history suggests this could be \u201cplaying with fire.\u201d Where do you stand?”<\/p>\n The poll shows 68% said they were somewhat concerned but staying invested, 16% said they were rotating into value or defensive stocks, 11% said they were selling equities and moving to cash, and 5% said they were not concerned.<\/p>\n SEE RESULTS BREAKDOWN<\/a><\/p>\n Get the Weekend Edition straight to your inbox<\/p>\n Popular and exclusive content from the week sent every Saturday morning<\/p>\n SUBSCRIBE TO TRENDING ON LIVEWIRE – IT’S FREE<\/a><\/p>\n Other Newsletters across our network<\/p>\n Trending on Livewire Daily<\/a>: Get the best of Livewire by signing up to our popular daily newsletter<\/p>\n Market Wraps<\/a>: Concise market recaps of the ASX’s most critical events 2x daily<\/p>\n<\/p>\n
![\"\"](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/Hugh-Robertson_Centaur_portfolios-retirees_primary.png\")
<\/p>\n<\/p>\n
\nThe ASX 200 hit a record high during August reporting season, even as the Macquarie Market PER climbed to a record. What\u2019s next?<\/p>\n
b) Flat \u2013 we\u2019re due for consolidation after a strong run
c) Lower \u2013 valuations are too high, a pullback is likely
d) Not sure \u2013 waiting for more results before deciding<\/p>\n