Here’s what you need to know today

• Australia has likely negotiated an exemption to America’s 25% tariff on steel and aluminium imports. This news came after Prime Minister Anthony Albanese had a call with President Trump in the morning. Later in the day, Rio Tinto director Jennifer Nason told the media the mining giant was expecting Australia to recieve an exemption. (AFR)
  
  

• Hamas has said it will delay the release of more Israeli hostages scheduled under the ceasefire deal. Hamas has justified it by accusing Israel of stopping displaced Palestinians returning to Gaza. Israel has called the announcement “a complete violation of the ceasefire agreement”. (BBC)
  
  

• Australia’s Greens have proposed a 10% wealth tax on billionaires. Under their proposal, Australia’s estimated 150 billionaires would have any additional 10% tax placed on any of their wealth above $1 billion, including unrealised capital gains. The Greens would also impose ‘capital flight’ provisions to stop wealth moving offshore. (The Guardian)
  
  

• Legacy Australian media had a good day, with Nine Entertainment up 14% and Seven West Media up 6%. Both companies rose after Seven announced revenue had only fallen 6% and profit fell 41% - but both were better than expected. Zooming out, in the past 12 months, Nine is down 25% and Seven is down 38%. (Capital Brief)
  
  

• America’s tech leaders are getting punchy. Google executive Demis Hassabis called DeepSeek reductive and lacking any true scientific breakthrough. (Quartz) Meanwhile, rivals Elon Musk and Sam Altman put in competing bids to buy each other’s companies while calling each other out on Twitter (X). (Sydney Morning Herald)
  
  

• In other Sam Altman news, OpenAI is reportedly teaming up with TSMC to produce their own in-house AI chip, a move intended to reduce reliance on Nvidia. Reuters reported that mass production of OpenAI’s chips is intended for 2026. (Reuters)
  
  

• French President Emmanuel Macron has announced €109 billion worth of French government investment in artificial intelligence, as he warned that European countries must do more to catch up to America and China. (AFR)
  
  

• President Trump has ordered the Treasury to stop producing pennies. It is unclear whether he has the power to do this or the U.S. Mint may only follow an act of Congress. The coin is worth 1 cent but costs almost 3 cents to produce, making it long a symbol of wasteful government spending. (Quartz)
  
  

• Podcastings rise in political news circles continues, as Fox Corporation, owner of Fox News, acquires Red Seat Ventures, a podcast production company known for conservative political podcasts including by Tucker Carlson, Megyn Kelly, Bill O’Reilly and Piers Morgan. The deal brings formerly ousted Fox News hosts Bill O’Reilly and Tucker Carlson back into the Murdoch media sphere. (NY Times)

What the…?

One of the most annoying things on public transport? When a fellow passenger is taking a phone call using loud speaker rather than holding the phone to their ear or using headphones.

Well French police decided enough was enough and fined a passenger €150 after warning him to switch the speaker off and he refused. The French rail network, SNCF, confirmed the fine and said “If he had played music at a high volume, it would have been the same thing."

While some may argue €150 is excessive, we’re all for enforcing a bit of consideration for your fellow passengers. (The Local)

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Investing is a lifelong journey

Here’s what you can learn today.

Control your emotions, boost your returns

Question from the Equity Mates community: “What's one thing you tell ALL of your clients?”

We put this question to Felicity Thomas, Senior Private Wealth Adviser at Shaw & Partners and cohost of Talk Money to Me podcast (Apple | Spotify)

This is a great question and even more relevant than ever over the past few years with turbulent market conditions.

One crucial piece of advice that I consistently share with all clients is the importance of keeping emotions out of investment decision making. 

This advice is rooted in the field of behavioural finance, which recognises that human emotions can often lead to irrational and detrimental investment choices. By adhering to this principle, you can stay focused on your financial plan and increase your chances of achieving their long-term financial goals.

Emotions, such as fear, greed, and overconfidence, have the potential to cloud judgment and drive us to make impulsive investment decisions.

During times of market volatility, it is common for investors to panic and sell their investments, driven by the fear of further losses. Conversely, during periods of exuberance, investors may become overly optimistic and chase high-risk, high-reward opportunities, driven by greed.

These emotionally-driven actions can disrupt a well-thought-out financial plan and result in poor investment performance.

The 5 that I want to highlight are: 

• Loss aversion - we tend to dislike losing something more than we enjoy gaining something of the same value

• Confirmation bias - we tend to favour information that supports what we already think and ignore or downplay information that contradicts it

• Herd mentality - people often go along with what others are doing or thinking, even if it might not align with their personal beliefs or judgments

• Overconfidence - people often believe they are more skilled, competent, or knowledgeable than they actually are

• Anchoring bias - we often use an initial reference point, or "anchor," to guide our thinking and subsequent judgments

To counteract these tendencies, it is essential for you to recognise and understand your emotions when making investment decisions.

By being aware of your emotional biases, you can take steps to mitigate their impact. Setting clear investment guidelines and sticking to a well-diversified portfolio can help mitigate the influence of emotions.

By staying disciplined, adhering to your financial plan, and seeking guidance from a trusted financial adviser, you can navigate the ups and downs of the market with a clear focus on your goals.

Markets reward discipline and I think that is why so many investors fail. STICK TO YOUR PLAN!

Interested in speaking to a financial adviser? Fill out the form on our website and we’ll connect you with one of our hand-picked financial advisers.

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