Financial Year 2026 – Full Slack Results

‘You can’t know where you’re going until you know where you’ve been.‘
_(Anonymous)

Slack Investor likes to put things in spreadsheets, especially long-term results. In the world markets, for FY 2026, the top performers were the UK FTSE 100 Total Return Index (up 22.8%; FY 2025 up 10.8%) and the US S&P 500 Total Return Index (up 19.6%; FY 2025 up 15.2%). Dividends helped the Australian Accumulation Index struggle to be up 5.8%; FY 2025 up 9.0%). All of these Total Return Indices include any accumulated dividends.

Many mistakes were made this year on stock selection. However, Slack Investor has stuck to his strategy of mostly investing with growing companies that are profitable (Return on Equity >15%), have an established earnings record and, not too expensive (forward P/E ratios <50). He expects a bit of volatility in his growth oriented investment portfolio. He is reassured that, despite the odd negative year in the Slack Fund, the dividends and his separate Stable Income portfolio are doing what they should – keeping Slack Investor with enough cash to ‘keep the wheels on’ the Slack lifestyle – when the investment portfolio sours.

Slack Portfolio Results FY 2026

All Performance results are before tax. The Slack Portfolio is Slack Investor’s investment portfolio. He is saddened to report an annual FY 2026 performance of -1.3%. Full yearly results with Australian benchmarks are shown in the table below. Although disappointed with this years results, Slack Investor realises that only long-term results really count.

Of course, the real estate industry avoids true measurement of real estate performance by collecting figures only on gross price changes – they ignore the significant transfer costs involved (Stamp Duty, Conveyancing, Bank Fees, etc) and, the hidden costs of any home improvements and renovations. For property values, Slack Investor is using these gross figures supplied by realestate.com.au for Brisbane and Melbourne homes. Slack Investor realizes that these gross figures give inflated performance results for real estate when compared with other benchmarks – which, because of their much lower transaction costs, measure more closely the net performance.

Other benchmarks used for performance comparison in FY 2026 include the ChantWest Median Balanced Super Fund (41-60% Growth assets) – up 7.6%. Also, the Vanguard Diversified Growth ETF (VDGR), (International shares 42% and Australian Shares 28%, – up 10.7%.

The FY 2026 Cash Rate of 3.7% is below CPI measured inflation (3.8%). Inflation is above the Reserve Bank target range of between 2% and 3%. Cash is important – but not a way to grow your wealth. Since 2010, from the table below, the average readily available cash rate of return is 2.7% and, for CPI measured inflation, it is 2.8%. In Investment terms, you are going backwards with cash.

Yearly Performance (%) results since 2010

*The Slack Fund yearly Internal Rate of Return (IRR) vs BENCHMARKS. The Median Balanced Fund (41-60% Growth Assets), Vanguard Growth Fund, ASX 200 Accumulation Index, PropTrack Home Price Index* for Brisbane and Melbourne, Cash (Australian Super Cash Fund) and the Consumer Price Index (CPI). The *AV. YEARLY (ALL) is the annual mean of all the data since 2010.*

5-yr Average Annual Performance

Although Slack Investor collects yearly figures, the 5 and 10-year compound annual performance gives him a much better idea about how things are really going. Long-term results will smooth out any dud (or remarkable!) yearly figures. Over 5 years, the Slack Fund is ‘neck and neck’ with the inflated performance of Brisbane Residential real estate – but comfortably ahead of all other benchmarks.

*The Slack Fund **average 5-yr compound yearly return** vs BENCHMARKS in chart form.*

10-year compound annual rate of return

The Slack Fund has been around a while and generating some good long term data (10-year compound ‘rolling’ annual rate of return). Over this time frame, the Slack Fund has been performing very well. For FY 2026, a 10-year annual rate of return of 15.7% – Go Slack Fund! The 10-yr data is shown below in table and chart form.

It is useful to note that, over the 10-yr time period, rates of return for the Median Balanced Fund, Vanguard Growth fund, ASX200, and residential property in Brisbane have been good long-term investments. These appreciating assets generate a 10-yr compound annual rate of return in the region of 6-9% p.a. Melbourne real estate, with a 2026 average 10-yr compound yearly (inflated!) return of 3.9% has turned out to be a relatively poor investment.

The Slack Fund **average 10-yr compound yearly return** vs BENCHMARKS in table form. Prior to 2022, 10-yr Vanguard Growth fund figures were not available. AV. 10-YEARLY (ALL) is the annual mean of all the 10-yr data since 2019.

Although Cash is necessary to add stability and flexibility to a portfolio. From the chart below, Cash as a long-term investment vehicle, is a poor choice.

*The Slack Fund **average 10-yr compound yearly return** vs BENCHMARKS in chart form.*

15-year compound annual rate of return

Perhaps because Slack Investor is showing signs of age, he notices that there is enough accumulated data for rolling 15-yr rates of return. Happy to report solid long-term results.

*The Slack Fund **average 15-yr compound yearly return** vs BENCHMARKS in table form.* AV. 15-YEARLY (ALL) is the annual mean of all the 15-yr data since 2025.

Growth of a $10 000 Investment Since 2009

The beauty of compounding with a succession of good performance results can be seen in the chart below showing the growth of an initial investment in June 2009 of $10 000.

*The growth of $10 000 invested in the Slack Fund vs BENCHMARKS.* *The Median Balanced Fund (41-60% Growth Assets), Vanguard Growth Fund, ASX 200 Accumulation Index, PropTrack Home Price Index* for Brisbane and Melbourne, Cash (Australian Super Cash Fund) and the Consumer Price Index (CPI). The *AV. YEARLY (ALL) is the annual mean of all the data since 2010.*

Despite a relatively poor 2026, when considering long-term results, the Slack Fund has exceeded all expectations. Also, the chart shows that investing in either shares or residential property has been a solid way of growing your money over the long term.

FY 2026 Nuggets and Stinkers and July 2026 – End of Month Update

‘We must accept finite disappointment, but we must never lose infinite hope.’
Martin Luther King

Slack Investor experienced plenty of disappointment this financial year. On reflection, most of it was self induced. He was dazzled by some of the growth projections that he found on Market Screener – and forgetting that these are just analyst forecasts – and sometimes not achieved. As a result, he got involved with too many early stage companies that experienced regulatory failures – or just fell short of expectations. This year, there was also the AI scare that put the shivers up owners of software and healthcare stocks. These sectors could be vulnerable to cheaper AI interventions that might affect future incomes.

This post is just one part of the annual review of the Slack Portfolio. The percentage yearly returns quoted in this post include costs (brokerage) and dividends but, the returns are before tax. These raw figures can then be compared with other investment returns.

Slack Investor uses the incredibly useful Market Screener to analyze the financial data from each company. This excellent site allows free access (up to a daily limit) to analysts’ data. Once you register with an email address on their site, you can use the financials tab to get information for each stock.

Slack Investor uses forward-looking numbers – so, sometimes, things can go wrong. He extracted the predicted 2028 Price/Earnings (PE) Ratio and Return on Equity (ROE) and average forecast revenue growth for the financial years 2027 and 2028. He usually requires that the forecast Earnings Per Share (EPS ) growth will be greater than 15%. He then condenses all this information into one number, the Slack Ratio. This is the ratio of forecast ROE/forecast PE.

The Slack Ratio, is a way to make things easy for Slack Investor’s limited brain. This ratio is still ‘experimental’ and used to differentiate between stocks. The higher Slack Ratio, the better. Slack Investor generally likes the Slack Ratio to be above 0.7.

Slack Investor Stinkers – FY 2026

Financial year 2026 was again big on volatilty. Slack Investor knows that stinkers are a part of the game, even in good years. Unfortunately, he managed to attach himself to a multitude of stinkers this year. Slack Investor managed to be in some unfashionable sectors – and, in hindsight, also made some bad individual company selections. Again, this is just part of the game.

Botanix Pharma (BOT) -60%

(BOT – Forecast 2028: PE 3, ROE 28%, Av. Growth 30+%, Slack Ratio 9.3). Slack Investor entered the murky and volatile world of Biotechs with a small stake (0.2% of portfolio) in this Australia-based dermatology company. Their topical gel (Sofdra) is used to treat excessive underarm sweat. This has to be Slack Investor’s weirdest purchase – and he was sold on the ‘sizzle’, not the steak. The company is ‘expected’ to be profitable in 2028. However, the market has some doubts about this. Slack Investor bought on the good numbers (above) at $0.35, sold in November 2025 at $0.14. Latest price $0.02 – A humiliation!–and a lesson in getting involved with speculative stocks.

CSL (CSL) -50%

(CSL – Forecast 2028: PE 12, ROE 18%, Av. Growth 30+%, Slack Ratio 1.5). CSL is a big holding for Slack Investor (6.3 % of portfolio). CSL was a Stinker in FY 2025, but they have continued to spend on Research & Product Development at levels around 10% of revenue. This should be a good thing for future earnings. However, a series of earnings downgrades and management changes have tested market confidence in the company. Slack Investor realizes that CSL is not the growth machine that it once was – but it still is one of the world’s leading biotechnology companies. At this stage, he is sticking with CSL and is buoyed by some recent price rises –but he feels that his loyalty has not been rewarded and would have no problems in selling his stake if a better opportunity presented.

REA Group (REA) -41%

(REA – Forecast 2028: PE 24, ROE 33%, Av. Growth 15+%, Slack Ratio 1.3). This real estate powerhouse has been part of the Slack Portfolio for a long time and it too might be losing its mojo as a growth superstar. Property is cyclic in nature and this FY there has been a softening in property listings and therefore revenue. The market quickly bailed out. Slack Investor has the long view on this one. Future numbers (above) still look reasonable and he is prepared to ride this one out.

Telix Pharmaceutical (TLX) -38%

(TLX – Forecast 2028: PE 32, ROE 9%, Av. Growth 30+%, Slack Factor 0.3). This company develops and markets radio-pharmaceutical products that are used to treat cancers in a precise fashion. TLX is less than 1% of the Slack portfolio and is his most speculative stock as the company is not predicted to be profitable till 2027. FY 2026 has been tough on Telix with some regulatory hurdles and some other trouble with US authorities. These problems seem to be mosly overcome and the share price has risen – but there is still some risk. The ROE is low, but the projected growth is over 100%. If the positive momentum continues, Slack Investor will add to his position.

Cochlear (COH) -35%

(COH – Forecast 2028: PE 20, ROE 18%, Av. Growth 25%, Slack Ratio 0.9). COH is a great Australian company but it has had a shocker of a year with a series of earnings downgrades. In a counter-cyclic move, Slack Investor bought 5 months ago at about $190 after the first downgrade announcement. Mistake! These downgrades seem to usually occur in bunches. At the current price of $120, it seems good value. Will stick with this one and try to learn from this error.

Wisetech Global (WTC) -34%

(WTC – Forecast 2028: PE 18, ROE 17%, Av. Growth 30+%, Slack Ratio 0.9). WTC has great logistics software that is the industry standard. The underlying business is solid and was unfairly dumped during the AI scare. However, the real problems have been with the scandals associated with the founder and executive chairman Richard White. Mr White has recently resigned and this has triggered a share price recovery. The recovery is going well and Slack Investor is considering adding to his share parcel in WTC.

Slack Investor also went backwards with many of his other holdings. Car Group (CAR) -29%; Technology One (TNE) -27%, though it was a nugget last FY +124%; Plenti Group (PLT) -24% – What was Slack Investor thinking?

Slack Investor Nuggets – FY 2026

Nuggets are a blessing in any portfolio. Fortunately, this Financial Year, there were some bewdies! Slack Investor continues to invest in high Return on Equity (ROE) companies with a track record of increasing earnings. If expectations are met, companies with these qualities sometimes behave as ‘golden nuggets’.

Codan (CDA) +122%

(CDA – Forecast 2028: PE 32, ROE 28%, Av. Growth 15%, Slack Ratio 0.9). Codan is a technology company that specializes in communications and metal detecting. What a great company – also a nugget in FY 2025(+75%)! It is one of Slack Investor’s core holdings. CDA has had a checkered past – a nugget in FY 2021 (+161%), a stinker in FY 2022 (-58%), a nugget in 2024 (+54%), and again a nugget (+75%) in 2025. What has kept me in the stock was its low debt, (generally) increasing earnings, and the high profitability (ROE 28%).

SKS Technologies (SKS) +73%

(SKS – Forecast 2028: PE 15, ROE 63%, Av. Growth 30+%, Slack Ratio 4.2). A recent purchase, SKS is an electrical and networking service company that delivers ‘advanced technology solutions’. It has recently landed big contracts for data centres and has a further upstream tender pipeline of $1.25B AUD. These ‘contract for income’ companies need constant surveillance but Slack Investor was at a Wilson Asset Management seminar this year and a speaker impressed him with his ‘Picks and Shovels’ approach to investing in the new wave of AI and Large Language Models (LLM’s) … and he did, and would like to buy more!

RPM Global Holdings (RPM) +71%

(RPM – Forecast 2027: PE 154, ROE 53%, Av. Growth 38%, Slack Factor 13). RPM is a mining services provider that had a happy association with Slack Investor. There was a takeover early this year by the NYSE-listed big company – Caterpillar. Slack Investor had to bow out – but with money in his pocket!

Alphabet (GOOGL:NASDAQ) +36%

(GOOGL– Forecast 2028: PE 20, ROE 22%, Av. Growth 25%, Slack Ratio 1.1). What a powerhouse. Alphabet continues to have high profitability (ROE 22%). There are some concerns over reduced earnings in 2027, AI spend, and competition – but his everywhere company keeps surging ahead. Happy Owner.

Vanguard Asia (Ex-Japan) ETF (VAE) +30%

(VAE – Market Screener Data unavailable. VAE is one of Slack Investor’s core holdings – providing exposure to Asian Markets. After a lacklustre few years, it has finally started to provide the growth from Asia that Slack Investor envisaged. A Long-term hold.

Some honourable mentions to some top results this year that didn’t quite make the nuggets. Megaport (MP1)+27% and Coles (COL) +19%. COL is now, not in the Slack Portfolio, but in his Stable Income portfolio.

July 2026 – end of Month Update

The new financial year has started off positively for the Australian and UK markets. The ASX 200 +2.3%; FTSE 100 +3.5%. The S&P 500 is taking a well-earned breather and has had a flat month (-0.1%). He remains IN for all index positions.

All Index pages (ASX Index, UK Index, US Index) and charts have been updated to reflect the monthly changes.

Slack Greetings from Cambridge, UK – A busy day punting on the River Cam.

Slack Investor Report Card 2026 … and Markets Financial Year 2026

Slack investor generally likes to avoid making predictions. He is just stumbling on in this investing world, using a bit of financial discipline to try and make more good calls than bad. The whole point of this blog is to highlight that you only need to be ‘mostly right’ to be a successful investor.

It has been a couple of years since Slack Investor has had a look in the ‘room of mirrors’ – at some of the things said in this blog. A bit of reflection is good for the soul. Some of my buys and sells will be mentioned in next month’s ‘Nuggets and Stinkers’, but there have been a couple of issues nagging at my small brain. This is the type of report card that you may have difficulty to show to your parents.

01/07/2023 – Advice for a young man (July 2024 Report Card Revisited)

Three years ago (2023), Slack Investor was flattered when his nephew asked him for some advice on starting a stock portfolio. Converting hard earned cash from part-time jobs into the risky area of the stock market takes some admirable gumption – his nephew was 14 at the time. Slack Investor found some suitable ‘safe’ stocks (he thought!) in his own portfolio. He deliberately avoided the more speculative part of the stock world – as he wanted his nephew to have a good experience owning stocks. Shown below, is the basket of stocks that Slack Investor recommended. A collection of well known, growing companies that were not outrageously over priced.

The first review of this portfolio was at the end of FY 2024 and Slack Investor was secretly pleased that the average 1-yr growth of the portfolio was 30.9%. He prematurely gave himself 9/10. Things have changed in the two years after that initial review. Let’s just say that things didn’t go as expected (CSL down 37.7% – Ouch!). Overall, the portfolio fell 2.8% in the subsequent two years..

The basket of stocks that Slack Investor thought would be suitable for a young person starting out in the world of investing in 2023. The Compound Annual Growth Rate (CAGR) is shown for the 1st year, the next two years, and for the whole 3 year period so far.

Another lesson in hubris for Slack Investor. These figures do not include dividends. In hindsight, Slack Investor would have been better off recommending more diverse products such as ETF’s for the ASX 200, S&P 500 or the NASDAQ 100. However, Slack Investor thinks that you learn a lot more about the stock market when you are invested at the company level.

Over 3 years, the overall Compound Annual Growth Rate (CAGR) for this recommended portfolio was a lackluster 6.2%. Slack Investor hopes that his nephew is not too disheartened and will keep an interest in shares. All of these companies may not be the growth machines that they used to be – but they are still solid businesses. There are already a few signs of a comeback in the punished shares (CSL, CAR, REA).

There is a lesson here. Sometimes things don’t go as planned in the share market. Be prepared to change strategy if your shares are really on the stink. The share market can be cruel. Be diversified and take a long term view.

A very average effort Slack Investor – 3/10; Nephew – ?/10 (Definitely disappointed in his Uncle – but hang in there!).

01/07/2025 – Growth Professionals

Slack Investor was talking about things that he admires and looking at futere ways to handle his bucket of investments when he doesn’t want to manage it himself. He started spraying on about the Hyperion Global Growth Companies Fund ETF (ASX: HYGG). HYGG has the most excellent long term performance record over 5 and 10-yr periods. They have consistently beaten benchmarks with annual returns averaging over 15%.

Since posting, HYGG performance for FY 2026 is a not so good -2.5%. Again, only long term performance counts. Sometimes good investors just go through lean periods. Slack Investor has faith in the HYGG team, and himself. Good companies generally do well over the long term.

Slack Investor is easily led by long term performance. Must stop talking in class; 5/10.

Financial Year 2026

A quick review of how the Slack followed markets fared in FY 2026. The Total Return amounts shown for the financial year (1 July 2025 – 1 July 2026) are from Investing.com and they include dividends. Slack Investor has noted that these Total Net Return amounts sometimes get updated and the figures below are just approximations.

ASX 200

After a solid 2025, FY 2026 could be described as a financial year that is really not going anywhere for the ASX 200 – the ASX 200 Net Total Return ended up 3.8%.

FTSE 100

Things were more robust for the UK Index. When accumulated dividends are re-invested, the FTSE 100 Total Return was up 18.5%.

S&P 500

The mighty US of A, has done it again. When accumulated dividends are re-invested, the S&P 500 Total Return was up an amazing 20.9%.

The Slack Portfolio 2026 – Preliminary results

Lean times for Slack Investor this financial year. His portfolio includes many healthcare and Software as a Service (SaaS) stocks, that were recently beaten up. Investors were worried about the effects of AI on future revenues.

Slack Investor preliminary FY 2026 results – a negative 1.0 %. At some stages this year, my account was almost 10% out the back door.

The only consolation is that Slack Investor knows that only long-term results count.

Easily distracted. A poor effort for FY 2026 Slack Investor. Needs improvement to reach his full potential – 3/10.

Slack Greetings from Dinan, Brittany, France. The French have a way of enjoying life and preserving their culture that is to be admired.

Pre-Travel Check List – June 2026 End of Month Update

One of the pleasures of retirement is the joy of travel and Slack Investor is about to head off to Brittany and the UK. He is fortunate that Ms Slack Investor has many skills in the travel booking department – and he doesn’t have to worry about accommodation, flights, or train and ferry tickets. However, there are some responsibilities that have landed on Slack Investor’s desk. Any products mentioned are not sponsored – but just things that he likes to use.

Insurance

Fortunately, Slack Investor has a Commonwealth Bank Ultimate Rewards credit card that offers free overseas travel insurance. This Cover-More policy requires a card spend of $500 on travel and has an excess of $500. Important Note: If you think you would like a credit card for retirement – get yourself sorted out while you are still working. Getting the card that you want is increasingly difficult when you are retired – and only relying on superannuation income.

Travel Money

The Commonwealth Bank Ultimate Rewards credit card has no international transaction fees and uses the Mastercard default rate in working out foreign exchange rates. So, he will use this card for most swipe transactions. His money cards are also loaded into his phone wallet.

For cash, he avoids the horrendous cash advance fees on credit cards by using his Macquarie Bank Debit Card. This exceptional card offers no international transaction fees and uses the Mastercard FX swap rate. Some overseas ATM’s will have a usage fee. However, by using only major banks in overseas countries, Slack Investor has mostly avoided these.

Slack Investor has much praise for his Macquarie Bank Transaction account. This account is the best that Slack investor has ever had. Features include:

No Macquarie fees when using overseas.
No Fees and 2.75% interest on your domestic transaction account.
Great app and transaction control.
Linked Savings account offers 5.0% interest.

Phones and Sims

One day there will be a time when you can just have just one sim in your phone and you can roam the world using that sim at a reasonable cost. It is not this day as yet. Currently, the best option is to get another sim for overseas travel. This can cause some complications with two factor authentication if finance institutions wanting to SMS your Australian sim. In most cases, you can work around this by communicating through the finance app. As a last resort, just swap back the Australian sim temporarily for any vital sms communication.

For older phones that can only use a physical sim, it is cheapest to pick up a local sim at the airport, or a convenience store, when you arrive. If you don’t want this hassle and have time for the Australian company TravelKon to post you a sim from Perth – they have 30 day 20GB physical Europe sims for $28.

If your phone can handle an e-sim, this is the best way to go. Slack Investor found the best deals for multiple country Europe/UK were through E-tel Mobile and TravelKon.

The cheapest e-sim options were for a data only plan – and any required phone calls can be made through a VOIP application like WhatsApp. Slack Investor would use Wi-Fi at his accommodation for any big data requirements. For maps and searches during the day, 10GB for 30 days would be plenty. E-tel has a 30 day 10GB Europe plan for $27.90 AUD. TravelKon have a sale on at the moment – a 30 day 10GB Europe plan for $20.30 AUD. These e-sims can be set up before leaving Australia – and will automatically activate on arrival in Europe.

Finding my phone

Slack Investor should be more vigilant … and will try to be better. However, he has a Samsung Android phone and is prone to leaving it on tables etc. He often finds his phone using his google account. Just put ‘find my phone’ in any browser to locate the google find hub. You can ring your phone or find it on a map or lock it from this site once you have signed in to this site.

It occurred to me that this would not be as easy in a far off land. For an extra layer of security, both Ms Slack Investor and myself have shared locations with the Samsung Find app. If either of us leaves our phones somewhere, we should be able to locate it.

For those in iPhone world, I am sure there are similar Apps. A company that Slack Investor recently bought, Life360, has a family location app with a free tier.

Other Travel Considerations

Slack Investor likes to travel light and tries to do a lot of walking on his breaks. His Osprey Farpoint 40-litre Travel Pack combined with packing cubes for internal organization has proved to be a reliable companion. The pack is sized for cabin baggage and can be found for $284.29 AUD. Ms Slack Investor uses the similar 38-litre Kathmandu Litehaul (on special at the moment for $179.98). Depending on the airline cabin bag policy, the weight varies between 7 and 10Kg.

A special mention to my compact travel power adapter available e-bay Australia for $20.98 AUD and my portable clothesline (available under $10). For the lightweight traveller, hand washing is crucial and a clothes line is essential. So is 4m of extra cord to help tie up the line in tricky layouts. For emergencies, a hotel hair dryer is a handy sock drying tool.

June 2026 – End of Month Update

The end of another Financial Year. Slack investor will summarize the year in the next post. The S&P 500 (-0.3%) and the FTSE 100 (+0.1%) took a well-earned ‘breather’. The ASX 200 returned a solid 1.5% for the month.

Slack Investor remains IN for all markets.

All Index pages and charts have been updated to reflect the monthly changes – (ASX Index, UK Index, US Index).

The quarterly updates showing the current holdings and cash position of the Slack Portfolio have also been completed.

Mission Beach – Home of Dreams … and Market Value Update

Poolside at the Elandra Resort, Mission Beach, Far North Queensland (FNQ)

Slack Investor has just returned from a holiday in beautiful Far North Queensland. A stay at Mission Beach reminded him of a venture proposed by Mayfair 101 – 7 years ago. The founder, James Mawhinney came to Mission Beach in 2019 with a vision of developing the recently tropical-cyclone-ravaged area into a major tourism destination. The plan included the purchase of Dunk Island, the Elandra Resort and 230 other properties in the Mission Beach area. This, naturally, caused a lot of local excitement. However, any tourist development in a cyclone-prone area (two hours from an international airport) is, at best, a speculative investment. Slack Investor was not impressed with the offering and presented a ‘run for the hills’ argument.

Mayfair … You’re ‘investor-facing division’ is not getting any of Slack Investor’s money. Despite the slick presentations and corporate glitz – Slack Investor, November 2019

The problem was that Mr Mawhinney planned to pay for this development with investors’ cash – those who bought into his Mayfair 101 funds. Further, he portrayed these funds as ‘A popular cash and term deposit alternative…’ ASIC determined that these claims were ‘misleading and deceptive’.

You could say that things did not go well for Mayfair 101. There is a complicated history of the Australian Securities and Investments Commission (ASIC) involvement with this matter since 2020. There seems to be a movement towards a conclusion for Mr Mawhinney. However, sadly for investors in his funds, they are facing a potential wipeout.

Following an ASIC investigation, James Mawhinney, of Port Melbourne, Victoria, has been arrested and charged with four counts of engaging in dishonest conduct in the course of carrying on a financial services business. – ASIC Media Release, 9th April 2024

The case is listed for sentence indication on 16 November 2026 at the County Court of Victoria.

Market Value – June 2026 Update

Slack Investor likes to keep up to date with how the markets are travelling for value and he has been using charts for the Cyclically Adjusted Price to Earnings ratios (CAPE). This value is also known as the Shiller P/E Ratio after Robert Shiller the economics professor that made this measure popular. Slack Investor first started using CAPE as a ‘value’ tool in September 2021. The most recent post on Market Value was November 2025 – about 7 months ago.

For the following charts, Slack Investor uses monthly CAPE data from Barclays, the 40-yr mean is calculated and plotted together with the latest actual CAPE values up until 29 May 2026. A ‘fair value’ zone is created in green where the CAPE is within one standard deviation of the mean (average) – click images for better resolution.

ASX 200 CAPE Value 22.38 (9% above long-term av.)

FTSE 100 CAPE Value 18.99 (9% above long-term av.)

S&P 500 CAPE Value 40.19 (60% above long-term av.)

The UK and Australian markets are not too overvalued. However, in terms of the Shiller P/E the S&P 500 has remained in overvalued territory. Unfortunately, whenever the S&P 500 has a large correction the effects are usually felt in other markets.

There is some good research that links CAPE to long-term returns … and future returns are what gets Slack Investor excited. The predictive skill of the Schiller CAPE is not very good over 1-yr and 5-yr periods. However, it does show some skill for periods of 10 years and longer. The tight spread around the trend line indicates that the Shiller P/E might have some predictive skill.

Shiller P/E and S&P 500 10-year annualised forward returns since 1983. The data shows 41 years of S&P 500 10-year average annual returns based upon the Shiller PE ratio (from 10 years ago). Slack Investor has modified the chart and circled the 10-year average returns based upon the times when the Shiller P/E was previously around 40 – From Invesco.com

If this relationship holds, the average S&P 500 10-year annualised forward returns are predicted to be close to zero or negative. This indicates that now is not a good time to start buying the S&P 500.

The Buffet Indicator as Value

The Buffet Indicator (Green) is the ratio of the total United States stock market to GDP. The line in Blue represents the ratio that also includes total Federal assets. The red line is the 20-yr average of the Buffet Indicator – from GuruFocus

Another way of determining market value is the Buffet Indicator. Mr Buffet regards this as ‘probably the best single measure of where valuations stand at any given moment.’ It uses the historical ratio of big economic values The Total US Market Capitalization (TMC) over US Gross Domestic Product (GDP). The 20-yr average of this ratio is 128.84%. The current ratio is now 233.8 % of the latest GDP. Based upon these figures, Buffet Indicator implies the US Market is ‘Significantly Overvalued’ and it is likely to return -1.2% a year from this level of valuation, including dividends for the next 8 years.

Grim News. The recent ‘frothy’ SpaceX Initial Public Offering breaking all sorts of records – for a currently loss-making company – is another symptom. With the exception of Platinum 101, Slack Investor is not a great predictor of events, but ‘in his waters’ he thinks we may be near the top of the market.

Nice Shorts … and May 2026 – (Early) End of Month Update

Slack Investor is a big fan of the colourful short for aquatic activities and, as a result, Ms Slack Investor is glad that winter is approaching. However, he is not generally a fan of investing in a shorted stock. He has learned this lesson the hard way – on a few prevous occasions.

Short selling is a technique used to profit from a fall in the price of a stock. It is a method where you sell first, and buy later – if the price of the stock drops then you are selling for a higher price than you are buying resulting in a profit. – Shortman

A company might be on the short selling list because there may be doubts about the underlying business. Or, more commonly, the business is OK but the share price has outpaced earnings – the price has gone up well ahead of earnings and the current Price/Earnings (PE) ratio is way too high.

Luckily, there are websites that track this short selling activity on the ASX. Shortman is one of the most comprehensive. Slack Investor did have a dabble into the short market in his early investment life but he thought it wasn’t a natural fit for his game – as he is an eternal optimist.

Also, the ‘short’ market can be manipulated. There is evidence that large US hedge funds have previously spread bad news about some ASX stocks in order to use shorts to profit from falling prices. As a result, Slack Investor now sticks to the ‘long’ market where he buys stocks and hope they go UP!

When a stock has a high short interest, it means a meaningful portion of the available float has been borrowed and sold by traders betting the share price will fall. In simple terms, it is the market’s aggregate bearish view expressed with real money on the line. – _{StocksDownUnder}

Most of the time, it is a good idea to avoid stocks that are heavily shorted – where a good percentage of the market thinks these stocks are going down in price. It usually doesn’t make much sense to swim against the current. Ideally, what you really want, is to own a company where others in the market also want to invest. This sets up a scenario where the stock price rises.

Top Shorted Stocks

At the 26th May 2026, the top 15 shorted stocks on the ASX by aggregate percentage with their weekly change in shorting interest. The short list data is prepared by the ASX and has a 5-day delay – shortman.com.au

Slack Investor has a small position in Telix Pharmaceuticals (TLX) (~1% of investment portfolio). Alarmingly, 14.83% of the stock on issue is owned by short sellers. He neglected to look the stock up on Shortman prior to purchase. This could be a mistake!

Therefore, this play carries quite a bit of risk. Slack Investor was carried away with the power of the ‘Wedgie’. The short sellers are betting that future revenue predictions where Market Screener shows the PE declining from its current astronomical value of 750 in 2026 to a manageble 33 in 2028 – will not happen!

On the plus side, TLX on track to meet 2026 revenue forecasts and the shorts have started to decline (weekly change down 0.28%). At this stage, he is optimistic that the tide may turn. But, if the price drops sharply at one of the weekend reviews, Slack Investor will have to bail and hand another victory to those pesky ‘shorters’.

May 2026 – (Early) End of Month Update

Slack Investor has gone early for this post as he is off to his old ‘stomping ground’, Far North Queensland, for a few weeks. He will be taking his colourful shorts and remains IN for Australian index shares, the US Index S&P 500 and the FTSE 100.

The ASX 200 (-0.2%) was flat so far this month. The FTSE 100 (+1.1%) and the S&P 500 (+4.3%) have had a positive month so far. The US Index (S&P 500) has been so bouyant that it needed its stop loss moved upwards. Prices were 15% above the previous value. The new US stop loss was difficult to find and Slack investor had to go to the daily charts to find a sensible low point to put the stop loss. He moved it up to the new ‘higher low’ of 7046.

All Index pages and charts have been updated to reflect the monthly changes – (ASX Index, UK Index, US Index).

An Abundance of Wedgies

Slack Investor does love the ‘the Wedgie’ chart pattern – where the share price emerges from a wedge-shaped decline. He noticed it appeared recently with a few stocks (TLX, NDQ, TNE, PME) and this ‘breaking of a long-term downtrendline’ is usually a good sign of a potential stock price recovery. The chart pattern ‘the Wedgie’ was first discussed by Slack Investor back in 2019 and he has done a small-scale analysis on whether it works 1-year on. His conclusion, yes, mostly!

The top of the wedge downtrend line should be drawn for a period of at least 3 months (preferably 6 months) and connect at least 2 (and preferably 3) descending high points. _{– Slack Investor}

Weekly price charts for REA Group (REA), Megaport (MP1), IPH Ltd (IPH), Goodman Group (GMG), Car Group (CAR) and the ASX listed Greyscale Bitcoin Trust ETF (GBTC). The price bars are emerging from the wedge-shaped downtrend.

Slack Investor has used the ‘Wedgie’ as a buy signal to top up his holdings in TLX, NDQ, PME, GMG, IPH and MP1. Of course, he also checked Market Index to see that the stock had predicted earnings growth, good return on equity (ROE) and the predicted PE Ratio was not too high. Slack Investor has learned the hard way that these predictions don’t always come true (e.g. CSL) – but, he has to start somewhere.

Slack Investor will report back in a year’s time to see how these stocks fared. He included (above) the ASX listed Greyscale Bitcoin Trust ETF (GBTC) – not because he is an investor … but, just for sport.

CSL Dumpster Fire

It brings no joy to Slack Investor to discuss his own failings. But, it is part of investing and all investors will have a similar story. Emotion comes into this as CSL was one of the first things that I invested in – way back in 2010 when it was around $30! He has bought more shares along the way. The most recent purchase was at $282 (Ouch!). CSL was his first ’10-bagger’ and it gained a special place in his heart when it reached the dizzying heights of over $300. It is now under $100.

CSL has delivered a succession of earnings misses and guidance downgrades that, one by one, have stripped away the premium investors assigned to the ASX’s most trusted name. _{– Carl Capolinga, Livewire}

The weekly price chart for CSL since 2006 – Incredible Charts

Slack Investor has always taken a look at CSL after each of the 3 earnings downgrades and price slumps since 2025. He does this by going to the financial page of CSL on Market Index. Each time, he has convinced himself by looking at the analysts earnings growth projections that a recovery is imminent, and he has not sold. Sadly, the bad news of earnings not meeting forecasts has continued for 18 months.

In investing, the investment decision may be right … but the timing wrong. Or, sometimes bad things just happen. The best investors seem to be able to sense this – and are more ruthless in getting out of a stock than Slack Investor.

He was not alone in thinking the CSL price would recover. The table below shows Broker analyst predicted consensus rating and targets after each reporting season downgrade. The consensus was a BUY rating after each price slump. Ahh well … Slack Investor has only modest aims – mostly right over the long-term.

Market Index Broker Consensus vs CSL – July 2024 to Present (8 May, 2026). – Is CSL the ASX’s biggest ever blue chip disaster?

In hindsight, Slack Investor would have been much better off selling after the first (or second, or third) earnings downgrade and waiting for the ‘Wedgie’ recovery. However, Slack Investor is a complex mix of attributes and foibles … sometimes the foibles win! He still holds his CSL shares.

The Independently Wealthy – April 2026 End of Month Update

Old Man with a Gold Chain (1631) – Rembrandt van Rijn – Art institute Chicago

In his youth, it was a revelation to Slack Investor that some people didn’t have a job – they just had income derived from assets.

He didn’t know of anyone who was independently wealthy, and thought that the normal course was to work hard till retirement age, then apply for the government pension. That’s what his parents and grandparents did. Those who have been employed since compulsory super emerged in the 1990’s can rely on industry-based super plus any extra savings.

Slack Investor has had the aim of being independently wealthy – being able to support retirement through income from assets (investments). This is the goal. However, things happen along the way, and the next best thing would be to own your own (even modest) home before retirement and get to the ‘sweetspot’ of assets. As of March 2026, this is where a couple can have between $470 000 and $1 045 500 in retirement assets and still qualify for some government-funded aged pension to top up their income from savings.

The Path to Independent Wealth

It was reading the pioneer finance blogs of people like Mr Money Moustache that the idea of ‘Independent Wealth’ could be pursued by a normal working person. First, you have to save your retirement funds. Hopefully, the fund return will be a few percent above inflation and then you can withdraw money (based loosely on the ‘4% rule’) to live on.

‘Assuming a minimum requirement of 30 years of
portfolio longevity, a first-year withdrawal of 4%,
followed by inflation-adjusted withdrawals in
subsequent years, should be safe.‘ _{– FPA Journal – The Best of 25 Years: Determining Withdrawal Rates Using Historical Data}

Maximum safe withdrawal rate (SAFEMAX) calculated for a 30-yr retirement on a conservative balanced portfolio of 50% US stocks and 50% US Bonds. From – Determining Withdrawal Rates Using Historical Data by William P. Bengen

There is some concern that this ‘4% rule’ of thumb is inadequate as it is based upon historical market performance from 1926 until 1992 where stock market returns have been mostly good. Some advisers recommend a lower withdrawal rate of 3.3% in the initial stages – and a flexible approach to retirement spending.

The Independent Wealth Path Could be Tricky in the Next Decade

Due to the current high valuations, Vanguard is predicting a lower than average median 10-yr return for equities for the next 10 years. The Vanguard predictions are based upon past data and do not account for the productivity benefits of AI – which might justify current valuations – but they are a concern.

Vanguard 10-year annualised nominal return (In Australian Dollars) and volatility forecasts are based on the 31 December 2025 run of the Vanguard Capital Markets Model (VCMM) The model incorporates the long-term predictive power of current CAPE valuations.

Slack Investor’s view is that no one really can predict the future, and there is a high volatility expressed with these equity forecasts. However, the Vanguard model 10-yr forecasts have usually been correct between the 25th and 75th percentile ranges. This gives a more rubbery forecast that Slack Investor is happier to work with. From the Vanguard Capital Markets Model forecasts issued April 2026, the predicted 10-yr percentile annual returns for each asset group are shown below. Median predictions for 10-yr earnings in stocks are the lowest since this prediction model was developed. When compared to historical returns over the past 30 years (Vanguard), the median forecasts are quite low for stock-related investments.

Asset Class	25th Percentile Forecast	Median Forecast	75th Percentile Forecast	Vanguard Historical 30-yr av. Returns
US Equities	2.6%	5.9%	9.6%	10.1%
Global (ex US) Equities	3.1%	6.0%	9.1%	9.6%
Emerging Markets	0.5%	4.6%	8.7%	9.9%
US Treasury bonds	4.0%	4.6%	5.3%	4.1%
US Inflation	1.4%	2.0%	2.5%	2.6%

Vanguard model predicted 10-yr (From 2026) percentile and median annual returns for each asset group. The historical average for the previous 30-yr is also shown.

The ‘Independent Wealth’ path could be tricky to negotiate in the next 10 years if the forecast 10-yr returns are nearer the 25th percentile – there is a 25% chance that the returns will be lower than this. The best way to protect your funds is to hold a good portion of them in stable reserve. Slack Investor has about 30% of his funds in annuities, cash/bonds, stable dividend stocks, REIT’s, etc. Also, keep your retirement portfolio diversified across asset classes.

What Slack Investor did with the ‘4% Rule’

Before retirement: He used the ‘4% rule’ of thumb to determine the equivalence of salary and income, so that he knew if he had enough funds to retire.

For example, if a retirement salary of $40 000 for a couple is required, the 4% rule indicates that we should multiply this amount by 25 to get our retirement lump sum.

$40 000 x 25 = $1 000 000 in retirement funds

$80 000 x 25 = $2 000 000 in retirement funds, etc

First 5 years of retirement: Be careful here, this is where you are most prone to sequencing risk.

Sequencing risk (also called sequence of returns risk) is the danger that a significant market downturn in the early years of retirement will permanently damage your portfolio _{– Wealthlab}

Slack Investor encountered below average returns in his 2nd and 4th year of retirement. He coped with this in two ways.

1. A dynamic spending strategy approach to net withdrawals from the retirement fund. After a good year, we would spend more on holidays. A bad year would mean a more modest approach.

2. The use of pile theory (buckets). His initial spread was 70% in investments and 30% in stable income. He has tried to keep these ratios reasonably steady by withdrawing from the over allocated pile each year.

Set up a ratio of Stable income: Investments in Your Retirement Fund that you are happy with and take your annual expenses out of the pile that is over allocated at the end of the year. In the above case, Investments – From Slack Investor

After 5 years of retirement: Fill your boots. If the first 5 years hasn’t stressed your retirement funds, then things should be fine. There are mandated withdrawals from Super Funds (Aged 65–74: 5%, 75–79: 6%, 80–84: 7%, etc) but, if you are under age 75, re-contribution of any excess funds is a good idea.

Slack Investor has gone down the path of trying to preserve most of the capital in his retirement fund to use as a gift to the next generation or, (I hope not!) an aged care accommodation deposit. He won’t mind a bit of capital shrinkage as he gets older. He anticipates that, after the age of 70, there is more a danger of running out of time rather than money.

April 2026 – End of Month Update

Slack Investor remains IN for Australian index shares, the US Index S&P 500 and the FTSE 100.

All markets had a rebound in April. The rise was modest for the ASX 200 (+2.2%) and the FTSE 100 (+ 2.0%). The ‘Crazy Brave’ US market had strong growth (+ 9.5%) on the possibility of an Iran War ‘deal’ and a return to ships passing freely through the Strait of Hormuz. At the time of writing, this hasn’t happened yet.

All Index pages and charts have been updated to reflect the monthly changes – (ASX Index, UK Index, US Index).

The ‘Wedgie’ is Back!

Slack Investor is delighted to report that the ‘Wedgie’ has returned. The ‘Wedgie’ is a chart pattern that is less entertainingly called the ‘breaking a long-term downtrendline’. Looking for chart patterns can be confusing and belongs to the ‘dark art’ world of technical analysis. However, Slack Investor has some faith in the ‘Wedgie’. The chart pattern was first discussed by Slack Investor back in 2019 and he has done a small-scale analysis on whether it works 1-yr on. His conclusion, yes, mostly!

The top of the wedge downtrend line should be drawn for a period of at least 3 months (preferably 6 months) and connect at least 2 (and preferably 3) descending high points. _{– Slack Investor}

Telix Pharma (TLX.AX) weekly chart showing the ‘Wedgie’ in blue and the price bars breaking out of the ‘Wedgie’ – incrediblecharts.com

There is a reason why I think it works. Firstly, there is a long-term decline in price, usually because of some bad news in reporting season. Then there comes a point when the market starts thinking that things have gone too far … the stock is relatively cheap … and people start buying the stock again. Slack Investor likes owning stocks that other people want. The price has a real reason to increase.

It brings some pain to Slack Investor to revisit the chart above as Telix Pharmaceuticals (TLX.AX) has been one of his biggest losers this financial year. He should have got out much sooner! But, to Slack Investor’s credit, he will try to judge this case without hard feelings – as the breakout from the downtrend looks to be quite strong.

Naturally, having been burnt once on TLX, he revisits the important numbers from Market Screener Finance. There are a number of traits that Slack Investor looks for before investing in a company. A good summary can be found here with the definitions of the Slack Factor and Slack Ratio. As a rule of thumb, Slack Investor likes the Slack Ratio to be greater than 0.7 and the Slack Factor to be greater than 10. For TLX, the Slack Ratio is below this – but I have bought a parcel of shares anyway on account of the strong projected annual growth (greater than 100% p.a.). Note: for all his Slack Factor calculations he limits the projected growth to 30% p.a. to try to avoid the far too heroic forecasts.

Due to past disapointments, he will be keeping a close eye on TLX but the recent regulatory hurdles for their products seem to have been mostly cleared. Slack Investor is heartened by the recently announced collaboration deal with Regeneron Pharmaceuticals Inc (NASDAQ: REGN).

The ‘Wedgie’ below for NDQ says it was time for Slack Investor to also enter the NASDAQ 100 again via the Betashares Nasdaq 100 ETF (NDQ.AX). I like being involved with the 100 largest tech companies in the US. This index really aligns with innovation and growth. There are similar ‘Wedgie’ outbreaks on some of Slack Investor favourite companies – PME and TNE.

Betashares Nasdaq 100 ETF (NDQ.AX) weekly chart showing the ‘Wedgie’ in blue and the price bars breaking out of the ‘Wedgie’ – incrediblecharts.com

Sitting

Similar patterns are beginning to show on my weekly review of the charts of stocks in the Slack Portfolio. Slack Investor also looks at stocks that he would like in the portfolio that may have got caught in a downtrend – and have recently shown signs of positive momentum. Of course, with the ‘Orange Buffoon’ still in a powerful position – anything could happen! But this won’t stop me from investing in good companies.

“You don’t make money by trading, you make it by sitting.”
_{― Fred McAllen, Charting and Technical Analysis}

CAR Group (CAR.AX) weekly chart showing the ‘Wedgie’ in blue and the price bars **hopefully breaking out of the ‘Wedgie’ soon**. – incrediblecharts.com

Slack Investor is patiently sitting with a bit of cash and hopes to take advantage of any further ‘Wedgie’ opportunities that present themselves. In addition to CAR, the ‘Wedgie’ is in its pre-breakout form for companies with prospects such as WTC, GMG, REA, SNL and XRO.

The Super Squeeze – March 2026 End of Month Update

**Woman Giving Money to a Servant-Girl** (c. 1668–1672) (Cropped) – Pieter de Hooch.

In times of market turmoil, Slack Investor likes to take his mind off the day-to-day fluctuations of his share investments and concentrate on things that he knows that work. He knows that the stock market is volatile. He knows that the stock market provides excellent returns to the long-term investor. He knows that his Stable Income pile will fund his needs.

For a mood lift, he just taps into his inner Julie Andrews and simply remembers My Favourite Things. These favourite things include long-term investing and Superannuation.

Compulsory Pay Day Super

Compulsory Super was brought into Australia way back in 1992 by the force of nature Paul Keating. Every time that there is a proposed change to the structure of Superannuation, Slack Investor steels himself for the worst.

However, to almost universal acclaim, there was some good news in Superannuation circles with the introduction of pay day Super. From 1 July 2026, employer paid Super must be transferred on the same schedule as an employee’s pay cycle rather than quarterly. Previously, the rules allowed for the Super Guarantee contribution to be paid in lump sums every 3 months. The new rules are expected to benefit lower-income workers under casual, and part-time arrangements. Their Super will be deposited into their accounts and earning money straight away.

‘By switching to payday super, a 25-year-old median income earner currently receiving their super quarterly and wages fortnightly could be around $6,000 or 1.5% better off at retirement.’ _{– Stephen Jones , Assistant Treasurer}

Bewdy … we can relax now and let the compulsory 12% Super guarantee fund our comfortable retirement … Not so fast!

The ‘Voice of Super’ outlines the ‘Squeeze’

The Association of Superannuation Funds of Australia (ASFA) update their Retirement standard every quarter. They follow the effects of household costs on a retirement budget for both a comfortable and a modest retirement. ASFA define a ‘comfortable’ retirement where the budget allows for Occasional restaurant meals, take-away coffee and a yearly domestic holiday and an overseas trip every 7 years . Slack Investor has more lofty goals than this. Let’s focus on at least a comfortable retirement!

Even before President Trump’s misadventures in the Persian Gulf, prices have been moving north. The CPI rose 3.8% in the 12 months to December 2025 – but other household costs are rising faster. ASFA found plenty of price increases for the same period.

Electricity up 21.5 per cent, driven by the expiry of energy bill relief subsidies
Coffee and tea up 15.3 per cent due to rising commodity prices
Beef up 10.8 per cent
Domestic travel up 9.6 per cent
Water up 7.1 per cent
Property rates up 6.2 per cent
Medical and hospital services up 4.3 per cent
Fruit up 4.2 per cent
Private rental costs were up 3.9 per cent, just above the general inflation rate.

These price pressures have moved the required income for a comfortable retirement to even higher levels.

‘… homeowners aged 65 and over now need $77,375 annually for a comfortable retirement as a couple, and $54,840 for a single.’ _{– ASFA Report February 2026}

ASFA calculate that these retirement incomes at age 67 would require a super amount of $630,000 for singles and $730,000 for couples – assuming home ownership.

Are we on track?

Age	ASFA Required Comfortable Super Amount	Actual Male	Actual Female
30	$66 500	$55 690	$46 586
40	$168 000	$140 680	$109 209
50	$296 000	$254 071	$190 075
55	$377 000	$319 743	$242 945
60	$469 000	$395 852	$313 360
65	$571 000	$448 518	$392 274
67	$630 000	?	?

Assuming a future pre-tax income of $65,000 a year that keeps track with inflation. ASFA have calculated the Super milestones for a single person to reach $630,000 in super at retirement – ASFA February 2026 Report. Actual Male and Female Super balances from Rest Super (March 2026)

Male Super amounts are approaching the required ‘comfortable’ Super levels – but are still lagging. There is a definite gender gap in Super balances. Women suffer from structural inequalities in the workplace that include lower paid professions and career breaks for family.

As well as these existing Super shortfalls for a ‘comfortable’ retirement, these ASFA budgets assume that the retirees own their own home.

Despite the difficulty, Slack Investor encourages all to have the goal of their own home by retirement age. This may be a modest apartment, tiny home, a granny flat, or a place in the country. But it must be yours! Also, keep an eye on your Super and how it relates to the ASFA targets at each age level. Slack Investor always made sure his Super was in the Highest Growth option when he was under 55 and topped up his balance regularly with ‘Salary Sacrifice’ contributions.

March 2026 – End of Month Update

It was in March 2025 Update when Slack Investor wrote about the first ‘Trump Slump’ due to the random application of his trade tariffs to the world.

Well, thank you again Donald for your contribution. All followed markets fell this month. The ASX 200 down 4.0%, the FTSE 100 down 9.7%, and the S&P 500 down 4.3%. For now, each Index remains above their stop losses – but both the UK Index and Australian Index are perilously close to their stops. For now, Slack Investor remains IN for the FTSE 100, the ASX 200, and the US Index S&P 500.

The talented David Rowe has summed things up again – David Rowe, AFR

All Index pages and charts have been updated to reflect the monthly changes – (ASX Index, UK Index, US Index).

The quarterly updates to the Slack Portfolio have also been completed. There are some significant changes since the December 2025 update. Slack Investor has tinkered – and tried to remove the more speculative stocks in the Portfolio. He has stayed with established growing companies that will hopefully weather the storm. He has ended up with a good amount of cash (17.5% of Slack Portfolio). This will hopefully be deployed when he sees a return to more stable conditions.