Virtually Live: 5 November 2025

·18 min·1 clip

The treasurer blocked a pharma deal over job threats, setting a risky precedent for foreign investment in Australia.

The episode begins with Shannon Rifkin providing a market update, noting weakness in Australian markets due to a bad inflation reading pushing out rate cuts, while US markets show froth with gold down 10% and cryptocurrencies falling hard. He emphasizes that asset allocation remains crucial in expensive markets. Shannon then delves into the Main Pharma case, where the buyer Cossette tried to exit a binding deal, leading to court litigation where the New South Wales Supreme Court ruled in Main's favor. The treasurer intervened, citing national interest over potential job losses in Adelaide, a decision Shannon criticizes as setting a bad precedent for foreign investment and M&A activity in Australia. He explains the deal's deadline of November 20 and the low likelihood of reversal due to political embarrassment. The show transitions to listener questions, starting with Peter's query about a missing CBA dividend, which Shannon attributes to a registry issue. Jeff asks about Tamboran's share purchase plan, and Shannon details a strategy to lock in a 20% arbitrage by selling existing holdings and applying late, while cautioning about scale-backs. Dave expresses concern about fully priced markets, prompting Shannon to advise reducing equity exposure and moving into more stable assets like debt ETFs such as HBRD, hybrids, and credit funds. He mentions specific funds like GCI, QRI, MA1, and MXT, noting ASIC's scrutiny but downplaying significant downside risks. Throughout, Shannon maintains a neutral, educational tone, blending market analysis with practical investment tips.

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