TMS Insights August 2025: Record highs on real earnings
83% of US companies have beaten expectations and the ASX has hit a record high. In this episode of TMS Insights, Ben and Jeremy explain why earnings-backed highs are nothing like a bubble.
In this episode:
- Google surprises with a strong result and commits US$70 billion to AI infrastructure in a single year, with Microsoft's Azure growth confirming the build-out is accelerating.
- Berkshire drifts into the buy zone, sitting on enough cash to buy 483 of the S&P 500 companies outright.
- A record high tends to be followed by another record high, and stocks at all-time highs are statistically more likely to be higher in a year than stocks at lows.
- Pinnacle posts 49% profit growth as Lifecycle's explosive take-up flows through, and REA beats expectations with jaws opening in Australia and India.
- And why two major sell-offs in a single year has happened only a handful of times in a century, which puts the odds on the market's side from here.
Companies discussed: Alphabet (GOOGL), Microsoft (MSFT), Amazon (AMZN), Apple (AAPL), Berkshire Hathaway (BRK.B), Pinnacle (PNI), REA Group (REA), Washington H. Soul Pattinson (SOL) and Brickworks (BKW).
If you'd like a conversation about how your portfolio is positioned, or a second opinion, our team is always happy to talk.
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