{"id":5296,"date":"2025-06-03T06:22:37","date_gmt":"2025-06-02T20:22:37","guid":{"rendered":"https:\/\/murrayslatter.me\/?p=5296"},"modified":"2025-06-04T20:04:38","modified_gmt":"2025-06-04T10:04:38","slug":"why-i-dont-invest-like-most-australians-and-why-i-dont-think-you-should-either","status":"publish","type":"post","link":"https:\/\/murrayslatter.me\/?p=5296","title":{"rendered":"Why I Don\u2019t Invest Like Most Australians \u2014 And Why I Don\u2019t Think You Should Either"},"content":{"rendered":"\n<p>Recently a friend asked \u201cWhy don\u2019t you invest more in Australia?\u201d \u2014 this post is aimed at explaining my answer to them.<\/p>\n\n\n\n<p>Most Australian investors concentrate their portfolios domestically. The majority of SMSFs, retail investors, and even some institutional funds hold a dominant allocation to the ASX, led by the banks and resource companies. And it\u2019s understandable \u2014 it\u2019s familiar, it\u2019s fully franked, and it\u2019s easy to access.<\/p>\n\n\n\n<p>But I believe this local-first mindset leaves enormous value on the table.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. The ASX Is Overconcentrated, Underdynamic<\/h2>\n\n\n\n<p>The Australian market is structurally narrow:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>60% of the ASX 200 is concentrated in just two sectors \u2014 financials and materials<\/li>\n\n\n\n<li>The banking sector is an oligopoly, with the Big Four having little real competition<\/li>\n\n\n\n<li>The resources sector is cyclical, driven more by China\u2019s GDP and global commodity prices than by innovation or margin expansion<\/li>\n<\/ul>\n\n\n\n<p>These businesses, while stable, rarely demonstrate operating leverage or the ability to escape the gravitational pull of mean reversion. Over time, the average investor here earns roughly the market return. The businesses themselves grow slowly, if at all, and struggle to scale beyond Australia\u2019s small population base.<\/p>\n\n\n\n<p>Add to this the well-worn history of Australian companies expanding overseas and failing\u2014and I saw a pattern I wanted to avoid.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Software Eats the World \u2014 And It Doesn\u2019t Live on the ASX<\/h2>\n\n\n\n<p>My strategy is grounded in Peter Thiel\u2019s Zero to One thesis: look for non-contestable markets, monopoly advantages, and companies that are 10x better than the alternative. These are usually not in traditional sectors. They\u2019re in software, data, AI, and platform infrastructure.<\/p>\n\n\n\n<p>And overwhelmingly, they are based in the United States.<\/p>\n\n\n\n<p>But I don\u2019t stop at geography. I don\u2019t just invest in the U.S. because it\u2019s big\u2014I invest there because the companies I choose are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SaaS or platform-native<\/li>\n\n\n\n<li>High margin, high retention, globally scalable<\/li>\n\n\n\n<li>Driven by extreme network effects<\/li>\n\n\n\n<li>Monetizing at every layer \u2014 not just one-off sales, but recurring revenue, payments, advertising, and ecosystem expansion<\/li>\n<\/ul>\n\n\n\n<p>Think Microsoft, MercadoLibre, Netflix, CrowdStrike, Palantir, NVIDIA \u2014 businesses that dominate their verticals and export their models globally.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Global Exposure Through U.S.-Led Platforms<\/h2>\n\n\n\n<p>Some investors buy shares in dozens of countries to gain \u201cgeographic diversification.\u201d<\/p>\n\n\n\n<p>I don\u2019t.<\/p>\n\n\n\n<p>I buy companies that already operate in dozens of countries. MercadoLibre monetizes across Latin America. Microsoft licenses in nearly every jurisdiction. Netflix is a cultural export. Google and Apple are embedded in the infrastructure of everyday life.<\/p>\n\n\n\n<p>These businesses earn in multiple currencies, benefit from multiple demographic waves, and scale without replication costs. Why chase fragile exposure to small foreign ETFs when I can own businesses that monetize at scale across the entire world?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. The Exceptions: My Three Australian Holdings<\/h2>\n\n\n\n<p>To be clear, I\u2019m not dogmatic. I hold three Australian companies \u2014 but only because they fit the same thesis:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>They are software or digital services businesses<\/li>\n\n\n\n<li>They show signs of operating leverage<\/li>\n\n\n\n<li>They have either global ambitions or extremely strong network effects<\/li>\n<\/ul>\n\n\n\n<p>None of them are banks. None of them dig holes in the ground.<\/p>\n\n\n\n<p>I only own them because they behave like global tech companies, not domestic incumbents.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. The Long View: India and Beyond<\/h2>\n\n\n\n<p>As the world rebalances \u2014 particularly demographically \u2014 I\u2019m increasingly looking at India through the same lens I once looked at the U.S. and Latin America. India has:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A massive, young, tech-native population<\/li>\n\n\n\n<li>A growing middle class<\/li>\n\n\n\n<li>A domestic software and platform economy maturing rapidly<\/li>\n<\/ul>\n\n\n\n<p>I\u2019m starting to apply my network-effect, platform-first thesis to companies emerging from India, many of which are proving their models locally and beginning to expand regionally.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. My Investment Philosophy, Summarised<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>I don\u2019t invest for nostalgia. I invest for asymmetric, exponential outcomes.<\/li>\n\n\n\n<li>I want companies with international exposure, recurring revenue, and unfair advantages.<\/li>\n\n\n\n<li>I prefer platforms over products. Systems over commodities. Compounding returns over cyclical booms.<\/li>\n\n\n\n<li>And I\u2019ve learned not to confuse proximity with performance \u2014 just because a company is based here doesn\u2019t mean it should be in your portfolio.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Final Reflection<\/h2>\n\n\n\n<p>Most Australians invest like Australia will always be the centre of their financial universe. I invest like the world is my opportunity set\u2014and I back the networks, platforms, and technological infrastructures that will underpin the global economy for decades to come.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently a friend asked \u201cWhy don\u2019t you invest more in Australia?\u201d \u2014 this post is aimed at explaining my answer to them. Most Australian investors concentrate their portfolios domestically. The majority of SMSFs, retail investors, and even some institutional funds [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","clearfix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why I Don\u2019t Invest Like Most Australians \u2014 And Why I Don\u2019t Think You Should Either - Murray Slatter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murrayslatter.me\/?p=5296\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why I Don\u2019t Invest Like Most Australians \u2014 And Why I Don\u2019t Think You Should Either - Murray Slatter\" \/>\n<meta property=\"og:description\" content=\"Recently a friend asked \u201cWhy don\u2019t you invest more in Australia?\u201d \u2014 this post is aimed at explaining my answer to them. 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The Australian narrative around investment properties has become almost folklore: negative gear a house, magnify your returns by offsetting tax, and sit back while the market delivers perpetual capital gains. It sounds simple, doesn\u2019t it? But as\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/01\/IMG_9878.jpeg?fit=570%2C380&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/01\/IMG_9878.jpeg?fit=570%2C380&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/01\/IMG_9878.jpeg?fit=570%2C380&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6097,"url":"https:\/\/murrayslatter.me\/?p=6097","url_meta":{"origin":5296,"position":1},"title":"What Really Drives the AUD\/USD Exchange Rate?","author":"Murray Slatter","date":"May 7, 2026","format":false,"excerpt":"Understanding Forex Through Capital Flows, Interest Rates, and Global Expectations For many Australians, the AUD\/USD exchange rate feels mysterious. One month the Australian Dollar is buying 70 US cents. A few months later it is buying 62 cents. Then suddenly it rallies again. Financial media often simplify the explanation to\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/05\/How_to_trade_AUDUSD-min.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/05\/How_to_trade_AUDUSD-min.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/05\/How_to_trade_AUDUSD-min.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/05\/How_to_trade_AUDUSD-min.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2026\/05\/How_to_trade_AUDUSD-min.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1539,"url":"https:\/\/murrayslatter.me\/?p=1539","url_meta":{"origin":5296,"position":2},"title":"What Every Angel Investor Wants You to Know","author":"admin","date":"July 21, 2024","format":false,"excerpt":"If you want to sail around the world, you better make sure you\u2019ve got the right people with you in your boat. 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