There are so many reasons to be gloomy in markets right now. I won't go through them. They're all wrapped up in September's -9.2% for the S&P 500 - the worst September since 2002, when the index fell by -11%.

Welcome back. I'd like to say it's nice to be back in Melbourne having returned from Bali, but I can't. Really. I mean, 6:30 am it's 26 degress, sunhsine, not a cloud in the sky, morning runs, massages, Bintangs, nasi goreng, and a few client calls - it was pretty good.

This year is the year that active management will outperform. This is true, because every year is the year that active management will outperform. Yet the latest data show that most pros can't beat the market. Sam Ro summed it up perfectly, which I'll share with you today.

I've been thinking about the market a lot over the last couple of weeks. Not because I have nothing else to do, but because I am actively involved in it. My investments, my superannuation, my family's goals and the things we want to do, and the fact that I run a wealth management firm, I can't get away from it. And frankly, I love it. But man, it's a noisy place - a lot of bullsh*t too. In my readings over the last week, a few things gave caught my eye, and I wanted to share them with you today - apologies in advance for all the charts - you know how much I love them.

Central banks around the world are hiking rates. This is not insightful. The RBA just hiked rates by 50 basis points to bring the Australian cash rate up to 2.35%. Remember when the RBA weren't going to hike rates until 2024 - ha! How the market laughs in your face.

Just when you think you've got this thing worked out, the market will pull an ace from under it's sleeve. It's a tough gig, financial markets.