James Thompson

We've just had earnings season start in the US.

They do a quarterly earnings season, so earnings season is almost always starting.

But this is the March quarter earnings coming through, and the numbers are good.

This is the sixth straight quarter with double-digit earnings per share growth.

Strategists are talking about 15%, even up to 19% earnings growth in the US this year, which is phenomenal numbers.

And those numbers have not changed throughout this crisis in Iran.

The one question I've got for you, though, is those numbers are a lot better in the US than they are in Australia.

Why are we rallying so hard?

And is there a danger that investors eventually go, hang on, Australia is being left behind here.

I want to be invested in the US, not Australia.

And it's at times of crisis that these things tend to get more exposed.

And this is starting to feel like a bit of a crisis, I think.

Let's see where it goes.

It does appear that there's some peace talks going on behind the scenes.

We're what, eight weeks into this thing now?

Oil is still not flowing like it was eight weeks ago.

I'm surprised that the market's not more worried about that.

It is real.

And the same fund managers who are pushing up stocks during the week must get in their cars on the weekend and drive around and see high petrol prices and people struggling.

And there's a disconnect between those two things, but that's the way it goes.