Mailbag, incl: Real talk from an oil and gas expert. April 26, 2026

April 25, 2026

AI Summary

5 min read

Hosts Scott Phillips and Ram Ahluwalia mark the approach to their 1000th episode with a mailbag edition, diving into listener questions and feedback. They analyze Cochlear's sharp share drop, unpack an oil and gas expert's detailed rebuttal on industry mechanics and policy, and weigh international diversification options amid US market concerns.

Cochlear Earnings and Valuation Risks

Cochlear shares fell 38% after half-year results showed lower-than-expected sales, potential provisions from Middle East conflict, reduced gross margins, cost reshaping, and a stronger AUD. The company guided FY26 net profit at A$290-330 million, down 20% from last year. At the top of guidance, it trades on a P/E of 33—double the market average—even after the drop.

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What you'll learn

1 (00:40) **Podcast Intro and Milestone Hype** - Hosts celebrate episode 999, tease 1000th next week, share plugs for email/socials/Strawman
2 (04:47) **Cochlear Earnings Reaction** - Real-time breakdown of 38% share drop on weak FY26 guidance
3 (06:49) **Cochlear Valuation Debate** - Is post-drop price cheap or still expensive for quality grower?
4 (12:55) **Marcus's Economist Joke** - Listeners shares GDP-boosting dog poo gag appreciated by hosts
5 (15:29) **Johnno's Oil & Gas Expertise Intro** - 30-year industry vet corrects/clarifies hosts on gas reservation, mega projects
6 (17:26) **Gas Reservation Policy Debate** - Johnno says WA scheme economics-based, aids industry power prices
7 (19:09) **Commodity Supply Adjustment Realities** - Mines slow/high-grade first on low prices, but infrastructure costs fixed

+ Full timestamped outline available in the app

Show Notes

– Real time reaction on Cochlear

– Some real talk on oil and gas royalties?

– Is it time to invest internationally outside the US?

See omnystudio.com/listener for privacy information.