The disconnect between surging valuations and flat earnings is unquestionably the great story of Australian markets in 2024. Nowhere has the theme been clearer than with the big four banks, which have led the index to record highs despite little forecast earnings growth in the next five years.

Macquarie Group might be known as Australia’s fifth major, but it’s typically been seen as a different beast. The ability of chief executives Allan Moss, Nicholas Moore and now Shemara Wikramanayake to find pools of profit around the world is legendary.