Is Wesfarmers (ASX:WES) a buy? BHP hits all-time highs

In this episode of the Australian Investors Podcast, Owen Rask and Drew Meredith move from the market headlines into the real forces shaping investor behaviour right now. They start with Wesfarmers pushing higher, BHP printing fresh highs and Macquarie continuing to attract attention, then ask the question behind the moves: are these quality businesses still buys, or are investors paying up for comfort in an uncertain market? The discussion widens quickly into small-business CGT concessions, SpaceX euphoria, and the squeeze households are still feeling as wages struggle to keep pace with living costs. Owen and Drew also unpack why underemployment matters more than the headline jobs number, what the market is getting wrong about media noise, and how retail investors should think about leverage, ETF portfolios and stock selection when the rules keep shifting. There is also a practical discussion on GHHF, Megaport versus WiseTech, and whether younger investors should be chasing property, businesses or listed assets first. If you want one episode that blends ASX ideas, portfolio thinking and macro frustration without losing the practical angle, this is a sharp listen. There is plenty here for investors trying to separate temporary hype from durable business quality while still making sensible decisions with real money. Chapters 00:00 Intro & Overview 02:20 Small Business CGT Changes 07:19 Cost of Living Data 10:01 Underemployment Stats 13:25 Wesfarmers & AI 16:40 Financial Policy Frustration 20:01 Macquarie at All-Time High 22:45 BHP at All-Time High 24:43 SpaceX & ETFs 30:37 GHHF Transition Strategy 35:50 Hypotheticals with Drew 47:35 Listener Questions 51:07 Wealth Building in Your 20s 57:33 Dad Joke & Wrap-Up Episode resources - Speak with the Rask Advice team: https://rask.com.au/advice - Ask a question (select the Investors podcast): https://bit.ly/R-quest Show partner resources - ETF investor? Go beyond ordinary with Global X: View all funds https://www.globalxetfs.com.au - Visit TermPlus to learn more https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=investors&utm_term=general&utm_content=youtube_description - Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit: https://bit.ly/Pearler Rask resources - All services: https://bit.ly/R-services - Financial Planning: https://bit.ly/R-plan - Invest with us: https://bit.ly/R-invest - Access Show Notes: https://bit.ly/R-notes - Ask a question: https://bit.ly/R-quest - We love feedback! https://raskau.typeform.com/to/ZbfHy6IP Follow us on social media - Instagram: https://www.instagram.com/rask.invest - TikTok: https://www.tiktok.com/@rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg