What if ETFs didn’t exist? Plus, top 3 highlights from the ASX

Group 1: US–Iran Tensions and Market Impact - US airstrikes on Iranian targets have led to an immediate increase in oil and gold prices, with oil prices potentially spiking to US$90–$93 per barrel if disruptions continue [2] - The Strait of Hormuz, a critical shipping route for approximately 20% of global oil and gas supply, has reignited tensions between Iran and Israel, raising concerns for investors [2] - Higher oil prices could lead to increased fuel costs, resulting in inflationary pressures and caution from central banks regarding rate cuts [2] Group 2: Magellan and Barrenjoey Merger - Magellan Financial Group has merged with Barrenjoey Capital Partners in a deal valuing Barrenjoey at $1.6 billion, raising questions about whether this is a strategic move similar to Macquarie Group or a lifeline for Magellan [4][8] - The merger involves the issuance of 106 million new shares, with an implied consideration of $903 million and a 15x earnings multiple, allowing existing Magellan holders to retain 58.2% ownership post-deal [8] - Completion of the merger is targeted for Q2 2026, indicating a long-term strategic pivot for Magellan [8] Group 3: Netflix's Strategic Decision - Netflix has withdrawn from bidding for Warner Bros. Discovery, which has resulted in a ~13% increase in Netflix shares after hours, reflecting positive market sentiment towards the company's decision [5] Group 4: Reporting Season Highlights - Block reported a gross profit increase of 24%, with Cash App up 33% and adjusted operating income up 46%, leading to an 11% surge in shares [16] - Woolworths Group serves as a reminder of the rapid shifts in market sentiment [11] - Apple Inc. demonstrated that strong capital compounding can occur without the need for hype, with quarterly profit up 30% and revenue reaching US$143.8 billion [12] - National Australia Bank is experiencing a resurgence in positive narratives, referred to as the "second coming" [13]