Thursday, 9 April 2026

WAEVE82 First Play

New wavetable synth from AE modular

Thanks to Carsten

Friday, 23 January 2026

Vidirol: Kickstarter VST demo (hands on)

....

Kickstarter link:

https://www.kickstarter.com/projects/synth-bt/vidirol-control-roland-edirol-video-mixers

Saturday, 13 December 2025

Moog Labyrinth - initial thoughts

The Moog Labyrinth is a unique parallel generative analog synthesizer and idea machine, blending East Coast (Moog) and West Coast (Buchla-esque) synthesis with two intertwining, evolving 8-step generative sequencers that create polymetric melodies and textures.

It features decay-only envelopes, a state-variable filter, wavefolding, and parallel signal paths, designed to add unique soundscapes, rhythm, or color to a studio setup, either standalone or within a Eurorack system.

There are two sequencers, and two sound paths letting you layer sounds.

The wavefolder is a Buchla thing. The filter is very East Coast Moog.

The 2 pole State-Variable Filter is interesting. I think its a new Moog design that blends between low-pass and band-pass, without self-oscillation.

The sound sources involve two VCOs ... the top produces a sine wave (the main audio).

the lower VCO is mainly for modulation and produces a triangle wave.... its tunes to a lower frequency than the upper oscillator.

(Its a interesting choice of waveforms ... there are no saw, square or pulse waves on this synth).

This vco (FM) cross modulation is a common Buchla idea. The 158 for example used a saw-sine waveform

The audio signal passes through a mixer & noise source.

There are level (LVL) controls for each VCO & noise.

The noise has a tone control

There is also a ring-mod level control which controls the loudness

of the ring-modulated product of the two oscillators.

After the mixer, the signal passes to a filter and a wavefolder.

This can be both (parallel) or either.

The Buchla inspired voltage controlled wavefolder (VCW) is a diode-transistor circuit.

It has two parts: VCW Fold & Bias.

VCW sets the amount of wavefolding.

"Normally, when the gain of an input signal exceeds the headroom of a circuit, the tops and bottoms of the waveform are clipped off, causing distortion (such as in the Labyrinth MIXER). A wavefolder, however, folds the sections of the signal exceeding the floor/ceiling back in on the signal itself, creating new harmonics in the process"

(official manual)

The bias applies a DC voltage offset (achieving asymmetrical folding) to the signal entering the wave folder to emphasize even or odd harmonics.

The wavefolder an be modulated by EG1, SEQ1 & BIAS

These are the patches that came with the synth. A great way to start exploring.

These are just quick lo-fi recordings using my phone mic.

Instant techno drums

Myriads of Ivy

Polymetric Parallel voices

Saturday, 29 November 2025

Roland PG1000 programmer - connections to use with D-50

Connecting the Roland D-50 with its PG1000 programmer can be a bit confusing.

These are my notes of how I'm using it with my DAW (Abelton)

The midi merge box I'm using is a simple ... 3 in / 1 out box

It mixes MIDI from the DAW and PG100 & sends this info to the D-50.

There is one final connection from the D50 back to the programmer.

Here is a pick of the rear of the programmer:

The PG 1000 is a brilliant machine

For the record, here is the rear of the D50

Tuesday, 11 November 2025

Sir John Templeton

Sir John Templeton’s famous investment quote is: "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria". He further advised that maximum pessimism is the best time to buy, while maximum optimism (euphoria) is the best time to sell.

Meaning: This quote highlights the emotional cycle of market bubbles. "Euphoria" represents the final stage where greed peaks, investors ignore risks, and prices become unsustainable, usually resulting in a market crash.
Alternative phrasing: He was also known to say, "The market is always born in despair, grows in doubt, matures in longing, and perishes in hope".

Templeton believed in contrarian investing—buying when others are fearful and selling when they are overly optimistic.

Monday, 3 November 2025

Property vs Shares - which is better over 30 years.

This is a common question often asked and the answer isn't clear or easy.

I think the answer lies with the person asking the question.

If you are a self motivated & disciplined saver I think Equities are the answer.

If you need to be forced to save, getting a mortgage is probably the best way to go.

The bank will force you to make the 3K-4K deposits per month which is standard these days.

These are the current figures (2025):

A $500,000 mortgage typically results in monthly repayments between $2,850 and $3,400+ at current Australian interest rates (approx. 5.5%–7%) over 30 years. Lower rates near 4% bring payments down to roughly $2,387, while higher rates significantly increase them.

Typical $500k Monthly Repayments (30 Years, Principal & Interest):

5.5% Interest Rate: Approx. $2,839 per month.

6.0% Interest Rate: Approx. $2,998 per month.

6.5% Interest Rate: Approx. $3,160 per month.

7.0% Interest Rate: Approx. $3,327 per month

I asked Chat GPT this question:

"compare a 500k deposit + 500K mortgage on a australian home (monthly repayments between $2,850 and $3,400+ at current Australian interest rates (approx. 5.5%–7%) over 30 years) vs the same in australian shares (500K initial investment + 3000 per month top up over 30 years)"

This was it's response:

Now we’re comparing apples-to-apples with capital on both sides, which is much more interesting:

Property: $500k deposit + $500k mortgage
Shares: $500k upfront + $3,000/month
Time horizon: 30 years

I’ll walk through this cleanly and then give you the real-world conclusion.

📊 Key assumptions (based on real Australian data)

Australian shares: ~9–10% p.a. long-term
Property:
- ~5–6% capital growth
- ~7–9% total return incl. rent (before costs)

🏠 Scenario A — Property

Inputs

$1M property
$500k loan
~$3,000/month repayments
30 years

💰 Total cash invested

Deposit: $500k
Mortgage payments: ~$1.1M
👉 Total out-of-pocket ≈ $1.6M

📈 Property value after 30 years

5% growth → $4.3M
6% growth → $5.7M
7% growth → $7.6M

🧾 Net wealth

Mortgage is fully paid off:

👉 Final wealth ≈ $4.3M – $7.6M

⚠️ Reality check (VERY important)

Property returns are not clean:

Stamp duty (~$40–50k)
Maintenance (~1–2%/yr)
Insurance, rates
Selling costs

👉 These can reduce returns by 1–2% per year, which is massive over 30 years

📈 Scenario B — Shares

Inputs

$500k upfront
$3,000/month for 30 years
Total invested = $1.58M (almost identical to property)

💰 Future value

At different return levels:

7% → $5.9M
8% → $7.5M
9% → $9.6M
10% → $12.4M
--------------------------------------------------------------------------------------------

Scenario	Property	Shares
Total invested	~$1.6M	~$1.58M
Leverage	Yes	No
Expected return	~6–8% net	~8–10%
Final wealth	$4.3M–$7.6M	$5.9M–$12.4M
Risk	Concentrated	Diversified
Liquidity	Low	High

......

**************************************************************

++++++++++++++++++++++++++++++++++++++++++++++++++++++

*******************************************************************

Now lets add dividends vs rent.

Include rental income vs dividends

This is the missing piece that makes the comparison actually realistic.

Now we’ll include:

🏠 Rental income (property)
📈 Dividends (shares)

And compare total return properly.

🏠 Scenario A — Property (with rent)

Assumptions (typical Australia)

Property value: $1M
Rental yield: 3–4%
Growth: 5–6% p.a.
Costs: ~1.5–2% p.a. (maintenance, rates, insurance, vacancy)

💰 Rental income

Gross rent: $30k–$40k/year
Costs: ~$15k–$20k/year

👉 Net rent: ~$10k–$20k/year initially

Important:

Rent grows over time (inflation + demand)
By year 30 → could be ~$40k–$80k/year net

📈 Total return breakdown

Property total return ≈

Capital growth: 5–6%
Net rental yield: ~1–2% after costs

👉 Total ≈ 6–8% p.a.

💰 Final outcome (30 years)

Property value: $4.3M – $5.7M (5–6%)
Plus rental income accumulated (if reinvested): adds ~$0.5M–$1.5M

👉 Total effective wealth: ~$5M – $7M

📈 Scenario B — Shares (with dividends)

Assumptions (Australian market)

Using something like the S&P/ASX 200 Index:

Dividend yield: ~4%
Growth: ~5–6%
Total return: ~9–10% p.a.

💰 Dividends

Year 1:

$500k × 4% = $20k/year

Over time:

Dividends grow with market (~5–6%)

By year 30:

Annual dividends ≈ $150k–$300k/year

🔁 Reinvestment effect (this is huge)

If dividends are reinvested:

👉 They drive ~50%+ of total returns

💰 Final outcome (30 years)

With:

$500k upfront
$3k/month
9–10% return

👉 Portfolio value:

$9M – $12M

Breakdown:

Capital: ~$6M–$8M
Dividends compounding: ~$3M–$4M

++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Negative Gearing vs Franking Credits.

This is an after-tax comparison (franking credits vs negative gearing).

This is where the comparison gets real, because Australia’s tax system materially changes outcomes.

I’ll compare:

🏠 Property with negative gearing → later positive gearing
📈 Shares with dividends + franking credits

Using realistic Australian assumptions.

🇦🇺 Key tax concepts (quickly)

Shares → Franking credits

Using something like the S&P/ASX 200 Index:

Dividends are often fully franked
Company already paid 30% tax
You get a tax credit for that
Result: higher effective income, especially if your tax rate <30%

Property → Negative gearing

Early years: losses (interest > rent)
Loss reduces your taxable income → tax refund
Later: becomes positively geared → taxable income

🏠 PROPERTY — After-tax reality

Early years (negative gearing phase)

Typical:

Rent: ~$30k
Costs + interest: ~$40k–$45k
👉 Loss: ~$10k–$15k

If you're on a 37% tax rate:

👉 Tax refund: $3.7k–$5.5k/year

✔️ Helps cash flow
❌ But you're still losing money overall

Later years (positive gearing)

Once rent rises and loan shrinks:

Rent: ~$60k–$80k
Costs: ~$20k
👉 Profit: ~$40k–$60k

Tax:

At 37% → $15k–$22k tax/year

Capital gains tax (CGT)

If investment property:

50% CGT discount after 12 months

Example:

Gain: $4M
Taxable: $2M
Tax ≈ $740k (at 37%)

🧾 Property after-tax summary

Tax benefits early: moderate
Tax drag later: significant
Big CGT bill at the end

👉 Net effect:

Tax reduces returns by ~1–2% per year over long term

📈 SHARES — After-tax reality

Dividends + franking

Example:

Dividend yield: 4%
Fully franked

On $500k:

Cash dividend: $20k
Franking credit: ~$8.6k
Grossed-up income: ~$28.6k

Tax impact

If tax rate = 37%:

Tax on $28.6k = ~$10.6k
Minus franking credit ($8.6k)

👉 Tax payable: ~$2k only

If tax rate <30%:

👉 You actually get a refund

Capital gains (shares)

Same 50% CGT discount
BUT:
- You control when to sell
- Can spread gains across years

👉 Much more tax flexibility than property

🧾 Shares after-tax summary

Dividends: tax-efficient
Franking credits: huge advantage
CGT: controllable

👉 Net effect:

Tax drag closer to 0.5–1% per year

⚖️ AFTER-TAX COMPARISON

Factor	Property	Shares
Early tax benefit	✅ Negative gearing	❌ None needed
Ongoing tax	❌ High (rent taxed)	✅ Reduced via franking
CGT flexibility	❌ Low (sell all at once)	✅ High (sell gradually)
Tax efficiency	❌ Moderate	✅ High
Net return after tax	~5–6%	~7–9%

🧠 The big insight

👉 Negative gearing is often overrated

It:

Reduces losses
But doesn’t create profit

You’re still:

Spending $1 to get ~$0.37 back

👉 Franking credits are underrated

They:

Boost income significantly
Reduce or eliminate tax
Compound over time

🔥 What this does to your original comparison

Before tax:

Property: ~6–8%
Shares: ~9–10%

After tax:

Property: ~5–6%
Shares: ~7–9%

👉 The gap actually widens in favour of shares

🏁 Final conclusion

After tax (including negative gearing and franking credits), shares are significantly more tax-efficient and typically deliver higher net returns than a leveraged investment property.

⚠️ One exception (very important)

If the property is your PPOR (home you live in):

❌ No negative gearing
✅ No capital gains tax EVER

👉 That is a massive advantage

In that case:

Property can outperform shares purely due to CGT exemption

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++

+++++++++++++++++++++++++++++++++++++++++++++++++++++++

Final Take Home Thoughts:

If you go the shares path ... this assumes that you will be making $3000 deposits into shares even when you don't need to.

You will possibly want to enjoy your life a bit more that those mortgages so your final figure will probably be less.... but then life is meant to be enjoyed , esp when you are young.

The lack of leverage is a blessing and a curse. It reduces the upside & also the downside.

I don't like debt so I think of it more as a plus.

If you are the sort of person who likes to go shopping every time you get a pay rise then get a mortgage.

The bank will be your savings enforcer.