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12 February 2026
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Morningstar’s asset class 'gameboard' for 2015 is an excellent visual summary of how each asset class has performed over the last 20 years, and shows that no single asset class consistently outperforms the others. It also gives no hint into how the previous year's winners or losers will perform in the following year as the pattern appears random.
Click on the gameboard for an enlarged version. In case the fine print is a little too fine, here are the underlying data sources:
My own method of portfolio construction for clients with a lump sum is to start with 100% spread in Australian Fixed Interest (40%) and cash (60%) and then move into a mix of the rest using 10% each year (spread over mainly Oz and Int'l shares - most Australians have enough property) for three years, until we reach 30% "invested" position. Then I allow my client to choose whether they go further invested to risk over the next 2-4 years, using 5% to 10% each year. That allows dollar cost averaging; it allows the client to learn as they go; it allows NO LOSSES of the corpus over the first few years and after that it will be unlikely to ever slip below the starting point and it allows sufficient income to be generated for the client settle into retirement with no nasty surprises. If you look at the chart you'll see why my method works and is very popular, because returns are/have been pretty stable over any period, using this method. We NEVER encourage ANYONE to go more than 50% into risk (i.e. non cash and short-dated fixed interest) if they are near retirement. If they do so, it's on their own head. We also NEVER recommend margin lending, despite upgrading our AFSL so that we can. We figure that if we weren't able to advise on Margin Lending we wouldn't be able to (credibly) advise AGAINST it. The logic is that if you need to borrow to invest you can't afford to and if you don't you'd use your own property as collateral for any loan for investment purposes... All simple, practical (un)common sense. Peter Thornhill's argument holds some water but is unhelpful for someone beginning with a substantial lump sum. It's too bound up in the common equity-driven thinking that may have been best over the past few decades but which could prove a little less successful over the next two decades as the Baby Boomers sell down their inflated assets...
This examines the performance of key asset classes and sub-sectors in 2024 and over longer timeframes, and the lessons that can be drawn for constructing an investment portfolio for the next decade.
It's important to look beyond the short-term volatility caused by military events, inflation, rate hikes, and other daily dramas. Here's how simple, diversified, long term portfolios continue to deliver healthy returns.
Over decades, relatively few companies generate all the stockmarket's outperformance. Is this an argument for passive investing or does it prove active investing is rewarded? Bessembinder lets you decide.
What are the best ways to build a simple portfolio from scratch? I’ve addressed this issue before but think it’s worth revisiting given markets and the world have since changed, throwing up new challenges and things to consider.
Treasury has released draft legislation for a new version of the controversial $3 million super tax. It's a significant improvement on the original proposal but there are some stings in the tail.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
The predictions include dividends will outstrip growth as a source of Australian equity returns, US market performance will be underwhelming, while US government bonds will beat gold.
We don’t have a housing shortage; we have housing misallocation. This explores why so many bedrooms go unused, what’s been tried before, and five things to unlock housing capacity – no new building required.
My mother developed dementia before eventually dying in June last year. She was in three aged care homes before finding the right one. Here is what I learned along the way.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
The assumption that falling house prices are electorally fatal has shaped policy for decades. Evidence from upzoning suggests affordability can improve without reducing overall housing wealth.
Investment bonds can be a versatile and a tax-effective option for building wealth for longer-term investment goals. They can also be used as an estate planning tool, enabling the smooth transfer of wealth to younger generations.
Investors are jumpy as valuations continue to rise and income investing may provide a respite. In a challenging market for income investing AML offers their top picks.
CEO Simon Doyle is retiring after 38 years in the finance industry. In an interview with James Gruber, he shares the three main lessons he’s learned, and where he sees opportunities and risks in markets today.
Investors may overlook the US midterms amid global events, but they could still impact markets. History shows markets react during midterm years, with increased volatility and lower returns. Will this year be any different?
Increasing geopolitical tensions has investors on edge but one study shows evidence of a war premium for equity markets.