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13 June 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...
Assets that deliver emotional satisfaction tend to offer lower financial returns, as investors accept an “emotional yield” in place of performance which shapes how investors approach ESG and unpopular 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.
Marketed as a fix for inequality and housing affordability, the latest budget instead delivers a tangle of tax changes that leave everyday Australians worse off.
Australia may not levy formal death duties, but a growing web of tax measures is quietly shaping what wealth passes between generations. Now, the 2026 budget adds another layer.
The lithium rally mirrors the early-2010s tech stock surge, with demand set to double by 2030. Supply has been slow to respond, creating a market deficit for future tech like humanoid robotics and solid-state batteries.
The debate over the budget is increasingly shaped by frustration and perceptions of unfairness, rather than clear-eyed assessment of policy outcomes.
Inflation doesn’t just raise today’s bills - it quietly increases the amount needed to retire, while simultaneously making it harder to save. Three steps to take before June 30th to improve retirement outcomes.
Inheritance tax implications in Australia may surprise some, as poor estate planning without proper wills or trusts can lead to costly tax bills and delays for beneficiaries.
New CGT rules could tip the scales in the super vs non-super debate. For those facing the Division 296 tax, the case for withdrawing has gotten more complex. A "comparison rate" tool may help assess decisions.
Proposed Budget changes to taxation are casting new uncertainty over testamentary trusts, prompting closer scrutiny of estate planning structures and the real implications of reforms still taking shape.
Examining how five "tax cuts" stack up against bracket creep. Why offsets and incremental changes may do little to ease rising average tax burdens, compared to structural reform through indexation over time.
Quality strategies shine globally, but Australia's concentrated market tells a different story. Limited diversification and sector dominance can constrain the defensive outcomes investors have seen in broader markets.
As private markets expand, investors face a growing mix of structures, a stabilising private equity cycle and uneven AI disruption. Fresh questions are being raised about where the real opportunities now sit.
As EOFY approaches, structured giving offers a tax-effective way to support charities, while allowing donations to grow over time and play a longer-term role in family wealth and legacy planning outcomes.
Stock picking often gets the spotlight, but research shows asset allocation explains the vast majority of long‑term returns. Understanding your mix of growth and defensive assets is the real key to investment success.