Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 250

Cuffelinks Newsletter Special Edition 250

  •   27 April 2018
  •      
  •   

This week, Cuffelinks publishes its Special 250th Edition ebook with over 30 market experts sharing a mistake which made them better investors. From the start in 2013, Cuffelinks has committed to independent financial journalism, bringing insights from hundreds of finance professionals to our community of over 37,000 readers.

It's an important time to learn these lessons, as the 88-year-old founder of Vanguard, Jack Bogle, recently said in a CNBC interview:

"I have never seen a market this volatile to this extent in my career. Now that's only 66 years, so I shouldn't make too much of it."

Cuffelinks Special 250th Edition free ebook is linked here.



The Royal Commission steamrolls on

After another shocking week that revealed the worst of the financial advice industry, the Royal Commission has a stark issue in its headlights: how should advice and product be separated to ensure advisers act in the best interests of their clients? Many quality advisers who operate fee-for-service businesses feel all financial advice has been been tarnished by the revelations of the last two weeks. 

Faced with enough material to fill a book, we have broken down a few issues: how the Commission set the tone to expose wrongful advice; what is grandfathering and why is it under threat; and the likelihood of regulations relating to percentage-based fees. We have extracted transcripts of witness statements so readers can make their own judgements.

We also share the feedback from readers received last week, and as background information, we reprise an article written by Harry Chemay in 2014 which explains how FOFA works. An independent adviser, John Leske, offers his views on the current regulations and how financial advice should be restructured.

Tim Fuller provides a short summary of the Commission's forensic dissection of the Henderson Maxwell business (recently acquired by AZ New Generation Advisory). This independent business directed 84% of its clients into its own managed account. It demonstrates that the advice issues are not confined to the big banks and AMP, with some smaller independents having their own versions of vertical integration, or as they prefer to call it, 'leveraging their eco-system'. 

Thanks to subscribers, authors and sponsors for helping Cuffelinks to reach 250 editions.
 

Graham Hand, Managing Editor

 

Edition 250 | 27 Apr 2018 | Editorial | Newsletter

 

  •   27 April 2018
  •      
  •   

 

Leave a Comment:

banner

Most viewed in recent weeks

Building a lazy ETF portfolio in 2026

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.

Ray Dalio on 2025’s real story, Trump, and what’s next

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.

13 million spare bedrooms: Rethinking Australia’s housing shortfall

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.

21 reasons we’re nearing the end of a secular bull market

Nearly all the indicators an investor would look for suggest that this secular bull market is approaching its end. My models forecast that the US is set for 0% annual returns over the next decade.

Making sense of record high markets as the world catches fire

The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.

3 ways to fix Australia’s affordability crisis

Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.

Latest Updates

Property

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

Investment strategies

The Ozempic moment for SaaS

Every investing cycle has its Ozempic moment, a narrative shock so compelling that the market briefly forgets that incumbents can and do adapt to transformative technology like AI.

Superannuation

Meg on SMSFs: Last word on Div 296 for a while

The best way to deal with the incoming Division 296 tax on superannuation is likely doing nothing. Earnings will be taxed regardless of where the money sits, so here are some important considerations.

Investment strategies

If people talk about a bubble, it’s unlikely to crash soon

It is almost impossible to identify a bubble in real time, and history shows they last far longer than we think, giving investors (perhaps misplaced) hope and short-sellers seemingly endless pain before the share price collapses.

Investment strategies

Seismic shifts that could drive private markets

Dealmaking appears to be on the mend, but investors could be well served to look through near-term trends toward six major themes that we think may drive private markets for years to come.

Latest from Morningstar

Corporations are winning the stock market. Here’s a new plan for everyone else

Retail investors have the worst trading record, according to a study of trading performance. Institutional investors weren't at the top either. Here are 6 ways to improve your odds.

Infrastructure

The bull case for Melbourne

A counterpoint to today’s prevailing narrative that Melbourne is the capital of a failing state defined by its strained public finances, COVID hangover and an opposition obsessed with undermining its own credibility.

Sponsors

Alliances

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.