Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 339

Interview Series eBook, investing insights from global experts

Extract of Graham Hand's introduction

During 2019, Firstlinks embarked on a series of interviews to learn more about the investment techniques of many of Australia's leading asset managers. Investors should know the people they trust their money with.

We realised these discussions were a rich store of knowledge, and we have compiled them into a free ebook.

But we also recognised some of the best interviews came as early as 2013 in meetings with global experts, some of the most famous people in wealth management.

So it’s fitting that we should start the Interview Series with Nobel Laureate, Harry Markowitz, who was born in 1927 and is now 92 years-of-age. Markowitz was only 22 when he realised that an efficient portfolio should maximise the expected return on assets for a given level of risk. Although a theoretical framework, his Modern Portfolio Theory has been taught to investors for almost 70 years. Like most of the best insights, it is a simple idea, focussing on risk and return trade-offs.

Markowitz told me he started in securities analysis by accident.

“I was a PhD candidate at the University of Chicago and had to choose a topic, so I went to see my supervisor, Professor Jacob Marschak. He was busy so I sat in this ante room, and another man was there who was a broker. He suggested a dissertation on the stock market. That's the best advice a broker has ever given me.”

In the 30 interviews in this ebook, we uncover many of the secrets that investment managers have taken decades to learn. We feature globally renowned experts such as Burton Malkiel, Sir Michael Hintze, Professor Elroy Dimson, Robert Kitces and Nobel Laureate Robert Merton, as well as high-profile local fund managers covering every asset class.

We can all benefit from this vast experience. As Markowitz said, paraphrasing Sir Isaac Newton, “I saw so far because I stood on the shoulders of giants.

 


Managing Editor Graham Hand with Harry Markowitz (left), Nobel Laureate and father of Modern Portfolio Theory, and Burton Malkiel (right), author of global bestseller, ‘A Random Walk Down Wall Street’ in San Diego, USA in 2013.

 

For all readers of Firstlinks, there's no catch, no hidden charges, no need to sign up. 

Click here to download the free Interview Series ebook

 

banner

Most viewed in recent weeks

2024/25 super thresholds – key changes and implications

The ATO has released all the superannuation rates and thresholds that will apply from 1 July 2024. Here's what’s changing and what’s not, and some key considerations and opportunities in the lead up to 30 June and beyond.

Five months on from cancer diagnosis

Life has radically shifted with my brain cancer, and I don’t know if it will ever be the same again. After decades of writing and a dozen years with Firstlinks, I still want to contribute, but exactly how and when I do that is unclear.

Is Australia ready for its population growth over the next decade?

Australia will have 3.7 million more people in a decade's time, though the growth won't be evenly distributed. Over 85s will see the fastest growth, while the number of younger people will barely rise. 

Welcome to Firstlinks Edition 552 with weekend update

Being rich is having a high-paying job and accumulating fancy houses and cars, while being wealthy is owning assets that provide passive income, as well as freedom and flexibility. Knowing the difference can reframe your life.

  • 21 March 2024

Why LICs may be close to bottoming

Investor disgust, consolidation, de-listings, price discounts, activist investors entering - it’s what typically happens at business cycle troughs, and it’s happening to LICs now. That may present a potential opportunity.

The public servants demanding $3m super tax exemption

The $3 million super tax will capture retired, and soon to retire, public servants and politicians who are members of defined benefit superannuation schemes. Lobbying efforts for exemptions to the tax are intensifying.

Latest Updates

Retirement

Uncomfortable truths: The real cost of living in retirement

How useful are the retirement savings and spending targets put out by various groups such as ASFA? Not very, and it's reducing the ability of ordinary retirees to fully understand their retirement income options.

Shares

On the virtue of owning wonderful businesses like CBA

The US market has pummelled Australia's over the past 16 years and for good reason: it has some incredible businesses. Australia does too, but if you want to enjoy US-type returns, you need to know where to look.

Investment strategies

Why bank hybrids are being priced at a premium

As long as the banks have no desire to pay up for term deposit funding - which looks likely for a while yet - investors will continue to pay a premium for the higher yielding, but riskier hybrid instrument.

Investment strategies

The Magnificent Seven's dominance poses ever-growing risks

The rise of the Magnificent Seven and their large weighting in US indices has led to debate about concentration risk in markets. Whatever your view, the crowding into these stocks poses several challenges for global investors.

Strategy

Wealth is more than a number

Money can bolster our joy in real ways. However, if we relentlessly chase wealth at the expense of other facets of well-being, history and science both teach us that it will lead to a hollowing out of life.

The copper bull market may have years to run

The copper market is barrelling towards a significant deficit and price surge over the next few decades that investors should not discount when looking at the potential for artificial intelligence and renewable energy.

Property

Global REITs are on sale

Global REITs have been out of favour for some time. While office remains a concern, the rest of the sector is in good shape and offers compelling value, with many REITs trading below underlying asset replacement costs.

Sponsors

Alliances

© 2024 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.