Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 338

Welcome to Firstlinks Edition 338

  •   1 January 2020
  •      
  •   

We start the new year with some previous highlights. Chris Cuffe has selected his favourite articles from 2019, and our free ebook collates 30 of my interviews with leading global and local financial markets experts.

Who picked it in 2019?

Hardly anyone expected the massive 2019 equity market rally, and showing the difficulty of the forecasting game, consider the top three stockmarkets for 2019. First, Russia up 39%, despite US sanctions and illiquid markets. Second, Greece up 38%, subject to an IMF bailout amid a financial crisis a few years ago, when we were told nobody pays their taxes. Third, Ireland up 25%, with its exposure to Brexit and EU doubts. So much for investors hating uncertainty and geopolitical risks. The best commodity was palladium and the strongest currency among 130 tracked by Bloomberg was the Ukrainian hryvnia. Who knew? We have White Papers on 2020 outlooks here and here for those planning their portfolios for the new year.

30 interviews with investing experts from around the world

Even after my four decades in this business, these chats were full of new discoveries. For example, it was fascinating to meet a few times in California with Nobel Laureate, Harry Markowitz, the father of Modern Portfolio Theory. He was the first to specify assembling a portfolio based on maximising expected returns from assets for a given level of risk. He described to me his 'moment of truth', the time he went 'aha!'.

Article highlights from 2019

On Chris's selections, the leading subject in the first half of the year was Labor's franking credits policy, which generated over a thousand responses across many articles. The Coalition is still savouring its win on this policy (Goldstein is Tim Wilson's electorate):

Chris mainly focusses on articles which raised issues we will continue to debate in coming years. In addition to these 2019 highlights and the ebook, Lex Hall provides a selection of summer reading for those relaxing over January, as well as a short video on 2019 highlights and 2020 prospects. Plus for anyone who missed two popular articles, we rerun the OK Boomer 'fess up' and the summary of the fruitless search for yield without risk.

 

Graham Hand, Managing Editor

For a PDF version of Chris Cuffe's favourite articles from 2019, click here.

 


 

Leave a Comment:

banner

Most viewed in recent weeks

Which generation had it toughest?

Each generation believes its economic challenges were uniquely tough - but what does the data say? A closer look reveals a more nuanced, complex story behind the generational hardship debate. 

Maybe it’s time to consider taxing the family home

Australia could unlock smarter investment and greater equity by reforming housing tax concessions. Rethinking exemptions on the family home could benefit most Australians, especially renters and owners of modest homes.

The best way to get rich and retire early

This goes through the different options including shares, property and business ownership and declares a winner, as well as outlining the mindset needed to earn enough to never have to work again.

A perfect storm for housing affordability in Australia

Everyone has a theory as to why housing in Australia is so expensive. There are a lot of different factors at play, from skewed migration patterns to banking trends and housing's status as a national obsession.

Supercharging the ‘4% rule’ to ensure a richer retirement

The creator of the 4% rule for retirement withdrawals, Bill Bengen, has written a new book outlining fresh strategies to outlive your money, including holding fewer stocks in early retirement before increasing allocations.

Simple maths says the AI investment boom ends badly

This AI cycle feels less like a revolution and more like a rerun. Just like fibre in 2000, shale in 2014, and cannabis in 2019, the technology or product is real but the capital cycle will be brutal. Investors beware.

Latest Updates

Weekly Editorial

Welcome to Firstlinks Edition 628 with weekend update

Australian investors have been pouring money into US stocks this year, just as they start to underperform the rest of the world. Is this a sign of things to come? This looks at 50 years of data to see what happens next.

  • 11 September 2025
Exchange traded products

Are LICs licked?

LICs are continuing to struggle with large discounts and frustrated investors are wondering whether it’s worth holding onto them. This explains why the next 6-12 months will be make or break for many LICs.

Retirement

We need a better scheme to help superannuation victims

The Compensation Scheme of Last Resort fails families hit by First Guardian and Shield losses, as well as advisers who are being wrongly blamed for the saga. It’s time for a fair, faster, universal super levy solution.

Investment strategies

5 charts every retiree must see…

Retirement can be daunting for Australians facing financial uncertainty. Understand your goals, longevity challenges, inflation impacts, market risks, and components of retirement income with these crucial charts.

Economy

How bread vs rice moulded history

Does a country's staple crop decide elements of its destiny? The second order effects of being a wheat or rice growing country could explain big differences in culture, societal norms and economic development.

Investment strategies

Small caps are catching fire - for good reason

Small caps just crashed the party like John McClane did in the movie, Die Hard - August delivered explosive gains. With valuations at historic lows, long-term investors could be set for a sequel worth watching.

Defensive growth for an age of deglobalisation, debt and disorder

Today’s new world order appears likely to lead to a lower return, higher risk investment environment. But this asset class looks especially well placed to survive, thrive, and deliver attractive returns to investors.

Economy

Will we choose a four-day working week?

The allure of a four-day week reflects a yearning for more balance in our lives. Yet the reliability of studies touting a lift in productivity is questionable and society may not be ready for such a shift anyway.

Sponsors

Alliances

© 2025 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.