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.

 

  •   1 January 2020
  •      
  •   

 

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.

Australian stocks will crush housing over the next decade, 2025 edition

Two years ago, I wrote an article suggesting that the odds favoured ASX shares easily outperforming residential property over the next decade. Here’s an update on where things stand today.

Get set for a bumpy 2026

At this time last year, I forecast that 2025 would likely be a positive year given strong economic prospects and disinflation. The outlook for this year is less clear cut and here is what investors should do.

Meg on SMSFs: First glimpse of revised Division 296 tax

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.

Property versus shares - a practical guide for investors

I’ve been comparing property and shares for decades and while both have their place, the differences are stark. When tax, costs, and liquidity are weighed, property looks less compelling than its reputation suggests.

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.

Latest Updates

Economy

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.

Superannuation

No, Division 296 does not tax franking credits twice

Claims that Division 296 double-taxes franking credits misunderstand imputation: franking credits are SMSF income, not company tax, and ensure earnings are taxed once at the correct rate.

Investment strategies

Who will get left holding the banks?

For the first time in decades, the Big 4 banks have real competition in home loans. Macquarie is quickly gain market share, which threatens both the earnings and dividends of the major banks in the years ahead.

Investment strategies

AI economic scenarios: revolutionary growth, or recessionary bubble?

Investor focus is turning increasingly to AI-related risks: is it a bubble about to burst, tipping the US into recession? Or is it the onset of a third industrial revolution? And what would either scenario mean for markets?

Investment strategies

The long-term case for compounders

Cyclical stocks surge in upswings but falter in downturns. Compounders - reliable, scalable, resilient businesses - offer smoother, superior returns over the full investment cycle for patient investors.

Property

AREITs are not as passive as you may think

A-REITs are often viewed as passive rental vehicles, but today’s index tells a different story. Development and funds management now dominate earnings, materially increasing volatility and risk for the sector.

Australia’s quiet dairy boom — and the investment opportunity

Dairy farming offers real asset exposure, steady income and long-term growth, yet remains overlooked by investors seeking diversification beyond traditional asset classes.

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.