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21 May 2025
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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...
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.
Over decades, relatively few companies generate all the stockmarket's outperformance. Is this an argument for passive investing or does it prove active investing is rewarded? Bessembinder lets you decide.
Labor has announced a $2.3 billion Cheaper Home Batteries Program, aimed at slashing the cost of home batteries. The goal is to turbocharge battery uptake, though practical difficulties may prevent that happening.
The famed investor says the rapid switch from globalisation to trade wars is the biggest upheaval in the investing environment since World War Two. And a new world requires a different investment approach.
The boss of Australia’s fourth largest super fund by assets, UniSuper’s John Pearce, says Trump has declared an economic war and he’ll be reducing his US stock exposure over time. Should you follow suit?
Every crisis throws up opportunities. Here are ideas to capitalise on this one, including ‘overbalancing’ your portfolio in stocks, buying heavily discounted LICs, and cherry picking bombed out sectors like oil and gas.
While many chase high yields, true investment power lies in companies that steadily grow dividends. This strategy, rooted in patience and discipline, quietly compounds wealth and anchors investors through market turbulence.
Behind market volatility and tariff threats lies a deeper strategy. Trump’s real goal isn’t trade reform but managing America's massive debts, preserving bond market confidence, and preparing for potential QE.
Strategies to get rich versus stay rich are markedly different. Here is a look at the five main ways to get rich, including through work, business, investing and luck, as well as those that preserve wealth.
Dividend investing offers steady income and behavioral benefits, but its effectiveness depends on goals, market conditions, and fundamentals - especially in retirement, where it may limit full use of savings.
Fascinating initial studies suggest that while we age continuously in years, our bodies age, not at a uniform rate, but in spurts at around ages 44 and 60.
Portfolio Manager Ted Alexander outlines the changes that he's made to Platinum's International Fund portfolio since taking charge in March, while staying true to its contrarian, value-focused roots.
The Trump administration has not killed the multi-decade investment opportunity in decarbonisation. These four industries in particular face a step-change in demand and could reward long-term investors.
The recent federal election outcome has puzzled many, with Labor's significant win despite a modest primary vote share. Preference flows played a crucial role, highlighting the complexity of forecasting electoral results.