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Friday, 29 October 2021
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If billions of dollars of retirement savings were lost by a government agency in a national super scheme, the cost and risk would be passed back to the government and ‘caveat emptor’ would be history.
With the Royal Commission Final Report a week away, and a new year stretching ahead of us, it's time for all market professionals to decide what they stand for, and call out bad behaviour that affects everyone.
After decades of intense work in financial markets, including Asia-wide responsibilities, a sabbatical walk along Spain's Camino led to an unexpected mix of superannuation insights and dealing with death.
With the strongest defensive assets earning close to zero and negative real returns, investors are looking at other ways to shock-proof their portfolios, but it invariably means taking on more risk.
Making a passive investment requires an active decision, and since index-based funds are structured using market prices, they build in influences of the active factor of price momentum.
Beware the investor who knows the price of everything but the value of nothing. While fees are important, fund managers should ultimately be evaluated based on their ability to add value to a portfolio.
The way home ownership relates to retirement income is rated a 'D', as in Distortion, Decumulation and Denial. For many, their home is their largest asset but it's least likely to be used for retirement income.
What is APRA worried about? Most mortgagees can easily absorb increases in interest rates without posing a systemic threat to the banking system. Housing lending is a relatively risk-free activity for banks.
Housing market sentiment has eased from record highs and confidence has ticked down as house price rises slow. Construction costs overtook lack of development sites as the biggest impediment for new housing.
Understanding your own biases and behaviours is even more important than learning about markets. Overcome four major cognitive biases that may be sabotaging your investing and recognise them in others.
Cash flow statements differ from income statements and balance sheets, and every company must balance payments to investors versus investing into the business. Cash flows drive the value of the business.
As Sydney and Melbourne emerge from lockdown, there are some reopening trades in the Australian credit market which 'sophisticated' investors should consider as part of their fixed income portfolios.
Demand for air travel, China’s growing middle-class population, Brazil’s digital payments take-up, Indian IPOs, and increased urbanisation are just some of the trends being seen in emerging economies.