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18 March 2025
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In a talk with MBA students, legendary investor Howard Marks suggests forecasting and economists are a waste of time. He prefers to understand investor psychology and security pricing to get the edge in markets.
The billions and trillions in the funds management industry show the extent of its influence, but who controls the money, and how do platforms, managed funds, superannuation, listed and unlisted funds fit together?
While the ATO has many ways to watch taxpayer transactions and ensure tax is collected, for some unknown reason, it is legal to select from four different cost base treatments for capital gains tax. It's costing billions.
Harry Markowitz died last week at the age of 95. He was the 1990 Nobel Laureate and the father of Modern Portfolio Theory. He explained to me the magic moment when he realised how risk-return in portfolios works.
SMSF trustees want control over their investments and think they can perform better than professional investors. Claims of an impending fall are not supported by the data, and older trustees are investing even more.
Platforms are an integral part of the financial advice process, delivering efficiencies to advisers and allowing them to cover more clients. But one platform will never be the holy grail as every client is different.
The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.
With an election due by 17 May, we are effectively in campaign mode with the Government announcing numerous spending promises since January and the Coalition often matching them. Here's what the election means for investors.
Your chances of having a comfortable retirement are not only dictated by your super fund's investment returns. Investors must also consider the risks of longevity, inflation, and not sticking to the plan.
The global economy faces renewed protectionism with President Trump's tariffs sparking retaliatory actions and causing market volatility. Historically, quality companies have shown resilience amid trade tensions and uncertainty.
Major equity indices will need to defy history if they are to deliver anything like the returns of recent years. In a rapidly changing environment, investors may need to look further afield for the next winners.
Most superannuation products offered to working-age Australians are now performance-tested, and there are calls to extend these tests to account-based pensions. It's likely to result in more pain than gain, though.
The more aggressively you try to compress your timeline and chase that one massive windfall, the more likely you are to stumble. Here's a better approach, using examples from The Battle of Britain, tennis, and Charlie Munger.