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Graham Hand

Howards Marks rejects forecasts in favour of psychology

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.

Who’s who in the zoo of Australian asset management?

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?

Cherry-picking cost base after share sale is a tax gift

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.

Tribute to Nobel winner Markowitz: When Harry met Graham

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. 

Reports of the demise of SMSFs are unfounded

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.

Investment execution and how platforms are evolving

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.

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SMSF strategies

Division 296: the initial moves to make before the windows close

What if the best superannuation strategy isn't about earning more, but acting before your options disappear? Several overlooked planning windows are narrowing, with consequences that can last for decades.

Planning

Avoid unnecessary CGT with this estate planning clause

A simple estate plan can create a ticking time bomb. One overlooked clause can pit spouses against children, delay inheritances, and potentially leave a family facing an unexpected tax bill worth hundreds of thousands of dollars.

Exchange traded products

The hidden trade-off in fixed income ETFs

Some investment trade-offs are immediately visible. Others are embedded in the way a portfolio is constructed. Understanding the difference may explain why similar-looking investments can produce surprisingly different results.

Retirement

The mortgage free retirement is fading

What happens when a generation reaches retirement carrying obligations previous generations largely avoided? New research suggests we may need to rethink both how much we need in retirement and what life could look like.

Retirement

The key question to inspire a confident and purposeful retirement

Most people spend decades planning for retirement. Far fewer plan for what happens when they get there. The difference may explain why so many find the transition harder and less fulfilling than expected, despite careful preparation.

Latest from Morningstar

Making the case for a 'good enough' portfolio

Some investors spend years chasing the perfect strategy. Others choose a path that’s simply good enough and move on. Which approach is more likely to deliver both better outcomes and a happier financial life over the long run?

Investment strategies

Is the US market as expensive as CAPE says?

Many investing ideas survive for decades. But that does not make them right. A famous valuation measure implies that US shares are dangerously expensive, but the evidence may point to a very different conclusion.

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