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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.

Latest Updates

Taxation

3 ways to defuse intergenerational anger

With the upcoming budget increasingly likely to include bold proposals to alter the tax code I’ve outlined three incremental steps with fewer unintended consequences.

Economy

Why an extended US-Iran war will punish mortgage holders

The impact of the Iran War is far more than expensive petrol. Higher oil prices have secondary inflationary impacts that reverberate throughout the economy which could be bad news for Australians with mortgages.

Infrastructure

Don’t forget the yield

Global Listed Infrastructure dividends are forecast to grow 5-6% p.a over the next two years. After a hiatus, share buybacks are back on the agenda and will play an integral role in shareholder returns.

Iran war hands politicians free ticket to blame oil prices for inflation

Past oil shocks offer lessons for investors dealing with the fallout from the Iran War and the ongoing impact on inflation.

Economy

Japan 2026: A new PM heralds a new golden age?

Former Australian Prime Minister, Paul Keating, once said "When you change the government, you change the country." We're about to see whether that holds true in Japan.

Investment strategies

Why are central banks moving from US Treasuries to gold?

Central banks now hold more gold reserves than US Treasuries, signalling a shift in safe-haven asset strategy and portfolio diversification as geopolitical risks increase.

Strategy

Has global human wellbeing peaked? What the data reveals

Historically economic progress is measured by GDP growth but there is an increasing body of work that explores quantitative measures of wellbeing.

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