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Jonathan Rochford

Media worth consuming - September 2019

Links to dozens of global media articles that often do not receive mainstream coverage in Australia. Some links are sceptical, fun or pointed, while others challenge consensus and accepted wisdom. 

Why bank hybrids are far too expensive

The recent rise in the prices of bank hybrids fails to recognise the risks involved, and they now look expensive compared to alternatives available to both retail and institutional investors.

Tech Wreck 2.0 and Debt Wreck 2.0 are coming

It’s only taken 20 years but the hallmarks of the excesses of the 2000 Tech Wreck are in play again. At the same time, some of the lending mistakes of the GFC are being repeated.

Review: Howard Marks on the market cycle

Howard Marks distills a lifetime of investing into his new book, and perhaps as a sign that he has really mastered the market cycle, he has just sold a majority stake in Oaktree to Brookfield.

Why bother investing in government bonds?

Government bonds produced good returns last year, but at the current starting position of lower rates, the cost of defensiveness is probably a limited payoff.

What is 'cash' and why it matters

APRA’s letter to super funds highlights concerns about 'cash' investments. A lack of understanding might haunt investors when the next downturn comes as too many people forsake protection for yield.

Latest Updates

Superannuation

Here's what should replace the $3 million super tax

With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains. 

Superannuation

Less than 1% of wealthy families will struggle to pay super tax: study

An ANU study has found that families with at least one super balance over $3 million have average wealth exceeding $19 million - suggesting most are well placed to absorb taxes on unrealised capital gains.   

Superannuation

Are SMSFs getting too much of a free ride?

SMSFs have managed to match, or even outperform, larger super funds despite adopting more conservative investment strategies. This looks at how they've done it - and the potential policy implications.  

Property

A developer's take on Australia's housing issues

Stockland’s development chief discusses supply constraints, government initiatives and the impact of Japanese-owned homebuilders on the industry. He also talks of green shoots in a troubled property market.

Economy

Lessons from 100 years of growing US debt

As the US debt ceiling looms, the usual warnings about a potential crash in bond and equity markets have started to appear. Investors can take confidence from history but should keep an eye on two main indicators.

Investment strategies

Investors might be paying too much for familiarity

US mega-cap tech stocks have dominated recent returns - but is familiarity distorting judgement? Like the Monty Hall problem, investing success often comes from switching when it feels hardest to do so.

Latest from Morningstar

A winning investment strategy sitting right under your nose

How does a strategy built around systematically buying-and-holding a basket of the market's biggest losers perform? It turns out pretty well, so why don't more investors do it?

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