10 October 2026

Recently trending

Why spending more in early retirement can improve lifetime income It’s time for LICs to die Testamentary trusts survived the trust tax. The drafting battle has just begun.Is it time to bail on Australian stocks?The new capital gains tax trap for your portfolio

Reader: "The BEST in the game because of diversity and not aligned to financial products. Stands above all the noise."

Reader: " Finding a truly independent and interesting read has been magical for me. Please keep it up and don't change!"

Andrew Buchan, Partner, HLB Mann Judd: "I have told you a thousand times it's the best newsletter."

Scott Pape, author of The Barefoot Investor: "I'm an avid reader of Cuffelinks. Thanks for the wonderful resource you have here, it really is first class."

Reader: "Is one of very few places an investor can go and not have product rammed down their throat. Love your work!"

Reader: "Congratulations on a great focussed news source. Australia has a dearth of good quality unbiased financial and wealth management news."

Rob Henshaw: "When I open my computer each day it's the first link I click - a really great read."

David Goldschmidt, Chartered Accountant: "I find this a really excellent newsletter. The best I get. Keep up the good work!"

Jonathan Hoyle, CEO, Stanford Brown: "A fabulous publication. The only must-read weekly publication for the Australian wealth management industry."

Reader: "It's excellent so please don't pollute the content with boring mainstream financial 'waffle' and adverts for stuff we don't want!"

Professor Robert Deutsch: "This has got to be the best set of articles on economic and financial matters. Always something worthwhile reading in Firstlinks. Thankyou"

Reader: "I can quickly sort the items that I am interested in, then research them more fully. It is also a regular reminder that I need to do this."

Don Stammer, leading Australian economist: "Congratulations to all associated. It deserves the good following it has."

Reader: "Love it, just keep doing what you are doing. It is the right length too, any longer and it might become a bit overwhelming."

Steve: "The best that comes into our world each week. This is the only one that is never, ever canned before fully being reviewed by yours truly."

Noel Whittaker, author and financial adviser: "A fabulous weekly newsletter that is packed full of independent financial advice."

Ian Silk, CEO, AustralianSuper: "It has become part of my required reading: quality thinking, and (mercifully) to the point."

Reader: "Best innovation I have seen whilst an investor for 25 years. The writers are brilliant. A great publication which I look forward to."

Reader: "I subscribe to two newsletters. This is my first read of the week. Thank you. Excellent and please keep up the good work!"

Reader: "Carry on as you are - well done. The average investor/SMSF trustee needs all the help they can get."

Reader: "Keep it up - the independence is refreshing and is demonstrated by the variety of well credentialed commentators."

Ian Kelly, CFP, BTACS Financial Services: "Probably the best source of commentary and information I have seen over the past 20 years."

John Pearce, Chief Investment Officer, Unisuper: "Out of the (many many) investmentrelated emails I get, Cuffelinks is one that I always open."

Reader: "Great resource. Cuffelinks is STILL the one and only weekly newsletter I regularly read."

Reader: "An island of professionalism in an ocean of shallow self-interest. Well done!"

John Egan, Egan Associates: "My heartiest congratulations. Your panel of contributors is very impressive and keep your readers fully informed."

Eleanor Dartnall, AFA Adviser of the Year, 2014: "Our clients love your newsletter. Your articles are avidly read by advisers and they learn a great deal."

Home / Author: Roger Montgomery

Roger Montgomery

Don’t let Brexit rush you to the exit

The media screams the scary headlines at times like Brexit as the share market reacts to the uncertainty. Investors need to ignore the shouting and accept with equanimity that this is the cost of participation.

Roger Montgomery
30 June 2016
1

Cash is king when the market holds the aces

Cash gives options over future lower prices, and it avoids the risk of permanent capital loss. But it comes with another risk, the loss of purchasing power, and is not a good long-term investment.

Roger Montgomery
23 June 2016
12

Zip your wallet against economic forecasts

Given how difficult it is to forecast statistics such as GDP, employment or inflation, investors should ignore macroeconomics. Even if forecasts were accurate, they are not very useful for valuing shares.

Roger Montgomery
19 May 2016
6

Landmines in the Field of Dreams

It matters little if you are invested in property, shares or bonds, we have moved into a lower return environment. It's a time for caution in a world where debt and defaults are rising.

Roger Montgomery
21 April 2016
4

Can US house price falls happen here?

Residential housing is the largest asset class in Australia, supporting the most debt, which explains all the talk about the potential for a housing price bubble.

Roger Montgomery
7 April 2016
31

Dick Smith prospectus failed to disclose

If we glean anything from the demise of Dick Smith, it is that Australia's disclosure requirements for prospectuses need serious improvement. The market is not properly informed during new share issues.

Roger Montgomery
3 March 2016
5

Firstlinks is sponsored by:

Latest Updates

Fixed interest

Higher yields are creating opportunities in global bonds

Bond markets are adjusting to a new reality, but not in the ways investors expect. With markets repricing and capital competing for attention, investors may need to rethink where resilience and opportunity lie.

Eric Souders
7 October 2026

Economy

Are we in a recession?

What if the warning signs are already everywhere? From supermarket aisles to company failures, investors are being bombarded with recession signals. But most face a different risk that can be just as dangerous for portfolios.

Shani Jayamanne
7 October 2026
1

SMSF strategies

Meg on SMSFs - Division 296 actuarial certificates

The tax bill might be yours, but the event that caused it may not be. A key Division 296 calculation can sometimes attribute earnings in ways that many SMSF trustees won't instinctively expect or fully appreciate.

Meg Heffron
7 October 2026
3

Property

The first impact of negative gearing reform is not the tax bill

Negative gearing changes formally begin in 2027, but the first consequences may already be here. A subtle shift is quietly influencing who can borrow, how much they can access and which property strategies still stack up.

Jade Xie
7 October 2026
2

Economy

The oil market is running out of easy answers

The biggest threat to markets may not be what investors are watching. The numbers have stopped adding up and supply is harder to measure, with forecasts becoming simple guesses. A more fragile reality is being masked.

Damien Klassen
7 October 2026

Investment strategies

The state of investor knowledge in Australia

Australians are investing more than ever, yet a surprising divide is emerging between those building wealth effectively and those making costly mistakes. Surprisingly, the gap has little to do with income, age or starting capital.

Alex Zaika
7 October 2026
1

Taxation

Complexity and capital gains

A case study shows that the ‘30% minimum CGT’ is a poorly conceived tax that adds significant complexity to an already over-complex system. A less complicated model would create a much fairer progressive tax scale.

Jim Bonham
7 October 2026
15

Register here to receive the Firstlinks newsletter for free

Alliances

Site Map

About Firstlinks

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.