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Jack Gray

10 rules of thumb for investing during uncertainty

To avoid retreating from making investment decisions during uncertainty, investors are compelled to rely on 'rules of thumb' to guide them in decision-making. Here are many of the more popular commonly-used rules.

AI and an intelligent active manager’s odyssey

Most people focus on the threat of passive funds and ETFs to active investment management, but in this seminal paper exclusive to Cuffelinks, Jack Gray warns that Artificial Intelligence has barely scratched the surface.

Diversification in thinking and practice

Most investors accept the benefits of diversification, but it can be problematic for some successful people who have made money in one business. For most investors, diversification leads to happier outcomes.

How family offices differ from institutions

In contrast to the way institutions make investment decisions, family offices and high net worth investors display high levels of engagement and often have their unique non-financial objectives to satisfy.

Can small be beautiful in super?

Are there investment opportunities out there that only small funds can capitalise on? Being small has some advantages over larger funds which can be used to stand out in an overcrowded industry.

Divesting from fossil fuels and from rational economics

John D Rockefeller turned in his grave when the news drifted in that the Rockefeller Brothers Fund was divesting from fossil fuel companies. What are the responsibilities of companies, funds, directors and trustees?

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Retirement

Why it’s time to ditch the retirement journey

Retirement isn’t a clean financial arc. Income shocks, health costs and family pressures hit at random, exposing the limits of age-based planning and the myth of a predictable “retirement journey".

Financial planning

How much does it really cost to raise a child?

With fertility rates at a record low, many say young people aren’t having kids because they’re too expensive. Turns out, it’s not that simple and there are likely other factors at play.

Exchange traded products

Passive ETF investors may be in for a rude shock

Passive ETFs have become wildly popular just as markets, especially the US, reach extreme valuations. For long-term investors, these ETFs make sense, though if you're investing in them to chase performance, look out below.

Shares

Bank reporting season scorecard November 2025

The Big Four banks shrugged off doomsayers with their recent results, posting low loan losses, solid margins, and rising dividends. It underscores their resilience, but lofty valuations mean it’s time to be selective. 

Investment strategies

The real winners from the AI rush

AI is booming, but like the 19th-century gold rush, the real profits may go to those supplying the tools and energy, not the companies at the centre of the rush.

Economy

Why economic forecasts are rarely right (but we still need them)

Economic experts, including the RBA, get plenty of forecasts wrong, but that doesn't make such forecasts worthless. The key isn't to predict perfectly – it's to understand the range of possibilities and plan accordingly.

Strategy

13 reflections on wealth and philanthropy

Wealth keeps growing, yet few ask “how much is enough?” or what their kids truly need. After 23 years in philanthropy, I’ve seen how unexamined wealth can limit impact, and why Australia needs a stronger giving culture.

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