4 November 2026

Recently trending

It’s time for LICs to die The retirement scorecard: how many of these questions can you answer?Division 296: the initial moves to make before the windows close Testamentary trusts: Treasury has picked the wrong reading Higher yields are creating opportunities in global bonds

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."

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

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

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"

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

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."

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

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."

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."

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

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

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

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

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

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

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

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

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."

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

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

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

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

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

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

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

Home / Author: Raewyn Williams

Raewyn Williams

Is currency exposure an unwanted risk or source of returns?

As more Australians invest overseas, currency exposure represents a new risk. 50% hedged, 50% unhedged was once a popular ‘least regret’ approach, but there's a move to currency as a return source.

Raewyn Williams
14 October 2020
3

Five principles from the lost decade of value investing

Value investing is a long-cycle play, but a decade (and counting) of waiting for mean reversion has tested the faith of even long-horizon investors. Some basic principles are worth assessing.

Raewyn Williams
22 July 2020
3

Bear markets are good for portfolio makeovers, not only bargains

The tax cost of a ‘portfolio makeover’ from moving equities to a more efficient structure may now be minor compared with the benefits. The market fall is not just an opportunity to find bargains.

Raewyn Williams
22 April 2020
4

Five innovation traps for super funds to avoid

Regulators are insisting that large super funds become more innovative to assist their clients, but what are the traps within businesses that inhibit creativity and fresh solutions?

Raewyn Williams
20 November 2019
1

Careful what you wish for chasing franking

While franking credits attached to Australian equity dividends can be a meaningful source of extra returns, a deliberate tilt towards franking can also introduce significant unwanted risks into the portfolio.

Raewyn Williams
17 July 2019
5

Is good IPO access worth the costs involved?

Many large investors pay higher brokerage fees, hoping to gain favour with brokers to gain access to IPOs. Are rare IPO gains worth the loss of quality execution at the best price every day?

Raewyn Williams
22 May 2019
2

Firstlinks is sponsored by:

Latest Updates

Superannuation

Superannuation’s structural failings

Politicians are fighting over access to super, but they may be arguing about the wrong thing. The system’s three fundamental flaws have been hiding in plain sight for decades, costing Australians far more than they realise.

Ron Bird
4 November 2026

Planning

The great wealth transfer myth

Why do some families preserve wealth for generations while others struggle to? As the great wealth transfer unfolds, the determining factor is often not the structure of the estate, but the preparation of those who will inherit it.

Peter Roach
4 November 2026

Investment strategies

What comes after bank hybrids?

For years, bank hybrids have been a cornerstone of portfolio income. With tens of billions of dollars now disappearing from the market, investors face a critical question: what comes next, and are the obvious replacements enough?

Kanish Chugh
4 November 2026

Investment insights from the US

What happens when knowledge becomes a commodity? The latest themes emerging from the US tech sector suggest AI could reshape company moats, disrupt incumbents and create winners and losers in unexpected places.

Emma Fisher
4 November 2026

Investing

Can Berkshire thrive without Buffett?

Warren Buffett's departure marks the end of an era. But the more important question for investors is whether Berkshire's culture, discipline and capital allocation framework can survive without the man who built them.

Jason Pohl
4 November 2026

Retirement

The Bengen 4% Rule: Lost in translation

For years, retirees have been told to focus on withdrawal rates. But the real question is far simpler: how many dollars can you safely spend? The answer may be very different from what conventional retirement wisdom suggests.

Jeremy Duffield, Mikhail Walden
4 November 2026

Interest rates

Super low interest rates came with side effects

For more than a decade, investors lived through an era of near-zero interest rates. With bond yields now surging, it's worth asking whether cheap money solved economic problems, or introduced a much larger set of risks.

Michael Collins
4 November 2026

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.