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Thursday, 9 December 2021
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The definition of zombie firms as those which struggle to service debt obligations maybe be too simple a way to characterise them, but it is a place to start. That said, firms which reinvest in their businesses through Research and Development (R&D) and increasing brand value should have a better chance of survival than those who do not. It may also be that many firms will simply slow down their economic activity, wait out a difficult period (like hibernation) and then re-emerge. Airlines (like Boeing) would be good examples of this type of firm. They might raise equity capital as well, to reduce their debt load, in this re-emergence.
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There’s this story about a group of US Air Force generals in World War II who try to figure out ways to protect fighter bombers (and their crew) by examining the location of bullet holes on returning planes. Mapping the location of these holes, the generals quickly come to the conclusion that the areas with the most holes should be prioritised for additional armour.
Australia appears to be slipping from the pantheon of global superstar pension systems, with a recent report placing us sixth. A review of an earlier report, which had Australia in bronze position, points to some reasons why, and what might need to happen to regain our former glory.
House prices have risen at the fastest pace for 33 years, but what actually happened in 1988, and why is 2021 different? Here's a clue: the stockmarket crashed 50% between September and November 1987. Looking ahead, where did house prices head in the following years, 1989 to 1991?
Super funds will soon be required to offer retirement income strategies for members in decumulation. With uncertain returns, uncertain timelines, and different goals, it's possibly “the hardest, nastiest problem in finance".
You want to take a lump sum from your super, but what's the best way? Should it come from you or your spouse, or the pension or accumulation account. There is a welcome flexibility to select the best outcome.
Sir Frank shares his story, including his journey from war-torn Europe, identifying opportunities, key character traits necessary for business success, and the importance of remaining paranoid yet optimistic.
I prefer not to make market forecasts but I need to take personal investment decisions. I'm expecting a stockmarket fall in 2022 as central banks tighten policies but the mainstays in my portfolio will not be sold.
A lower starting withdrawal rate doesn’t always mean living on less. The latest research on sustainable withdrawals offers flexibility for retirees to improve the chances of not running out of funds prematurely.
Small caps might require more work than large cap stocks but they are often worth it. After all, all large companies were small once, and there can be clear benefits of investing in and backing management early.
The biotech industry has seen an explosion of new techniques which will lead to innovative areas of growth in the use of cells and genes as medicine. Money for funding life sciences and biotech pharma has soared.
Multiple factors have seen gold fall in 2021, despite the rise in inflation. But given gold has performed strongly across longer periods of higher inflation, gold may benefit under the current inflation outlook.
Retirement solutions uniting the three pillars of retirement funding - the age pension, mandatory super and voluntary savings - are essential. Global experts discuss solutions that might work for Australia.
With stronger capital positions, improved brand equity and the potential to benefit from a robust post-pandemic recovery, the global banking sector is presenting significant opportunities for investors.