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19 August 2026

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Edition 13

  •   3 May 2013
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Welcome from Chris Cuffe

Over coming weeks, Cuffelinks will serialise three interviews which our editor, Graham Hand, has just completed in San Diego. At the Research Affiliates Advisory Panel meeting, he chatted with three of the most important luminaries in the global finance world: Nobel Laureate Harry Markowitz, whose 1952 seminal paper Portfolio Selection pioneered our understanding of risk, return and correlation in portfolios; Burt Malkiel, author of the classic A Random Walk Down Wall Street; and Keith Ambachtsheer, author of the influential pensions monthly Ambachtsheer Letter and recently voted one of the Top 10 most influential academics in institutional investing.

The interviews had a surprising common theme: how to provide appropriate retail financial advice in a world of changing demographics, increased risk focus and low returns.

It doesn’t seem long ago when there was debate about whether Australia would have enough debt to have a functioning, liquid domestic bond market. We had enough money for baby bonuses, $1 million superannuation contributions and personal tax rate cuts, to name a few. But as spending has continued, revenues have not risen as expected, especially due to the impact of the high currency and lower commodity prices. Policy changes previously considered ‘off the table’ are now staining the table cloth, although superannuation amendments may be done for now.

This week, Maree Pallisco explains why super reforms still have a long way to go, David Bell calculates how much a retirement outcome can be financially improved by delaying the big day by one year, and Ian Learmonth introduces an exciting new emerging asset class, Social Benefit Bonds.

Ashley Owen takes a look at the price of gold in real terms since 1860 and questions its role in long term investment portfolios, while Roger Montgomery provides part two in his series on capital allocation and management expertise.

Chris

Latest posts from Cuffelinks, 3 May 2013, Edition 13

  • Super reforms not nearly enough Maree Pallisco
  • Social Benefit Bonds: an emerging asset class Ian Learmonth
  • Putting off that retirement speech David Bell
  • Capital allocation and management expertise Part 2 Roger Montgomery
  • An historical (not hysterical) look at gold Ashley Owen

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  •   3 May 2013
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