Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Register

21 October 2026

Home / 13

Edition 13

  •   3 May 2013
  •      
  •   

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

Download PDF

 

  •   3 May 2013
  •      
  •   

 

Leave a Comment:
Firstlinks is sponsored by:
banner

Most viewed in recent weeks

It’s time for LICs to die

A high-profile dividend cut and a prominent fund manager’s apology have reignited a long-running debate. If investors can access similar exposures more cheaply and efficiently elsewhere, what exactly is keeping LICs alive?

Testamentary trusts survived the trust tax. The drafting battle has just begun.

The fight over testamentary trusts looked settled. Then the draft legislation arrived. Hidden in a technical detail is a question that could force many families to rethink wills they thought were already future-proof.

Is it time to bail on Australian stocks?

For generations, Australian investors have backed banks, miners and dividends. But has that loyalty come at a cost? A look at the numbers raises an uncomfortable question about where future returns will come from.

The new capital gains tax trap for your portfolio

Investors have long accepted one portfolio rule without much question. A major tax shift could change that calculation entirely, forcing difficult trade-offs between risk, discipline and an overlooked cost lurking beneath.

The retirement scorecard: how many of these questions can you answer?

From the maths of retirement, estimating spending and picking the right asset allocation to survive a poor decade, here are the questions every retiree – current or future – should be able to answer for themselves.

How the typical Australian Family could save $844,350 in taxes

The value of a testamentary trust is not determined by wealth alone. Depending on circumstances, it can reduce the tax burden on inherited income, create efficiencies and help build intergenerational wealth.

Latest Updates

Retirement

The retirement scorecard: how many of these questions can you answer?

From the maths of retirement, estimating spending and picking the right asset allocation to survive a poor decade, here are the questions every retiree – current or future – should be able to answer for themselves.

2026 is not 1999

The US market looks eerily similar to the dot-com era with soaring AI spending and tech giants dominating returns. But one difference separates today’s boom from the dot-com bubble and it could determine what happens next.

Planning

Taxing time for trusts

Trusts are facing a shake-up, but an overhaul may not be necessary. Families can explore restructuring strategies that preserve succession and the asset protection benefits that have made these structures valuable.

Economy

Why the US economy is stronger than you might think

War, inflation and higher rates were expected to derail America. But has the market got it wrong? Three forces are driving the economy beyond expectations, revealing implications for stock prices and portfolio positioning.

Gold

How much trust is in your portfolio?

Everyone talks about diversifying assets. Far fewer think about diversifying trust. As inflation, debt and market assumptions collide, the question is whether portfolios need greater protection from unexpected outcomes.

Retirement

Retirement in reality - 7 months in

Seven months into retirement, I'm still uncovering surprises. This month was spent reflecting on the slow pace of health change, the myth of neatly scheduled part-time work and the unexpected persistence of retirement guilt.

The new geography of technology leadership

The next chapter of technology may not belong to the companies or business models many expect. As the landscape shifts, some opportunities are emerging in places that remain surprisingly overlooked by global markets.

Sponsors

Alliances

  • ASA-Logo-RGB-ActiveGreen-web.png

Site Map

About Firstlinks

© 2026 Morningstar, Inc. All rights reserved.

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.