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Edition 31

  •   13 September 2013
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Welcome from Chris Cuffe

Investors are moving money out of bank term deposits into a range of higher-yielding assets such as residential property, dividend-paying stocks and hybrids. But each of these carries more risk, and those who want defensive options are seeking different types of fixed interest credit such as corporate bonds. Warren Bird has spent his entire career in this market, and highlights that managing credit is different from managing shares.

We often reference Warren Buffett for smart investment insights, but the person Buffett references most is Benjamin Graham. His books, Security Analysis from 1934 and The Intelligent Investor from 1949, are industry bibles. Although Graham was born in 1894, Roger Montgomery has distilled three enduring principles which still advise his investing.

Oil prices have again been rising, driven recently by tensions in Syria, and Ashley Owen examines the likely implications for equity markets. As is often the case, he reaches the less intuitive conclusion.

Many large superannuation funds have gradually been increasing allocations to 'alternative' investments in recent years, following the scares of the GFC. It's common to see 10-15% of portfolios placed in these non-traditional sources of alpha, such as infrastructure and hedge funds. Graham Hand looks at the amazing life of one of Australia's most successful alternative investors, Sir Michael Hintze.

And Geoff Walker explains how the voting unfolded in the much-criticised Senate results from last weekend. He points out that the combined minor parties in Victoria already had one full seat quota even on first preferences.

Chris

Latest posts from Cuffelinks, 13 Sep 2013, Edition 31

  • Managing credit risk requires healthy dose of cynicism Warren Bird
  • Ben Graham’s three most enduring principles Roger Montgomery
  • Are rising oil prices bad for Australian shares? Ashley Owen
  • Michael Hintze: to whom much is given, much is expected Graham Hand
  • The politicians we voted for, the politicians we deserve Geoff Walker

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  •   13 September 2013
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