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26 February 2026
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How bond rates affect share prices, China's property market, rationalising sequence risk, treading carefully with IPOs, advantages of convertible bonds, investing in public ancillary funds before 30 June.
The fear of sequence risk drives investors to take equity and risky asset exposures out of their retirement portfolios, but is this such a good idea? Looking back over the last 40 years provides some perspective.
It is widely believed that rising bond yields should be bad for share prices. But is this true in real life? The relationship between government bond yields and the price of shares is more complex than it first seems.
A credit-fuelled property bubble enabled China to maintain its incredible run of growth through the GFC. But now it has to deal with the implications of a massive excess supply of property, as millions of homes lie vacant.
Investors face a barrage of glowing research from investment banks trumpeting the blue sky potential of new companies seeking to be listed on the ASX. It’s crucial to ignore the spin and focus on the business itself.
Convertible bonds are an asset class that benefits from a range of characteristics that can be of value to investors. Over the long-term, they can deliver equity-like returns with significantly less volatility than equities.
Although the end of the financial year is near, there is still time to establish a tax deduction in a sub-fund within a public ancillary fund – a simple philanthropic structure that allows a planned approach to charitable giving.
Bill Gates interview: how the world will change over the next 15 years.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.