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Edition: 118

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Edition 118

  • 17 July 2015

Racehorse investing and breeding, recession patterns, updating your investment philosophy, effects of pension reforms and the benefits of low turnover funds.

Let’s debunk this myth about SMSFs and global shares

According to the ATO, SMSFs only hold 0.5% of their portfolios in global shares, despite the institutional average being over 20%. A closer look at the ATO data sources reveals that this statistic is most unreliable.

Are recessions a thing of the past?

Less than half of today's workforce has experienced a proper recession, but in the absence of serious reform and vision, Australia may break its 25 years of economic growth.

Even Buffett has evolved from Ben Graham

Ben Graham’s brilliant investment insights have served investors well since the 1940s, including Buffett. But many companies are different today and it makes sense to update and move on.

Study the pension reforms with great care

Under the current pension reforms, changes to the asset test taper, which are designed to reduce the entitlement of part-pensioners, will also hit ‘downsizers’ and people moving into aged care hard.

The benefits of low turnover for after-tax outcomes

In Australia, fund manager performance is most often assessed on pre-tax returns. But a low portfolio turnover can potentially provide better after-tax returns relative to a high turnover actively managed fund.

The economic reality of breeding and owning racehorses

Before you jump in and invest in that racehorse with its potential Group 1 winnings and breeding credentials, here is a reality check on your dreams of fame and fortune from someone in the know.

Hockey on super at Tax Reform Summit

Joe Hockey made strong statements on super reform this week: "Superannuation policy is incredibly complex ... So adding to the complexity by laying on new additional changes is daft."

Most viewed in recent weeks

Simple maths says the AI investment boom ends badly

This AI cycle feels less like a revolution and more like a rerun. Just like fibre in 2000, shale in 2014, and cannabis in 2019, the technology or product is real but the capital cycle will be brutal. Investors beware.

Why we should follow Canada and cut migration

An explosion in low-skilled migration to Australia has depressed wages, killed productivity, and cut rental vacancy rates to near decades-lows. It’s time both sides of politics addressed the issue.

Are LICs licked?

LICs are continuing to struggle with large discounts and frustrated investors are wondering whether it’s worth holding onto them. This explains why the next 6-12 months will be make or break for many LICs.

Australian house price speculators: What were you thinking?

Australian housing’s 50-year boom was driven by falling rates and rising borrowing power — not rent or yield. With those drivers exhausted, future returns must reconcile with economic fundamentals. Are we ready?

Retirement income expectations hit new highs

Younger Australians think they’ll need $100k a year in retirement - nearly double what current retirees spend. Expectations are rising fast, but are they realistic or just another case of lifestyle inflation?

Welcome to Firstlinks Edition 627 with weekend update

This week, I got the news that my mother has dementia. It came shortly after my father received the same diagnosis. This is a meditation on getting old and my regrets in not getting my parents’ affairs in order sooner.

  • 4 September 2025

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