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15 March 2026
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Passive and active investing, investment mistakes and insights, interpreting return on equity, and a look at Australia's listed real estate sector.
Making a passive investment requires an active decision, and since index-based funds are structured using market prices, they build in influences of the active factor of price momentum.
It's difficult for investors to find active fund managers that consistently outperform the market over multiple periods, and the claim that active managers do better in falling markets also lacks recent evidence.
The investment landscape might have changed dramatically over the last 25 years, but investors can still rely on many of the same principles from the past to make sound investment decisions in the present.
An important ratio for analysing companies is the ‘return on equity’, but while it may seem to be a simple measure of the earning power of a business, it can tell much more.
Amid the ups and down of the current A-REIT reporting season, the listed real estate sector performed relatively well, and most managers have not been tempted to boost returns by increasing gearing.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
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.
One in five Australians die before retirement and most have not set up their super properly so their loved ones can benefit from all their hard work and savings.
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.
An ageing Australia is shifting the superannuation system’s focus from accumulation to the lifecycle of retirement. While these pressures have been anticipated for decades, they are now converging at scale and driving widespread industry change.