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8 October 2025

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Edition: 183

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Edition 183

  • 25 November 2016

Most analysts have accepted 14 December 2016 as the date for the next increase in the US Fed Funds Rate, but the equity markets are unconcerned. The S&P/ASX200 is up 4% since the US election, and the three major indices of the S&P500, the Dow and Nasdaq all hit record highs this week. However, the prospect of higher rates has battered certain sectors in the Australian market, and every investor needs to consider the impact of rate rises on their portfolio.

So bond rates are not 'lower for longer'

Historically low bonds rates have boosted asset prices, but rates are likely to keep rising from this point. While this will cause pain over the next few years, it's a positive longer term as higher rates mean higher returns.

Have A-REIT share prices bottomed out?

A-REITs have been particularly hard hit by bond rate increases, but most are in much better shape than they were during the GFC. Investors should assess the improved value, but not all listed property trusts are equal in quality.

The impact of bond rates on asset valuations

When bond rates are low, the search for yield by investors and lower discount rates inflates other asset prices. However, there are far more factors affecting share prices than just bond yields.

Four industry leaders debate objectives-based investing

A summary of a panel discussion with Troy Rieck, Richard Howes, Roger Montgomery and Wade Matterson on whether objectives-based investing is the way of the future or a mere fad.

Startups, innovation and the Australia-Israel bridge

The number one requirement for a successful startup is resilience in the face of adversity. What lessons can Australian innovators learn from early-stage Israeli ventures, and what are the chances of success?

Understanding LIC fee structures

Fee structures of LICs can vary greatly. Higher fees impact on net returns and make beating benchmarks more difficult. On the other hand, expect manager skill and outperformance to come at a higher cost.

How Italy’s looming constitutional referendum could be ‘Brexit Mark 3’

No sooner have global markets digested the Brexit decision and the election of Donald Trump as US President, another risk event now looms on the horizon: Italy’s constitutional referendum on December 4.

Superannuation reforms now legislated

Many people have been saying they will only focus on the superannuation changes once they are legislated. That has now happened, and 1 July 2017 will come quickly.

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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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