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4 October 2025
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This might come as a shock to some, but there is a serious question whether a defined contribution (DC) system like ours is fit for purpose in retirement. That was the fundamental conclusion that motivated the Financial System Inquiry (FSI) recommendation for Comprehensive Income Products for Retirement (CIPRs).
Episode 3 focusses on the small cap rally, how to recognise good startups, Bitcoin, retirement spending, tourism, a new product misrepresenting its features and a Chris Cuffe classic from our archives.
We need different tools to measure success in the retirement phase, as many people become dependent on the cash flow from their super fund. The defined contribution system has failed to keep pace with retirees' needs.
Asia's GDP exceeds North America and Europe combined, and its increasing economic power should be embraced by Australia as we become more a Eurasian society. Are we enlightened enough to grab the opportunities?
Read in their simplest form, it's surprising what rights people give up when they sign into any of the social media sites, and this year's Boyer Lectures highlight where society and social media are headed.
The longer the holding period, the lesser the variation of actual returns from expected ones. Using this principle should allow construction of actively-managed portfolios that outperform passive portfolios.
The Australian banks are on firm ground with strong capital ratios, few bad loan problems and sustainable dividends, but lower demand for credit, tighter margins and the bank levy give no room for complacency.
The major global bond index currently offers a yield of only 1.6% at a time when a rising rate cycle may be starting. There are better risk-return opportunities elsewhere.
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.
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.
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 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?
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?
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.