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27 June 2026
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Roger Montgomery on valuing a company, emotions in investing, underperforming fund managers, default funds needed for the disengaged, and a bond guy's view of equities.
Investors who follow the herd invariably end up buying near the tops when everybody else is buying and selling near the bottom. Investors need to resist the temptation to get caught up in the hype of the daily news and noise.
If you’re not prepared to select a manager and hang in there for at least three years and preferably five, index and save yourself some fees. You should expect underperformance at some time in the investment cycle.
Price is what you pay for something, but value is what you will receive and the value will ultimately determine your return. Your job as an investor then, is to own shares that are worth more than you paid for them.
While it would be preferable if disengaged investors became more aware of their superannuation, it is an unrealistic expectation. A degree of paternalism is necessary in the design of defaults.
Simple maths helps explain why the share market is so volatile. It’s not that it’s an irrational, casino-like beast that bucks and dives for no good reason. It’s a long duration market reacting to changes.
Marketed as a fix for inequality and housing affordability, the latest budget instead delivers a tangle of tax changes that leave everyday Australians worse off.
Australia may not levy formal death duties, but a growing web of tax measures is quietly shaping what wealth passes between generations. Now, the 2026 budget adds another layer.
Inheritance tax implications in Australia may surprise some, as poor estate planning without proper wills or trusts can lead to costly tax bills and delays for beneficiaries.
Proposed Budget changes to taxation are casting new uncertainty over testamentary trusts, prompting closer scrutiny of estate planning structures and the real implications of reforms still taking shape.
A return to indexation of capital gains would be a fairer way to compensate households for the effects of inflation than the current discount. Importantly, it opens the door to future, broader reforms to stop the taxation of inflation.
Retail investors face an increasingly complex product environment, but simplicity may be the most overlooked advantage in building a portfolio you can actually live with.