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Monday, 20 September 2021
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It’s not just cricket, SMSF ‘pensions’ miss out, losing on logic alone, loss aversion, ETF growth, unwinding warnings, watch lower quality assets.
The principles behind the cricketing scandal that every Australian woke up to last Sunday are universal. In the wake of the Royal Commission's devastating findings, we should discuss how they apply to business.
After test matches resumed in 1993, Australia held the upper hand and peaked at the bottom of the GFC. In stock markets, South Africa is edging it in US$ terms but killing it in local currencies.
The logic on Labor's franking policy demands an answer to one question: how does a franking credit refund differ from an employee receiving a PAYG refund after putting a tax return?
Labor has been forced to exempt 'pensioners' from its franking credit refund policy, but the target remains the zero tax paid by large SMSFs in pension phase. That will sustain the class war.
Loss aversion means some people avoid annuities because a premature death may lead to a loss of capital, but lifetime annuities with death benefits aim to address this problem.
The future of ETFs appears strong as the millennials increase their share of the investment pie, and the majority of financial advisers now comfortable with ETFs.
Market fundamentals are pointing toward an era of high volatility and lower returns, which have not been factored into current prices. Better to wait till there is blood in the streets rather than be fully invested.
Higher volatility, higher funding costs, US rate rises with AUD interest rates decoupling, Quantitative Tightening, maturing bond reinvestment flows all point to a difficult 2018.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.