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Wednesday, 20 October 2021
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Value v growth investors, managing the $1.6m cap, tips on managed accounts, Douglass macro update, sovereign defaults coming, carer inherits estate.
The idea that stocks should be divided into growth and yield categories diverts us from fundamentals. Intrinsic value eventually manifests in higher cash flow, whether or not share price appreciation anticipates it.
The $1.6 million Transfer Balance Cap (TBC) on pension accounts affects only capital balances. It’s not affected by income earned and pensions paid, and there are ways to maximise the remaining tax-free status.
Several factors contribute to the growth in managed accounts, which are like ‘implemented advice’ for investors. Despite the fallout from the Royal Commission, these factors are largely unaffected so growth should continue.
Choosing the right managed account can be achieved more effectively by checking certain key features including fee structures, investment strategies, independence, performance and risk metrics.
More advisers want control over their businesses for the benefit of themselves and their clients rather than operating under institutional guidelines, and software providers are facilitating the change.
The fundamentals point toward bankruptcies of major sovereigns like the US and Japan in the next decade. The after effects could be catastrophic on all major asset classes. It’s time to discuss the makeup and costs of insurance.
Carers may have a legitimate claim to an estate even if the deceased suffered from dementia when making a subsequent will. The Court seeks to establish whether testamentary capacity was disabled.
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?
We tend to forget that house prices often fall. Direct lending controls are more effective than rate rises because macroprudential limits affect the volume of money for housing leaving business rates untouched.
The survey drew a fantastic 2,000 responses with over 1,000 comments and polar opposite views on what is good policy. Do most people believe the home should be in the age pension asset test, and what do they say?
Any policy decision needs to recognise who is affected by a change. It pays to check the data on who pays taxes, who owns assets and who earns the income to ensure an equitable and efficient outcome.
With articles on the pensions assets test read about 40,000 times, 3,500 survey responses and thousands of comments, there was a lot of great reader participation. A few comments added extra insights.
It is hard to think of any area of widespread public concern where the same policies have been pursued for so long, in the face of such incontrovertible evidence that they have failed to achieve their objectives.