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6 March 2026
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Do SMSFs underperform? regulation conga line, Nine/Fairfax toads, find great companies, dollar outlook, high divis, SMSF checklist, winner-takes-all.
APRA and the ATO do not measure fund performance in the same way. The discrepancy can cause SMSF performance to appear worse than it actually is, and better collaboration between regulators is required.
Many experts expected the Aussie dollar to fall rapidly when US rates rose above Australian rates, but the fall has been modest. What factors are holding it up and what's the outlook?
Australian companies have a long and frustrating history of wasting billions of dollars of capital on overseas dreams, and institutional investors should be taking a harder line to protect their capital.
The attributes of great growth companies are not all contained within the numbers that look at the recent past. Investors need to analyse the industry growth trajectory, the barriers to entry, and the corporate culture.
Despite what the textbooks tell us, a world of more dominant players has not led to higher prices. How does this affect investing?
The ATO has issued an update on illegal early release of super, when an SMSF is worth having, reporting obligations and trustee checklists. Make sure you stay on top of the rules.
Preferences revealed by actual investing behaviour are often different to preferences stated in surveys. Financial planners and super funds should use newer analyses that helps understand the discrepancies.
Fairfax and Nine together will not magically produce a great company. The business models of newspapers and free-to-air TV are compromised by giants in digital and media industries, and viewing habits have changed.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.
Most commentary on gold's recent record highs focus on it being the product of fear or speculative momentum. That's ignoring the deeper structural drivers at play.