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18 September 2025
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Montgomery on business before numbers, Stammer on rates lower for longer, Owen on diversification deceit, Vamos on implementation bother and Colley on death benefit pensions.
If you are not happy to own the entire business for a decade, you should not be comfortable owners of even one share for just a few minutes. Time is the friend of the extraordinary business but the enemy of the poor business.
Around the world, real interest rates are now unusually low or even negative. The hunt for real yield that’s become a preoccupation of investors is likely to remain a dominant feature of investment markets for several years at least.
Nobody ever built a great business, or created a great nation, or amassed a great fortune, or became a great painter or musician or sportsperson or anything else, by diversifying. You need to specialise, concentrate and focus.
Implementation is filling minds and devouring resources across the wealth industry. We have so much to implement, in so little time and without a full picture of the regulatory framework that nervousness pervades our lives.
Technical but important - recent amendments allow the income on investments supporting a non-reversionary pension to continue as exempt current pension income after the death of the member.
Australia could unlock smarter investment and greater equity by reforming housing tax concessions. Rethinking exemptions on the family home could benefit most Australians, especially renters and owners of modest homes.
The creator of the 4% rule for retirement withdrawals, Bill Bengen, has written a new book outlining fresh strategies to outlive your money, including holding fewer stocks in early retirement before increasing allocations.
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.
Are franking credits factored into share prices? The data suggests they're probably not, and there are certain types of stocks that offer higher franking credits as well as the prospect for higher returns.
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.