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6 March 2026
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Stockmarket still long way to recover in real terms, life insurance costs to rise, value of life annuities, smart beta and testing Ben Graham's principles.
Life annuities should be beneficial to rational decision-making individuals in retirement, yet in Australia the number of life annuities purchased remains small, albeit with some nascent signs of growth.
Prices often diverge significantly from that which is justified by the economic performance of the business, but in the long term, prices eventually converge with intrinsic values. It's the difference between voting and weighing.
Many people are claiming that after six years, the market has recovered its GFC losses, but it's worse than that. In fact, the All Ordinaries index today is barely above its 1968 peak in real terms after inflation, some 45 years later.
Smart beta strategies are rules-based, transparent and claim to outperform the market over the long term. But investors may need to tolerate short term underperformance (Photo: Adam chats to Harry Markowitz).
Superannuation members have been getting a great deal, but this is clearly not sustainable, and many superannuation funds are finding their insurance premiums rising significantly.
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.
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.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
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.