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Edition: 32

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Edition 32

  • 20 September 2013

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.

Why academics like lifetime annuities

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.

Testing Ben Graham’s voting and weighing machines

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.

Hold the champagne, that’s not a recovery yet

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.

What’s smart about smart beta?

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).

Cost of life insurance will rise significantly

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.

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Indexation implications – key changes to 2026/27 super thresholds

Stay on top of the latest changes to superannuation rates and thresholds for 2026, including increases to transfer balance cap, concessional contributions cap, and non-concessional contributions cap.

The refinery problem: A different kind of energy crisis in 2026

The Strait of Hormuz closure due to US-Iran conflict severely disrupted global energy supply chains. While various emergency measures mitigated the crude impact, the refined product market faces unprecedented stress.

3 ways to defuse intergenerational anger

With the upcoming budget increasingly likely to include bold proposals to alter the tax code I’ve outlined three incremental steps with fewer unintended consequences.

The missing 30%: how LIC returns are understated, and why it matters

The perceived underperformance of LICs compared to ETFs is due to existing comparison data excluding crucial information, highlighting the need for proper assessment and transparent reporting.

Little‑known government scheme can help retirees tap into $3 trillion of housing wealth

The Home Equity Access Scheme in Australia allows older homeowners to tap into their home equity for retirement income, yet remains underused due to lack of awareness and its perceived complexity.

Welcome to Firstlinks Edition 655 with weekend update

Many investors are on edge as geopolitical turmoil continues to impact markets, often leading to short-sighted actions. These are the three quotes that I’ve relied on during periods of volatility.

  • 26 March 2026

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