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Edition: 387

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Welcome to Firstlinks Edition 387

  • 10 December 2020

It's already become a cliché to say 2020 was a terrible year to be consigned to the rubbish bins of history and the 2021 return-to-normal will be welcome by all. And indeed, the pandemic turned lives upside down and millions suffered. But it also proved again that for financial markets and capitalism, far from being a free enterprise system where government interference is despised, when the going gets tough, central bankers save the system with a bottomless bucket of cash.

John Malloy: why time is now for emerging markets

Emerging market equities performed strongly up to the GFC but have gone sideways since. In this cyclical sector, there's an opportunity to catch up boosted by strong inflows, a lower US dollar and tech adoption.

10 key themes for 2021

A summary of 10 investing themes for 2021 including early-cycle opportunities, populism, digital transformation and supply chains, plus the outlook for equities, fixed interest and alternatives.

2021 economic and market outlook report

The next phase of recovery depends on immunity to COVID and reduced consumer reluctance to engage in normal economic activities. What are the various scenarios and how do they influence a balanced portfolio?

Just how reliant on China are we?

China takes 40% of our exports and BHP, RIO and Fortescue generate 41% of Australian listed company profits. Trade tensions are hitting more companies and they need to diversify their revenue sources.

Three reasons why super performance test fails

The Government's performance test in the 'Your Future, Your Super' proposals is likely to prove ineffective and generate undesirable outcomes. It will distort how funds are managed and confuse members.

Investor downside when management controls access to the board

Try having a direct conversation with a board member without going through the company's PR team. Boards can become managed and co-opted by company executives and forget who they work for.

Two courageous responses to the Retirement Income Review

The Retirement Income Review has received criticism for compromising future super balances and not supporting the SG increase. The same result as an increase could be achieved by changing two other policies.

Most viewed in recent weeks

Ray Dalio on 2025’s real story, Trump, and what’s next

The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.

Making sense of record high markets as the world catches fire

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.

3 ways to fix Australia’s affordability crisis

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.

Is there a better way to reform the CGT discount?

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.

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

Welcome to Firstlinks Edition 648 with weekend update

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.

  • 5 February 2026

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