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Edition: 409

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Welcome to Firstlinks Edition 409 with weekend updates

  • 27 May 2021
  • 6

Share investors focus on buying well and selling well, but holding well is at least as important. Next time you attend a fund manager presentation, ask about their longest investment. If they are skilled at identifying great companies, there should be plenty of long-term holds. On the other hand, blind devotion to a company whose fortunes are deteriorating is also a failing, so watch where a fund manager falls in love with a stock.

Dogfooding and how we expect our leaders to invest

We expect portfolio managers to invest in their own funds and executives to own shares in their companies so they have 'skin in the game'. Should government leaders have more investing and business experience?

Single-period measures do not work for great growth companies

The traditional single-period measurement tools such as P/E or EV/EBITDA do not allow for cashflows looking out many years, which are needed to value great companies of the future such as Xilinx, Nvidia and Qualcomm.

Budget makes home equity loan more attractive to seniors

The Pension Loans Scheme has generated little interest but Budget improvements may change that, including the introduction of lump-sum payments. It is also available to non-pensioners but the rate remains too high.

Is crypto a currency or a collectible?

Cryptocurrencies have created the perfect recipe to encourage speculation with the most important ingredient for a bubble to form being something new and shiny to attract investor attention. What's it really worth?

Why investment stewardship matters for long-term investors

A fund that is 'passive' does not mean its managers merely invest as directed by the index with little concern for ESG risks. Good stewardship is valued as much by 'indirect' investors as direct shareholders.

China’s new model is a plan for a hostile world

China is approaching a 'Lewis turning point' at the same time it faces a demographic time bomb with its rapidly-ageing 1.4 billion population. How it solves these problems will have a massive impact on Australia.

$17.7 billion aged care plan welcome but many will miss out

The $17.7 billion plan for aged care looks exciting but while the system will provide greater choice, transparency and care for many, there will still be senior members of 'Team Australia' who miss out.

Whoyagonnacall? Off-the-plan should not be off-the-cuff

In response to reader requests, we have combined the two articles on '10 unspoken risks buying off-the-plan' into one PDF report to share with friends and family. Apartment living can be great but watch for traps.

Avoid these top five errors in your SMSF annual return

The Australian Taxation Office has issued a directive about the top five errors in SMSF annual returns. Although many leave these to an administrator, it's worth knowing what's happening behind the scenes.

Most viewed in recent weeks

10 reasons wealthy homeowners shouldn't receive welfare

The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?

Three all-time best tables for every adviser and investor

It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.

The looming excess of housing and why prices will fall

Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.

Five stocks that have worked well in our portfolios

Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.

Let's make this clear again ... franking credits are fair

Critics of franking credits are missing the main point. The taxable income of shareholders/taxpayers must also include the company tax previously paid to the ATO before the dividend was distributed. It is fair.

Welcome to Firstlinks Edition 424 with weekend update

Wet streets cause rain. The Gell-Mann Amnesia Effect is a name created by writer Michael Crichton after he realised that everything he read or heard in the media was wrong when he had direct personal knowledge or expertise on the subject. He surmised that everything else is probably wrong as well, and financial markets are no exception.

  • 9 September 2021

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