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21 July 2025

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Edition: 445

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Welcome to Firstlinks Edition 445 with weekend update

  • 10 February 2022
  • 3

In recent years, investors have relied on the 'Fed put', the belief that if the stockmarket falls, the US Fed will ease monetary policy and rescue the market. It worked in 2018 and 2020, but there are dangers assuming conditions are the same in 2022. With the US comprising well over half of global equity market values, we all know what happens if the US sneezes.

Last interview with Hamish Douglass before medical leave

Last week, I interviewed Hamish Douglass about investing and positions in his portfolio. He was articulate, confident and relaxed, but a few days later, the Board of Magellan announced he was taking medical leave.

Mike Murray on watching for the changing narrative

Australian Ethical explains its first move into active ETFs, Murray's best investments and one he'd prefer to forget, a stock he will hold for 10 years, and why they hold supermarkets that sell tobacco and alcohol.

What are the advantages and disadvantages of family trusts?

Family trusts are used to hold wealth, with benefits like asset protection, tax planning, capital gains tax discount and ability to carry forward losses. But there are disadvantages that must be weighed up.

Infrastructure assets are well placed for inflation era

In theory, unlisted infrastructure should be priced at discounts to listed assets due to their illiquidity. In fact, the opposite has been the case, but both types are positioned to withstand the inflation threat.

The relationship between inflation and commercial property

Commercial real estate has historically provided a solid hedge and performed well in periods where inflation has increased against the backdrop of economic expansionary periods. What happens as interest rates rise?

Four big ideas in the small cap space

Most small cap managers outperformed their benchmark in 2021, with more choice and diversity of companies than the big end of town. Small caps are often overlooked and operate in niches with less competition.

Australia is at a crossroads and must support new ideas

The composition of the S&P/ASX 200 resembles that of a developing nation rather than our larger Western peers. How do we continue to grow our economy while evolving to remain competitive on the global stage?

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Raising the GST to 15%

Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.

7 examples of how the new super tax will be calculated

You've no doubt heard about Division 296. These case studies show what people at various levels above the $3 million threshold might need to pay the ATO, with examples ranging from under $500 to more than $35,000.

The revolt against Baby Boomer wealth

The $3m super tax could be put down to the Government needing money and the wealthy being easy targets. It’s deeper than that though and this looks at the factors behind the policy and why more taxes on the wealthy are coming.

Are franking credits hurting Australia’s economy?

Business investment and per capita GDP have languished over the past decade and the Labor Government is conducting inquiries to find out why. Franking credits should be part of the debate about our stalling economy.

Here's what should replace the $3 million super tax

With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains. 

The rubbery numbers behind super tax concessions

In selling the super tax, Labor has repeated Treasury claims of there being $50 billion in super tax concessions annually, mostly flowing to high-income earners. This figure is vastly overstated.

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