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30 June 2025

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Edition: 502

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Welcome to Firstlinks Edition 502 with weekend update

  • 30 March 2023
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Bond funds that invest in long-term fixed rate securities have suffered badly from taking duration risk, not credit risk. Even with hybrids, Australians seem unlikely to suffer a credit event. But that does not mean credit risk should be underestimated, and few retail investors can assess it properly.

Only 2.4% of companies deliver all net shareholder wealth

Over decades, relatively few companies generate all the stockmarket's outperformance. Is this an argument for passive investing or does it prove active investing is rewarded? Bessembinder lets you decide.

Meg on SMSFs: Four ways super pensions are better in SMSFs

In many ways, super pensions in an SMSF and a large public fund are the same, but flexibility differences give the SMSF features such as drawing money out as needed, managing as a couple and no need to move assets.

The growth outperformance myth

There's a common belief that the outperformance of 'growth investing' over 'value investing' since the GFC is simply due to the fall in longer-term interest rates, but is this really the case? The answer may surprise you.

The mechanics of the $3 million super tax must be fixed

Most people accept there should be a limit to the tax concessions for high super balances, but the mechanics of Government's $3 million proposal must be fixed before it is legislated. Treasury missed the detail.

Crisis, contagion or QE? The bigger picture

The current bank turmoil should not be a GFC-type event, although the risk of tightening credit conditions is real. Volatile markets are an opportunity to buy strong, growing companies trading at attractive valuations.

Brace, brace, brace: The real issue behind the banking turmoil

The key issue that lies behind the banking turmoil is the constriction of credit supply that central banks are inducing amidst their assault on inflation. The withdrawal of liquidity finds out weaknesses in the system.

How digital tokens will revolutionise investing

Investors frustrated by tedious fund application processes may benefit as asset managers look for ways to enhance their proposition and profit. Digital tokens are the next big thing as a way to represent ownership.

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Australian house prices close in on world record

Sydney is set to become the world’s most expensive city for housing over the next 12 months, a new report shows. Our other major cities aren’t far behind unless there are major changes to improve housing affordability.

The case for the $3 million super tax

The Government's proposed tax has copped a lot of flack though I think it's a reasonable approach to improve the long-term sustainability of superannuation and the retirement income system. Here’s why.

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.

Meg on SMSFs: Withdrawing assets ahead of the $3m super tax

The super tax has caused an almighty scuffle, but for SMSFs impacted by the proposed tax, a big question remains: what should they do now? Here are ideas for those wanting to withdraw money from their SMSF.

The super tax and the defined benefits scandal

Australia's superannuation inequities date back to poor decisions made by Parliament two decades ago. If super for the wealthy needs resetting, so too does the defined benefits schemes for our public servants.

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