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8 October 2025
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Public hatred of the finance industry, what to be aware of with hybrid securities, investing in junk bonds, shares vs bonds following Australia's big default, and the shortcomings of emerging market indices.
When two Nobel Laureates sit down to discuss the topic 'Why does the public hate us?', you know there's a major problem. And the Murray Interim Report raises many concerns about wealth management in Australia.
With the current low interest rates, many investors are building exposures to hybrids unaware of the risks. Check the warnings of legendary investor, Ben Graham, and consider if hybrids can withstand a downturn.
Sub-investment grade investments, or ‘junk bonds’, pay well but carry a higher risk of default. If the risk is managed properly, a broad portfolio of high yield securities can be a worthwhile investment option.
During the Australian government debt default, how did the performance of equities versus bonds compare? It was a time when investing in bonds was more common than equities.
Emerging market indices have become poor representations of the investment opportunities in that asset class. Should Taiwan and South Korea still be there? And which newly emerging markets are missing?
This AI cycle feels less like a revolution and more like a rerun. Just like fibre in 2000, shale in 2014, and cannabis in 2019, the technology or product is real but the capital cycle will be brutal. Investors beware.
An explosion in low-skilled migration to Australia has depressed wages, killed productivity, and cut rental vacancy rates to near decades-lows. It’s time both sides of politics addressed the issue.
LICs are continuing to struggle with large discounts and frustrated investors are wondering whether it’s worth holding onto them. This explains why the next 6-12 months will be make or break for many LICs.
Australian housing’s 50-year boom was driven by falling rates and rising borrowing power — not rent or yield. With those drivers exhausted, future returns must reconcile with economic fundamentals. Are we ready?
Younger Australians think they’ll need $100k a year in retirement - nearly double what current retirees spend. Expectations are rising fast, but are they realistic or just another case of lifestyle inflation?
This week, I got the news that my mother has dementia. It came shortly after my father received the same diagnosis. This is a meditation on getting old and my regrets in not getting my parents’ affairs in order sooner.