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Edition: White Papers 2025

1-12 out of 55 results.

Six courageous questions for 2026

Orbis' investment leaders explore six key questions investors should be asking to test assumptions and sharpen their thinking. For each, they set out what is known, what is unknown, what would change minds, and the implications for portfolios.

Gold: Bugs, Bears and Myths

Despite reaching record prices, gold can play a valuable role in global portfolios as a diversifier and risk mitigator. Historically, it's one of the few assets that performs well when both equities and bonds are struggling.

The longevity revolution: Preparing for a new reality

For the first time in human history, older populations are growing at a faster pace than the youngest cohorts, ushering in an unprecedented demographic shift worldwide.

How banks and private markets are redefining credit

The U.S. banking industry is entering a new era in which regulated banks and private lenders are increasingly intertwined. We believe this trend will continue to open attractive opportunities for dynamic allocation across the credit spectrum.

Unlocking alpha in a differentiated commodities supercycle

With structural demand rising across energy, digital, and industrial sectors, commodities can offer more than just a diversification and inflation hedge. They may also present a pathway to differentiated returns.

ESG Global Study 2025: Resilience and refinement in a changing world

Capital Group's latest ESG report reveals evolving investor perspectives on ESG adoption, concerns over policy changes, and trends in sustainable investment themes.

Fixed Income Investment Outlook 4Q 2025: Pivoting toward new opportunities

As global economic conditions shift, investors are finding new opportunities in fixed income markets. U.S. investment grade bonds offer less value compared to bonds in Europe and elsewhere; and while high-yield bonds merit consideration, caution is advised.

A New Golden Age: Imagining The Future of Digital Gold

The gold industry faces a momentous transformation due to new technologies like blockchain and cryptocurrency. This report explores how digitalisation could redefine gold's role in financial markets.

Are listed equity valuations stretched? The case for rotation into private credit

As equity markets hit unprecedented valuations despite economic headwinds, the case for rotating into private credit to diversify portfolios has never been clearer.

M&A has come out to play

Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue. Transactions have been driven by industry consolidation, private market acquisitions of public market assets and low‑cost funding opportunities for listed companies.

ViewPoint - The selective path

With gold miners demonstrating operating leverage, bond markets anticipating a muddle through, and small companies outperforming, explore the opportunities and risks ahead in global markets.

How Australia Retires 2025

The growing divide between retirement expectations and reality is undermining Australians’ retirement confidence. The good news? Vanguard’s 2025 How Australia Retires report identifies 5 key steps that could more than double your retirement confidence.

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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