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22 July 2025
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In 2002, the share price of the company that became Sydney Airport (SYD) hit 80 cents from the $2 IPO price. After 20 years of astute investment driving revenue increases, it sold to private hands for $8.75 in 2022.
As market uncertainty continues, it is more important than ever to have a sound investment process. To help with a long-term focus, it may be useful to have some guidelines to fall back on when the market noise gets too loud.
Howard Marks updates his views on markets and whether we are in a bubble, but his comments on fund managers in public markets, liquidity premiums in private markets and the role of SPACs were most original.
The quality of the content and editorial attracted us to Cuffelinks and now Firstlinks. Personally, I am an avid reader of the weekly newsletter, as an industry professional and as an investor.
My thanks to our community of readers, writers and sponsors, as we join a global business committed to education for investors and advisers. Morningstar will grow our reach and services and Firstlinks will remain free.
Companies always boast the synergies and growth prospects of acquisitions, but dig a little deeper with these questions and you might see why most of these deals fail to add value when finally bedded down.
The Royal Commission heard how the sale of OnePath by ANZ to IOOF is at risk of being stranded in a minefield of internal and external conflicts, and commissions to financial advisers were again in the spotlight.
Watching the commitment to buying shares by senior executives and board members can be a powerful pointer to company prospects, but investors need to read the right signs.
Well-executed mergers and acquisitions can add material shareholder value, but there are plenty of examples where they destroy value, and in the worst cases, jeopardise the entire company.
In 2013, M&A market confidence returned and we are already seeing an increase in deal activity this year. However, investors should watch closely to ensure that over-confidence doesn't get in the way of value creation.
There are reasons why small cap stocks have a history of long term outperformance, although recently, the preference for defensive large cap yields has dominated.
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.
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 $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.
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.
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.
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.