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6 December 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.
More Australians are retiring with larger mortgages and less super. This paper explores how unlocking housing wealth can help ease the nation’s growing retirement cashflow crunch.
I’ve long seen Buffett as a flawed genius: a great investor though a man with shortcomings. With his final letter to Berkshire shareholders, I reflect on how my views of Buffett have changed and the legacy he leaves.
With investor sentiment shifting and ETFs surging ahead, we pit Australia’s biggest LICs against their ETF rivals to see which delivers better returns over the short and long term. The results are revealing.
Thoughtful tax planning is a cornerstone of successful investing. This highlights 13 legal ways that you can reduce tax, preserve capital, and enhance long-term wealth across super, property, and shares.
Retirement isn’t a clean financial arc. Income shocks, health costs and family pressures hit at random, exposing the limits of age-based planning and the myth of a predictable “retirement journey".
With rates on hold and housing demand strong, lenders are pushing boundaries. As risky products return, borrowers should be cautious and not let clever marketing cloud their judgment.