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22 July 2025
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Australian-based investors have been perplexed by the steep rise in CBA's share price But it's becoming clear that US funds are buying into our largest bank as a hedge against potential QE and further falls in the US dollar.
Famed investor David Einhorn says passive investing has broken markets and it's forced him to change his investment style to stay in business. How has passive investing transformed markets, and what happens next?
The S&P 500 has become an increasingly concentrated index, with the returns of the top seven stocks far outpacing the average stock in the index. History suggests the next decade will see a reversal of this pattern.
When looking at long-term equity index charts, it’s easy to forget the individual stocks underpinning the indices don’t move as a unified block. This has important implications for how you try to extract returns from markets.
Magellan Financial Group has had a tough time of it, with its faltering funds management business getting all the attention. Less mentioned is the significant value in the company's other assets, such as Barrenjoey.
Active funds cost more than passive because the investor is paying for the skill of the manager, so why are fund managers reticent to describe their skill rather than their outcomes. Here are five reasons.
Despite recent woes, Magellan offers deep value at current prices. Almost half of its equity value is investments, including cash, and there's significant potential upside from its investments in Barrenjoey and Finclear.
The active versus passive debate rests on the lazy assumption that it's not possible to consistently choose managers that outperform. Both the premise and (hence) the narrative are flawed.
Investors face a difficult decision when choosing their fund managers. Here's a guide for how they can find active managers with sustainable long-term advantages who can help make a difference to their portfolios.
A key attribute of great investors is the ability to abstract away the specifics of a particular domain, leaving only the important underlying principles upon which great investments can be made.
Most investors pay little attention to the performance fee on their fund but it can have a material impact on returns, especially if the structure is unfair. Check for these features and a coming fee holiday.
Every successful fund manager suffers periods of underperformance, and investors who jump from fund to fund chasing results are likely to do badly. Selecting a manager is a long-term decision but what else?
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.