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10 February 2025
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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?
In his final letter as CEO of Amazon, Jeff Bezos implored people to avoid being normal, to nurture their distinctiveness. Fund managers should earn their active fees by building unique, active portfolios.
The housing market was subdued in 2024, and pessimism abounds as we start the new year. 2025 is likely to be a tale of two halves, with interest rate cuts fuelling a resurgence in buyer demand in the second half of the year.
This examines the performance of key asset classes and sub-sectors in 2024 and over longer timeframes, and the lessons that can be drawn for constructing an investment portfolio for the next decade.
While encouraging people to draw down on their accumulated wealth in retirement might be good public policy, several million retirees disagree because they are purposefully conserving that capital. It’s time for a different approach.
The renowned investor has penned his first investor letter for 2025 and it’s a ripper. He runs through what bubbles are, which ones he’s experienced, and whether today’s markets qualify as the third major bubble of this century.
Getting regular, growing income from stocks is tougher with the dividend yield on the ASX nearing 25-year lows. Here are some conventional and not-so-conventional ideas for investors wanting to build a dividend portfolio.
Australians are used to hearing dire warnings that they don't have enough saved for a comfortable retirement. Yet most people need to save a lot less than you might think — as long as they meet an important condition.