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28 February 2026
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Is the tax payable on your investment earnings eroding returns unnecessarily? Changes to the way fund managers invest so that tax-effects are part of the investment decision can make a meaningful difference.
Choosing a fund manager who outperforms the market on a pre-tax basis is good, but if you also consider the tax effect on that performance, you really start to identify who the best managers are.
In Australia, fund manager performance is most often assessed on pre-tax returns. But a low portfolio turnover can potentially provide better after-tax returns relative to a high turnover actively managed fund.
The investment performance of super funds and other investment managers has historically been measured against pre-tax indices. Once tax is taken into account, the return on investments is quite different.
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.
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.
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.
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.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
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.