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Saturday, 18 September 2021
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Traditional SMSF asset allocations to cash, banks and property are changing as ultra-low interest rates start to bite, and SMSFs take on more diversified equity and fixed interest exposures.
Many of Australia's bank directors lack crucial skills in technology, operations and HR as part of a broader shortage of experience that is as important in dodging scandals as in business success.
Looking back over the last decade shows the factors which have driven success for some companies and failure for others, driven by falling interest rates, a lower Aussie dollar and technology changes.
Many investors are tempted by high yields on shares, but when they are not sustainable, and in weak businesses, the outcome is disappointing compared with better quality and lower yields.
There’s a lot of talk of the WAAAX stocks causing fund underperformance, but they’re simply not big enough compared with choosing the wrong winners and losers among the large cap stocks.
The Australian market again delivered strong returns in 2017-2018 with big sector differences, but there were large variations in global performance depending on the currency hedging strategy.
The merit of appointing an internal or external CEO depends on the company's circumstances. Internal appointments tend to be more successful, although alignment of interests with shareholders is critical.
The wealth management businesses of major banks may be efficient uses of their capital, but it comes with scrutiny of the vertical integration model and culture risks. There's increasing focus on whether it's worth having.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.