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1 March 2026
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The power to control the creation of money has moved from central banks to western governments by the issuing of state guarantees on bank credit. What are the implications for investing and inflation?
An important ratio for analysing companies is the ‘return on equity’, but while it may seem to be a simple measure of the earning power of a business, it can tell much more.
The market rewards companies it thinks allocate capital well and similarly punishes those who don’t. It tries to anticipate the future and thus the changes in future returns on capital before they happen.
If a company is growing, with increasing equity and profits, how does an investor know that management and the board are dudding shareholders?
As equity holders we love to see companies reporting profit growth. In fact, we become wary if they don't. Find out how the wrong sort of growth can quickly and permanently destroy wealth.
Australia is at a critical point on four fronts - economic growth, capital allocation, public finance and personal management of retirement income. Demographics provides a road map of where we are heading.
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.