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9 October 2025
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Did anyone tell the Treasurer that if he had replaced the $5 note with a $5 coin, he could have saved $1 billion? The Government makes a profit from minting coins but we still need to decide whose face we want.
We’re in a rare moment in history where the term premium has been negative for a number of years. History suggests that won't last, and here are the best ways to position your portfolio to benefit from the change.
It makes sense to have long-term savings directed to financing long-term investments and short-term savings (which involve liquidity risk for the institutions accepting them) invested in shorter term investments.
Howard Marks updates his views on markets and whether we are in a bubble, but his comments on fund managers in public markets, liquidity premiums in private markets and the role of SPACs were most original.
Structural differences tied into the same asset class can provide divergent performance and investors need to be clear about their objectives when choosing the vehicle through which they take exposure.
Many people would place ‘capturing the illiquidity premium’ on a list of benefits from long-term investing, but achieving additional returns is not as simple as just buying and holding an illiquid asset.
LICs are continuing to struggle with large discounts and frustrated investors are wondering whether it’s worth holding onto them. This explains why the next 6-12 months will be make or break for many LICs.
Younger Australians think they’ll need $100k a year in retirement - nearly double what current retirees spend. Expectations are rising fast, but are they realistic or just another case of lifestyle inflation?
This week, I got the news that my mother has dementia. It came shortly after my father received the same diagnosis. This is a meditation on getting old and my regrets in not getting my parents’ affairs in order sooner.
Retirement can be daunting for Australians facing financial uncertainty. Understand your goals, longevity challenges, inflation impacts, market risks, and components of retirement income with these crucial charts.
Five mega trends point to risks of a more inflation prone and lower growth environment. This, along with rich market valuations, should constrain medium term superannuation returns to around 5% per annum.
Australia's superannuation system faces a 'Rubicon' moment, a turning point where the focus is shifting from accumulation phase to retirement readiness, but unfortunately, many funds are not rising to the challenge.