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28 October 2025
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While capitalism has its downsides, no system allocates resources better, and the result is a complex, adaptive economy. But indexation has amplified the disconnect between valuations and fundamentals, with worrying implications.
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.
Direct indexing is on the rise both in Australia and globally, especially among those working with an adviser in a separately managed account. Yet, what is direct indexing, and what are its benefits and drawbacks?
Why are prices rising but not the CPI? When we measure inflation, we aren’t measuring raw price changes, we’re measuring the pleasure-adjusted or utility-adjusted price changes, and we use it incorrectly.
Howard Marks' memos to his clients are always worth reading, and when a highly successful manager acknowledges the strengths of index investing, it's worth checking what he says.
It's pleasing to have been contributing to Cuffelinks since the start in 2013. Fundamentally sensible and technically useful articles again dominated in 2017, but five in particular stay in the memory due to their special insights.
Indexing has come under increasing criticism as it has grown rapidly. Three issues dominate the arguments but the indexing benefits of low cost and diversification means active and index funds have a symbiotic relationship.
The distinction between active and index management is increasingly blurred, while active managers as a group face large outflows and struggle to justify their fees. There are big players on both sides.
It's difficult for investors to find active fund managers that consistently outperform the market over multiple periods, and the claim that active managers do better in falling markets also lacks recent evidence.
Smart beta strategies are now common but they were a quirky idea when Rob Arnott set up his first fund. This veteran of US investing talks about asset allocation, demographics and the state of the asset management industry.
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?
In any year since 1875, if you'd invested in the ASX, turned away and come back eight years later, your average return would be 120% with no negative periods. It's just one of the must-have stats that all investors should know.
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.
With rising home prices and falling affordability, political leaders preach reform. But asset disclosures show many are heavily invested in property - raising doubts about whose interests housing policy really protects.
Whether for yourself or a family member, it’s never too early to start thinking about aged care. This looks at the best ways to plan ahead, as well as the changes coming to aged care from November 1 this year.
Labor has caved to pressure on key parts of the Division 296 tax, though also added some important nuances. Here are six experts’ views on the changes and what they mean for you.