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3 May 2026
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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.
Stay on top of the latest changes to superannuation rates and thresholds for 2026, including increases to transfer balance cap, concessional contributions cap, and non-concessional contributions cap.
The Strait of Hormuz closure due to US-Iran conflict severely disrupted global energy supply chains. While various emergency measures mitigated the crude impact, the refined product market faces unprecedented stress.
The perceived underperformance of LICs compared to ETFs is due to existing comparison data excluding crucial information, highlighting the need for proper assessment and transparent reporting.
The Home Equity Access Scheme in Australia allows older homeowners to tap into their home equity for retirement income, yet remains underused due to lack of awareness and its perceived complexity.
Debate over the CGT discount is intensifying amid concerns about intergenerational equity and housing affordability. This analysis shows that the 'discount' does not necessarily favor property investors.
A proposal to address Australia's 'stranded balances' in retirement by requiring super funds to transition members to pension phase at 65, boosting retirement income and reframing super as a source of income.