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23 March 2026
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When researchers identified the benefits of investing in 'value', index providers and asset managers created products to harness the 'value' factor. But is the construction of the index correct?
How does a style that relies on investing in stocks the market dislikes sustain itself over time, when inevitably investors go through difficult markets until the value is realised? It’s not an easy way to run a fund manager.
Investors do not ask enough questions of their fund managers before they commit money. It's worth at least knowing whether a long-term view is taken rather than the easier road of jumping in and out of markets.
Bonds have performed well for most of the last 30 years with a tailwind of easing liquidity, but the current high prices makes them vulnerable to losing their protective qualities.
The idea that stocks should be divided into growth and yield categories diverts us from fundamentals. Intrinsic value eventually manifests in higher cash flow, whether or not share price appreciation anticipates it.
Macro trends are almost impossible to forecast, and picking undervalued shares with an eye to the long term is a better way. But often, stock selection requires resilience in the face of criticism.
The chorus proclaiming the “death of active management” has grown louder in recent years and there has been a massive shift of capital out of active and into passive strategies.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
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.
One in five Australians die before retirement and most have not set up their super properly so their loved ones can benefit from all their hard work and savings.
An ageing Australia is shifting the superannuation system’s focus from accumulation to the lifecycle of retirement. While these pressures have been anticipated for decades, they are now converging at scale and driving widespread industry change.
The 20 years after Peter Costello left Treasury have been deemed wasted...by Peter Costello. The missed opportunities for Australia began long before.
The best way to deal with the incoming Division 296 tax on superannuation is likely doing nothing. Earnings will be taxed regardless of where the money sits, so here are some important considerations.