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2 July 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.
Inheritance tax implications in Australia may surprise some, as poor estate planning without proper wills or trusts can lead to costly tax bills and delays for beneficiaries.
Proposed Budget changes to taxation are casting new uncertainty over testamentary trusts, prompting closer scrutiny of estate planning structures and the real implications of reforms still taking shape.
New CGT rules could tip the scales in the super vs non-super debate. For those facing the Division 296 tax, the case for withdrawing has gotten more complex. A "comparison rate" tool may help assess decisions.
Beneath the dominance of the ASX's largest stocks, much of the market has been left behind. High-quality companies are now trading at levels rarely seen, offering opportunities for investors willing to look deeper.
Retail investors face an increasingly complex product environment, but simplicity may be the most overlooked advantage in building a portfolio you can actually live with.
The downfall of the giant and three lessons for investors.