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29 January 2026
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A-REITs are often viewed as passive rental vehicles, but today’s index tells a different story. Development and funds management now dominate earnings, materially increasing volatility and risk for the sector.
It's so tempting to get lost in the noise and intrigue of financial markets that we can easily forget what type of investor we are. To have any chance of success, it's critical to avoid playing somebody else’s game.
Five years ago, the move towards passive investment in the US was obvious, and warranted. But there are compelling reasons to think that the next decade will be a more productive environment for active strategies.
Most portfolios will benefit from a mix of passive and active strategies, as there are market conditions where one might do better than the other. ETFs now cover a wide range of structures, not only indexing.
The long bull market allowed passive investing to prosper, but over a whole cycle, companies with better fundamentals will outperform weak ones. The market is finally showing some dispersion.
The rapid rise in investments into passive vehicles is having a distortive effect on markets as the flows are prone to sudden reversals. The cheap cost may come with a paradoxical result.
Making a passive investment requires an active decision, and since index-based funds are structured using market prices, they build in influences of the active factor of price momentum.
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.
Cuffelinks reader, James, has some additional questions covering: bonds for capital gain or income, bonds in a growth strategy, passive vs active investing, unconstrained bond funds and duration risk.
Different styles of investing are suited to different types of people. Knowing which style is best suited to your character and temperament can make a big difference to your investment outcomes.
Investment is more art than science, and even an investor who prefers a 'buy and hold' long term strategy will need to adjust the portfolio. When you think your portfolio is finally set, something will happen to test your resolve.
For any investment strategy, it’s important to consider the risks involved. This simple framework, based on fixed interest funds, can help retail investors assess and understand the risks of investing in index funds.
What are the best ways to build a simple portfolio from scratch? I’ve addressed this issue before but think it’s worth revisiting given markets and the world have since changed, throwing up new challenges and things to consider.
At this time last year, I forecast that 2025 would likely be a positive year given strong economic prospects and disinflation. The outlook for this year is less clear cut and here is what investors should do.
Treasury has released draft legislation for a new version of the controversial $3 million super tax. It's a significant improvement on the original proposal but there are some stings in the tail.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
The predictions include dividends will outstrip growth as a source of Australian equity returns, US market performance will be underwhelming, while US government bonds will beat gold.
We don’t have a housing shortage; we have housing misallocation. This explores why so many bedrooms go unused, what’s been tried before, and five things to unlock housing capacity – no new building required.