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31 December 2025
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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.
The superannuation system has succeeded brilliantly at what it was designed to do: accumulate wealth during working lives. The next challenge is meeting members’ diverse needs in retirement.
Two years ago, I wrote an article suggesting that the odds favoured ASX shares easily outperforming residential property over the next decade. Here’s an update on where things stand today.
I am a professional real estate investor who hears a lot of opinions rather than facts from so-called experts on the topic of property. Here are the largest myths when it comes to Australia’s biggest asset class.
In an interview with Firstlinks, CEO Mark Freeman discusses how speculative ASX stocks have crushed blue chips this year, companies he likes now, and why he’s confident AFIC’s NTA discount will close.
It might not be quite an ‘everything bubble’ but there’s froth in many assets, not just US stocks, right now. It might be time to stress test your portfolio and consider assets that could offer you shelter if trouble is coming.
I’ve been comparing property and shares for decades and while both have their place, the differences are stark. When tax, costs, and liquidity are weighed, property looks less compelling than its reputation suggests.