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3 March 2026
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Private equity is attracting ever larger allocations from institutional investors. Russel Pillemer makes a case that all investors should consider the asset class.
It's easy to forget how severe the GFC was in destroying confidence and locking up markets. There was a genuine fear that the world was such a toxic place that no credit could be trusted.
Rising oil prices may sound scary to investors, but if we go beyond the popular myth and look at the facts, we see a very different picture. Rising oil prices are more often accompanied by rising stocks.
If high levels of intangibles are not written down by the auditors – even after years of generating mediocre returns – the market will often do the writing down for them. Either way, shareholders receive lousy returns.
Simple maths helps explain why the share market is so volatile. It’s not that it’s an irrational, casino-like beast that bucks and dives for no good reason. It’s a long duration market reacting to changes.
The biggest threat to a retirement portfolio is loss of value in real terms. The superannuation industry should focus on real returns and real volatility before inflation strikes again.
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 post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
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.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.