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25 June 2022
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With term deposits offering tiny returns, investors are looking for reliable sources of income and capital stability. Combining over 100 loans into a fund provides more diversification than buying a single corporate bond.
Risk isn’t something to be avoided altogether. To achieve returns beyond the government bond rate, some level of risk must be accepted. Assessing which risks to take and calibrating them is the investor's challenge.
In retirement, we still want to reduce stock volatility while generating cash flows. The two needs have not changed, but the reward expected in the old days from interest payments has gone. What should we do?
Everything is rising in value because there is excess capital chasing too few opportunities. Capital should be allocated more responsibly with a focus on the future cash flow from a company.
Investors often overlook the capital risk in high-yielding stocks. It's better to ensure capital grows and investors can sell a portion each year to make up for the shortfall in income from dividends.
Investors are looking overseas for investments more than ever, but most do not hold some of their cash in US$. It gives exposure to the world's leading economy, perhaps at a higher rate.
The Royal Commission focusses heavily on poor incentives amid a sea of damnation and exhaustively-documented case studies, but does not provide answers, especially on the vexed issue of best interests.
Alternative assets can enhance retirement portfolios through diversification, but their use requires skilled navigation and a willingness to compromise on liquidity to allow assets to realise their long-term potential.
Not all business use their capital in the most productive way, and investors need to recognise when companies are struggling to generate cash flows to pay off debts when due.
The benefit of setting investment objectives is most apparent in times of market turmoil, but at any time, defining a preference for maximum returns or minimum risk will help to achieve the right outcome.
In contrast to the way institutions make investment decisions, family offices and high net worth investors display high levels of engagement and often have their unique non-financial objectives to satisfy.
Howard Marks is best known in the global investment community for his ‘Oaktree Memos’ to clients which detail investment strategies and economic insights. Here are some extracts from his latest memo, Risk Revisited Again.
With 700 Australians retiring every day, retirement income solutions are more important than ever. Why do millions of retirees eligible for a more tax-efficient pension account hold money in accumulation?
A fund manager argues it is immoral to deny poor countries access to relatively cheap energy from fossil fuels. Wealthy countries must recognise the transition is a multi-decade challenge and continue to invest.
Equity investing comes with volatility that makes many retirees uncomfortable. A focus on income which is less volatile than share prices, and quality companies delivering robust earnings, offers more reassurance.
At around 10.30pm on Saturday night, Scott Morrison called Anthony Albanese to concede defeat in the 2022 election. As voting continued the next day, it became likely that Labor would reach the magic number of 76 seats to form a majority government.
The Transfer Balance Cap limits the tax concessions available in super pension funds, removing the need for large, compulsory drawdowns. Plus there are no requirements to draw money out of an accumulation fund.
Using the nine dimensions of well-being used by the OECD, and dividing Australians into Baby Boomers, Generation Xers or Millennials, it is surprisingly easy to identify the winners and losers for most dimensions.