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28 February 2026
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We are trading through one of history's most confounding market environments. One day, financial headlines warn of doomsday scenarios. The next, they celebrate a new golden age. How can investors keep a clear head?
Every successful fund manager suffers periods of underperformance, and investors who jump from fund to fund chasing results are likely to do badly. Selecting a manager is a long-term decision but what else?
Fund performance varies over time. A fund may have strong capability and perform well over time, but it may fail the performance test at some point. The YFYS reforms create unwelcome and unintended consequences.
The Government's performance test in the 'Your Future, Your Super' proposals is likely to prove ineffective and generate undesirable outcomes. It will distort how funds are managed and confuse members.
With the Retirement Income Review now in Treasury's hands, will the 'fact base' establish whether large super funds do better than the share index? The public evidence is not impressive.
A surprisingly small number of stocks usually drive index performance, and active managers who miss these few companies can struggle to perform and justify their active fees.
Investing with previous-year top performing fund managers and acting along with the crowd puts you on the wrong side of a zero-sum game. There may be a 'fear' premium for investing in out-of-favour styles.
As we approach the end of the financial year, don't put off selling the chronic under-performers that are weighing you and your investment portfolio down. Especially if you need an offset to some taxable capital gains.
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.