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20 October 2026
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Buying global shares means making two bets: on the companies and on the Australian dollar. Most investors consciously choose only the first. Last financial year, the second bet cost 8.5% in returns for many investors.
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.
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 US dollar’s long-standing role as a ‘shock absorber’ during times of market stress is showing cracks. The ‘Liberation Day’ sell-off was a timely reminder of this, and here's what investors should do about it.
The US dollar’s overvaluation, weaker fundamentals, and crowded positioning point to further downside. Diversifying into non-US equities and emerging market debt may offer opportunities for global investors.
Global credit markets face a fundamental shift as US dollar dominance wanes. Australian investment-grade credit, with attractive spreads and stability, may emerge as a key beneficiary in this structural capital reallocation.
It wasn't long ago that investors were asking if US exceptionalism could continue. They now appear to be diversifying away from dollar assets and shifting to a more active US equity allocation.
Australian-based investors have been perplexed by the steep rise in CBA's share price But it's becoming clear that US funds are buying into our largest bank as a hedge against potential QE and further falls in the US dollar.
As the US debt ceiling looms, the usual warnings about a potential crash in bond and equity markets have started to appear. Investors can take confidence from history but should keep an eye on two main indicators.
Last year, gold surged 38% higher in Australian dollars, fuelled by investment demand and global risks. This year's outlook suggests potential for continued gold strength amid geopolitical uncertainties and currency vulnerabilities.
The Aussie dollar hit 80 US cents in late 2020 but has generally been in the 65-70 cents range for the last year. The exchange rate has a major impact on returns from unhedged offshore investments, so what's the outlook?
Claims that Bitcoin has characteristics of 'digital gold' by protecting against equity market falls in troubled times are not supported by recent price moves. Crypto relies on supporters pumping up speculative gains.
A high-profile dividend cut and a prominent fund manager’s apology have reignited a long-running debate. If investors can access similar exposures more cheaply and efficiently elsewhere, what exactly is keeping LICs alive?
The fight over testamentary trusts looked settled. Then the draft legislation arrived. Hidden in a technical detail is a question that could force many families to rethink wills they thought were already future-proof.
For generations, Australian investors have backed banks, miners and dividends. But has that loyalty come at a cost? A look at the numbers raises an uncomfortable question about where future returns will come from.
Investors have long accepted one portfolio rule without much question. A major tax shift could change that calculation entirely, forcing difficult trade-offs between risk, discipline and an overlooked cost lurking beneath.
The value of a testamentary trust is not determined by wealth alone. Depending on circumstances, it can reduce the tax burden on inherited income, create efficiencies and help build intergenerational wealth.
From the maths of retirement, estimating spending and picking the right asset allocation to survive a poor decade, here are the questions every retiree – current or future – should be able to answer for themselves.