Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 286

Cuffelinks Newsletter Edition 286

  •   28 December 2018
  •      
  •   

Goodbye 2018, it's been a blast: Free ebook and Royal Commission highlights

Our final edition for 2018, and 286th over six years, marks the end of a tumultuous year for financial services. At Cuffelinks, while the Royal Commission provided a deep well of fascinating content, it was overshadowed by the Labor Party policy on franking credits for number of comments and feedback from our readers. 

It's also been a year of rapid growth in reader numbers, with subscriptions up over 25%. We are having a mature conversation with a community of intelligent investors, who prefer to minimise the trivia and noise often presented in other financial media.

 
This week, as well as featuring Warren Bird's selections as Guest Editor (and Warren has been a great supporter from the start), the Cuffelinks team has selected 10 highlights from 2018. We are calling the free ebook, Firstlinks, as all these original articles were published first in Cuffelinks and proved very popular links for our readers.

We have also collected our regular updates on the Royal Commissioninto one article which serves as a time line for the most contentious issues now being considered by Kenneth Hayne.


Summer Series with Guest Editor, Warren Bird

"Cuffelinks started just after I left Colonial First State, where I’d worked for many years with Chris Cuffe. I didn’t know my next career step at the time, but when Graham Hand approached me about writing occasionally for the newsletter, I was happy to accept. I love writing about investing and fixed income in particular. Even though I’ve been back in full-time work for the past four years, I’m glad to continue writing for Cuffelinks. It’s the least I can do for the investment community which has given me so many wonderful opportunities.

Cuffelinks launched with a heavy hitter. Paul Keating, whose views on policy have always been well formed and forcefully argued, provided three articles on superannuation in the early issues. I could have picked any of them as a favourite, but this one on the potential risks that SMSFs could pose to the goals of the super system remains pertinent: Where did SMSFs come from, and where are they going?

Talking about heavy hitters, an article by Bill Gates made its way to these humble pages. He didn’t, sadly, write it for Cuffelinks originally, but it’s an interesting read about what he learned from Warren Buffett (an investor whose initials I think are the best!) Three things I’ve learned from Warren Buffett

For almost four years, I’ve had the pleasure of working with a champion of ethical investing in Australia, Michael Anderson. In his days on the AMP equity team, Michael led the establishment of their Responsible Leaders funds. AMP Capital last year took the bold step of extending ethical principles across all their funds, a decision explained in this article by their current CEO, Adam TindallShould we exclude companies purely on ethical grounds?

Though I’ve been called an evangelist for fixed income, I’ve never argued exclusively for the asset class for the simple reason that this would not be the right thing to do. For most investors, including my own personal investments, a hefty exposure to shares is appropriate. The case for share investing was made well in this Peter Thornhill article earlier this year: Give me the long-term predictability of shares, at any age.

I have to include something from one the smartest – and most decent – people I’ve ever worked with, David Bell. He joined my team at Colonial as a graduate in 1998, and immediately improved the management of the old Colonial Mutual annuity funds that we’d taken over earlier that year. He’s had a stellar career since, and when David writes, I always learn something. This is one of his best, about how he learns from himself as well! Learning from my investment mistake.

Finally, many of you have been kind enough to give me positive feedback about my articles. Thank you. I like doing two things in my writing. One is to present complex ideas in a clear way that helps people understand investing better. The other is to confront what I believe are myths and falsehoods which are all too often presented to investors as facts. My personal favourite, which I think does both, was this piece I wrote about how a portfolio of so-called ‘junk’ bonds doesn’t have to be a junk portfolio – au contraire, they should be a core holding for many investors: Why would you invest in junk?"

Warren Bird, Guest Editor 

Don't forget, if you have something about investing that you want to get off your chest over the holidays, while you have a bit more time, use our Have Your Say section

 

For a PDF version of this week’s newsletter articles, click here.

 


 

Leave a Comment:

banner

Most viewed in recent weeks

16 ASX stocks to buy and hold forever, updated

This time last year, I highlighted 16 ASX stocks that investors could own indefinitely. One year on, I look at whether there should be any changes to the list of stocks as well as which companies are worth buying now. 

2025-26 super thresholds – key changes and implications

The ABS recently released figures which are used to determine key superannuation rates and thresholds that will apply from 1 July 2025. This outlines the rates and thresholds that are changing and those that aren’t.  

Is Gen X ready for retirement?

With the arrival of the new year, the first members of ‘Generation X’ turned 60, marking the start of the MTV generation’s collective journey towards retirement. Are Gen Xers and our retirement system ready for the transition?

Why the $5.4 trillion wealth transfer is a generational tragedy

The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.

What Warren Buffett isn’t saying speaks volumes

Warren Buffett's annual shareholder letter has been fixture for avid investors for decades. In his latest letter, Buffett is reticent on many key topics, but his actions rather than words are sending clear signals to investors.

The 2025 Australian Federal election – implications for investors

With an election due by 17 May, we are effectively in campaign mode with the Government announcing numerous spending promises since January and the Coalition often matching them. Here's what the election means for investors.

Latest Updates

World's largest asset manager wants to revolutionise your portfolio

Larry Fink is one of the smartest people in the finance industry. In his latest shareholder letter, the Blackrock CEO outlines his quest to become the biggest player in private assets and upend investor portfolios.

Economy

Australia's economic report card heading into the polls

Our economy grew by a nominal rate of 7% per annum from 2017 to 2024, but it benefited from the largesse of fiscal and monetary policies, both of which are now fading. We need a new, credible economic growth agenda.

Preference votes matter

If the recent polls are anything to go by, we are headed for a hung parliament at the upcoming federal election. So more than ever, Australians need to give serious consideration to their preference votes.

SMSF strategies

Meg on SMSFs: Tips for the last member standing

It’s common for people as they age to seek more help in running their SMSF if their capacity declines. An alternate director may be a great solution for someone just planning for short-term help in the meantime.

Wilson Asset Management on markets and its new income fund

In this interview, Matthew Haupt from Wilson Asset Management discusses his outloook for the ASX, sectors such as REITs that he likes, and his firm's launch of a new income-oriented listed investment company.  

Planning

‘Life expectancy’ – and why I don’t like the expression

Life expectancy isn't just a number - it's a concept that changes with survival rates over time. This article breaks down how age, survival, and societal factors shape our understanding of life expectancy, especially post-Covid. 

The shine is back on gold, and gold miners

Gold mining stocks outperformed in 2024 and are expected to do well in 2025. At this point in the rally, it's worth considering what has driven gold prices higher and why miners could still have some catching up to do.

Sponsors

Alliances

© 2025 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.