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There's a fundamental difference between banking and wealth management: bankers have no fiduciary obligation to their clients. It's difficult for bankers to own fund managers and financial advice and fully accept the difference.
It's the world game that billions are watching, and it only takes a few simple observations during a game to impress. It's equally easy to show you don't have a clue what's really happening.
The 2008 GFC actually started a year earlier in the global credit markets, but the equity markets ignored the warning signs. With hindsight, everyone had the chance to exit shares at elevated prices.
Howard Marks' memos to his clients are always worth reading, and when a highly successful manager acknowledges the strengths of index investing, it's worth checking what he says.
SMSFs have long lagged institutional superannuation funds in allocating to global equities, but SMSFs trustees increasingly realise the best opportunities lie overseas, and they use managed funds as the vehicle.
A reader of Cuffelinks sent an email to the Shadow Treasurer complaining about the future loss of franking credit refunds. Here is Chris Bowen's response and a firm stance on the policy.