23 February 2025

Recently trending

Retirement is a risky business for most people The perfect portfolio for the next decade UniSuper’s boss flags a potential correction ahead The challenges with building a dividend portfolio How much do you need to retire?

Eleanor Dartnall, AFA Adviser of the Year, 2014: "Our clients love your newsletter. Your articles are avidly read by advisers and they learn a great deal."

Noel Whittaker, author and financial adviser: "A fabulous weekly newsletter that is packed full of independent financial advice."

Reader: "It's excellent so please don't pollute the content with boring mainstream financial 'waffle' and adverts for stuff we don't want!"

Don Stammer, leading Australian economist: "Congratulations to all associated. It deserves the good following it has."

Scott Pape, author of The Barefoot Investor: "I'm an avid reader of Cuffelinks. Thanks for the wonderful resource you have here, it really is first class."

Reader: "An island of professionalism in an ocean of shallow self-interest. Well done!"

Reader: "Congratulations on a great focussed news source. Australia has a dearth of good quality unbiased financial and wealth management news."

David Goldschmidt, Chartered Accountant: "I find this a really excellent newsletter. The best I get. Keep up the good work!"

Steve: "The best that comes into our world each week. This is the only one that is never, ever canned before fully being reviewed by yours truly."

Jonathan Hoyle, CEO, Stanford Brown: "A fabulous publication. The only must-read weekly publication for the Australian wealth management industry."

John Pearce, Chief Investment Officer, Unisuper: "Out of the (many many) investmentrelated emails I get, Cuffelinks is one that I always open."

Reader: "Best innovation I have seen whilst an investor for 25 years. The writers are brilliant. A great publication which I look forward to."

Reader: "Love it, just keep doing what you are doing. It is the right length too, any longer and it might become a bit overwhelming."

Professor Robert Deutsch: "This has got to be the best set of articles on economic and financial matters. Always something worthwhile reading in Firstlinks. Thankyou"

Andrew Buchan, Partner, HLB Mann Judd: "I have told you a thousand times it's the best newsletter."

Reader: " Finding a truly independent and interesting read has been magical for me. Please keep it up and don't change!"

Reader: "The BEST in the game because of diversity and not aligned to financial products. Stands above all the noise."

Ian Kelly, CFP, BTACS Financial Services: "Probably the best source of commentary and information I have seen over the past 20 years."

Reader: "Is one of very few places an investor can go and not have product rammed down their throat. Love your work!"

Australian Investors Association: "Australia's foremost independent financial newsletter for professionals and self-directed investors."

John Egan, Egan Associates: "My heartiest congratulations. Your panel of contributors is very impressive and keep your readers fully informed."

Reader: "Great resource. Cuffelinks is STILL the one and only weekly newsletter I regularly read."

Rob Henshaw: "When I open my computer each day it's the first link I click - a really great read."

Reader: "Keep it up - the independence is refreshing and is demonstrated by the variety of well credentialed commentators."

Ian Silk, CEO, AustralianSuper: "It has become part of my required reading: quality thinking, and (mercifully) to the point."

Reader: "Carry on as you are - well done. The average investor/SMSF trustee needs all the help they can get."

Reader: "I subscribe to two newsletters. This is my first read of the week. Thank you. Excellent and please keep up the good work!"

Reader: "I can quickly sort the items that I am interested in, then research them more fully. It is also a regular reminder that I need to do this."

Home / Author: Jonathan Rochford

Jonathan Rochford

Emerging markets: Nothing new under the sun

As interest rates fell in recent years, there was a push into emerging markets debt, but as worldwide central bank stimulus reduces, many of these 'emerging' countries are showing why they are poorly rated.

Jonathan Rochford
29 August 2018
2

High yield downturn will be long and ugly

The high yield debt market is now much larger and riskier than just before the GFC. That doesn’t bode well for when the next downturn happens and investors have several options to de-risk.

Jonathan Rochford
30 May 2018
2

Investors should loiter around the lifeboats

What to do when you think a market correction is overdue? Instead of selling off everything, a viable option is to position yourself for an easier exit, although it's tougher to implement in equities than fixed interest.

Jonathan Rochford
7 December 2017

Bond demand is dumb, dumber and dumbest

A sign that the strong credit cycle is ending is the funding of some emerging market governments that are more than likely to default, but demand is driven by desire for yield regardless of risk.

Jonathan Rochford
21 September 2017
3

Watch the low returns on 'high yield' debt

Investors seeking yield need to watch the margin contraction on so-called 'high yield' debt, especially since the protective covenants are weaker than in the past.

Jonathan Rochford
3 August 2017

Harvard shows pitfalls of internal funds management

Bringing funds management in-house is a popular move for large Australian super funds, but the potential problems have been highlighted by Harvard, an early pioneer of the practice, returning to outsourcing.

Jonathan Rochford
2 March 2017
2

Firstlinks is sponsored by:

Latest Updates

Investment strategies

UniSuper’s boss flags a potential correction ahead

The CIO of Australia’s fourth largest super fund by assets, John Pearce, suggests the odds favour a flat year for markets, with the possibility of a correction of 10% or more. However, he’ll use any dip as a buying opportunity.

James Gruber
19 February 2025
5

9 ways to fix Australia's housing crisis

Decades of policy failure have induced a fall in housing affordability. Unless painful changes are made, an underclass will emerge in a society that is supposed to boast the one of the world's highest standards of living.

John Abernethy
19 February 2025
70

Australia: why the chase for even higher dividend yields?

Australia boasts one of the world's highest dividend yielding sharemarkets, providing substantial benefits to investors and retirees. Despite this, individuals often stretch for even more yield, to their detriment.

Ashley Owen
19 February 2025
14

MIGA – Make Income Great Again

The Australian sharemarket seems to be rewarding a number of unprofitable companies on the promise of future riches. Yet profits and cashflows still matter, as a recent case study of Domino's Pizza shows.

Andrew Fleming
19 February 2025
1

Mapping future US market returns

Exceptional returns from the US sharemarket over the past decade have driven by sales growth, margin expansion, rising valuations, and dividends. Predicting future returns requires careful consideration of these factors.

Eric Marais
19 February 2025
1

Read this before you go all in on US equities

US equities rule global markets, but history is littered with examples of markets that seemed invincible — until they weren’t. Diversification will be key for investor portfolios going forwards.

Tarek Abou Zeid and others
19 February 2025
1

Property

What impact would scrapping stamp duty have on housing?

Increasing house prices pose challenges for housing affordability. This investigates the impact of stamp duty on the property market, and how removing the tax could help address several key issues.

Register here to receive the Firstlinks newsletter for free

Alliances

Site Map

About Firstlinks

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.