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15 January 2025
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Given how difficult it is to forecast statistics such as GDP, employment or inflation, investors should ignore macroeconomics. Even if forecasts were accurate, they are not very useful for valuing shares.
It matters little if you are invested in property, shares or bonds, we have moved into a lower return environment. It's a time for caution in a world where debt and defaults are rising.
Residential housing is the largest asset class in Australia, supporting the most debt, which explains all the talk about the potential for a housing price bubble.
If we glean anything from the demise of Dick Smith, it is that Australia's disclosure requirements for prospectuses need serious improvement. The market is not properly informed during new share issues.
When making decisions on your equity portfolio, try ignoring the noise of the financial media and concentrate on companies that will continue to generate high returns on capital.
The market has been supplying investors with high dividend-paying stocks, but unfortunately, this focus overlooks better opportunities with more growth and capital appreciation.
This examines the performance of key asset classes and sub-sectors in 2024 and over longer timeframes, and the lessons that can be drawn for constructing an investment portfolio for the next decade.
The outlook for equities in 2025 has been dominated by one question: will the US market's supremacy continue? Whichever side of the debate you sit on, you should challenge yourself by considering the alternative.
Negative gearing allows investors to deduct rental property expenses, including interest, from taxable income, but its tax concession status is debatable. The real issue lies in the favorable tax treatment of capital gains.
Trump's election has turbocharged US equities, but can that outperformance continue? Expensive valuations, rising bond yields, and a potential narrowing of EPS growth versus the rest of the world, are risks.
Untangling assets after a broken relationship can be daunting. But approaching the situation fully informed, in good health and with open communication can make the process more manageable and less costly.
Unlike their peers in the US and UK, policy makers in Australia haven't faced a bond market rebellion in recent times. This could change if current levels of issuance at the state and territory level continue.
Retirement village contracts often require significant upfront payments, with residents losing control over their money. While they may offer a '100% share in capital gain', it's important to look at the numbers before committing.