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22 January 2025
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Do you have a criticism of a financial product, and want an explanation? We have a new regular feature called 'Caveat Emptor?'
Caveat Emptor is defined as: 'the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.' So we want to help the buyers, and you can contribute by sharing your concerns.
We invite readers to send us criticisms or questions about any financial product, and we'll ask the product manufacturer or another expert to respond. Write to us at mail@cuffelinks.com.au.
We ask anyone else with a constructive view to then write a comment on our website. The Q&A will be collected under a new menu tab called 'Caveat Emptor?' for future reference. We hope this becomes a good reference point for product enquiries.
Folks, Just a short note before Christmas – Your site is outstanding. I would like to say thank you for your efforts with the Cuffelinks Emails. Probably the best source of commentary and information I have seen over the past 20 years – the last 15 as an adviser. I trust you and all the team that put the effort in – get the opportunity to enjoy a break and spend time with those closest to you over the next month or so
My concern lies with shares. I don't believe there is enough done by the overall industry to list new companies in Australia's strengths being Agriculture/Food and Tourism. Many companies seem to get a start in say mining or technology and then fall by the wayside destroying shareholder funds. These funds could be utilised elsewhere in say as an example Darryl Lea, Spring Gully type operations.
Thanks for the questions coming in for Caveat Emptor? We have passed them to appropriate people and will chase a response next week. Keep them coming!
My personal pet peeve are "Dividend Income Funds". The name would imply that such funds are invested so as to maximse DIVIDEND income, be it franked or not, and as CASH (or even DRPs). Yet, the number of so called "Dividend Income Funds" whose investment strategy is to access income-like outcome through the usage of derivative arb strategies confound. Whilst I accept such strategies may yield (pardon the pun) income like results, they are not Dividend, they are not tax effective, nor as they paid out as received CASH. If we're fair dinkum, then why not call them what they truly are: "Synthetic Arb Funds"? Rhetorical question as any agent could answer why they're not. Another, perhaps, would be to highlight how investment paper issued by banks are NOT term deposits? Caveat Emptor indeed, but the "caveat" is fair only when there's symmetry in information I'd suggest.
Thanks, Rob. So we don't show any favouritism, any volunteers to defend these income funds? Or we'll track one down.
Last year, I wrote an article suggesting returns from ASX stocks would trample those from housing over the next decade. One year later, this is an update on how that forecast is going and what's changed since.
The housing market was subdued in 2024, and pessimism abounds as we start the new year. 2025 is likely to be a tale of two halves, with interest rate cuts fuelling a resurgence in buyer demand in the second half of the year.
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 renowned investor has penned his first investor letter for 2025 and it’s a ripper. He runs through what bubbles are, which ones he’s experienced, and whether today’s markets qualify as the third major bubble of this century.
Key lessons include expensive stocks can always get more expensive, Bitcoin is our tulip mania, follow the smart money, the young are coming with pitchforks on housing, and the importance of staying invested.
Check out the most-read Firstlinks articles from 2024. From '16 ASX stocks to buy and hold forever', to 'The best strategy to build income for life', and 'Where baby boomer wealth will end up', there's something for all.
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.