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8 February 2026
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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 [email protected].
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.
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.
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 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.
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
What are the best ways to build a simple portfolio from scratch? I’ve addressed this issue before but think it’s worth revisiting given markets and the world have since changed, throwing up new challenges and things to consider.
At this time last year, I forecast that 2025 would likely be a positive year given strong economic prospects and disinflation. The outlook for this year is less clear cut and here is what investors should do.
Treasury has released draft legislation for a new version of the controversial $3 million super tax. It's a significant improvement on the original proposal but there are some stings in the tail.
The renowned investor says 2025’s real story wasn’t AI or US stocks but the shift away from American assets and a collapse in the value of money. And he outlines how to best position portfolios for what’s ahead.
The predictions include dividends will outstrip growth as a source of Australian equity returns, US market performance will be underwhelming, while US government bonds will beat gold.
We don’t have a housing shortage; we have housing misallocation. This explores why so many bedrooms go unused, what’s been tried before, and five things to unlock housing capacity – no new building required.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The latest draft legislation may be an improvement but it still has the whiff of a wealth tax about it. The question remains whether a golden opportunity for simpler and fairer super tax reform has been missed.
Your super isn’t a bank account you own; it’s a trust you merely benefit from. So why would the Division 296 tax you personally on assets, income and gains you legally don’t own?
Inflation consistently undermines wealth, even in low-inflation environments. Whether or not it returns to target, investors must protect portfolios from its compounding impact on future living standards.
Global equity markets have experienced stellar returns in 2024 and 2025 led, in large part, by the boom in AI. Which sector could be the next star in global markets? This names three future winners.
The case for listed infrastructure is built on stable earnings and cash flows, which have sustained 4% dividend yields across cycles and supported consistent, inflation-linked long-term returns.
The US stock market sits in prolonged bubble territory, driven by AI enthusiasm. History suggests eventual mean reversion, reminding investors to weigh potential risks against current market optimism.