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28 January 2025
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Investors are getting back to business after a tumultuous election year. Weighing up the fundamentals is complicated, however, by policy crosscurrents that splinter the outlook in several industries.
Steve Eisman, best known for his ‘Big Short’ bet against US subprime mortgages before the 2008 financial crisis, is now long and betting on what he thinks are the two biggest stories of our time: AI and infrastructure.
2024 looks set to be another year of reflation and geopolitical uncertainty — with the latter significantly raising the tail risk of a return to problematic inflation. That’s a supportive backdrop for commodities.
The Magnificent Seven stocks have driven indices to new highs, yet could face headwinds in the coming year. Challenges include their stretched valuations, inherent cyclicality, and high correlation to each other.
It is important to be selective in this environment to ensure exposure to stronger over weaker companies. It is also an opportunistic time because an attractive entry price can help some of the weak to survive.
While this is no time to be making major calls on asset allocation, there are abundant opportunities for generating incremental returns. US government bonds, Japanese stocks, and commodities offer value for investors.
Stock markets are climbing the proverbial 'wall of worry' despite a long laundry list of economic and geopolitical challenges. How do we make sense of this apparent disconnect and what is the outlook going forward?
A collection of interviews with financial markets experts on investing, superannuation, retirement and other topical issues, as published by Firstlinks over 2021 and 2022.
Private equity has had a stellar decade as low rates drove investors to search for higher returns in less liquid assets. Can inflows into the asset class continue? Can PE's outperformance versus public markets continue?
The rapid rise in US Treasury yields and widening spreads on almost all other types of credit have pushed down bond prices, but it now means diversified bond funds can give investors returns not seen for many years.
Over the past decade, we have seen sales of EVs go from a trickle to a steady stream of rapid adoption. We are now on the cusp of rapid expansion and have momentum to move the transport sector towards a path to decarbonization.
The Covid-19 pandemic, and the range of policies aimed at mitigating its impact, has triggered a return to levels of inflation unseen for 40 years. Investors need to prepare for persistently higher inflation.
The end of the year is approaching fast, when investors consider rebalancing their portfolios. What are the big themes in a market facing the threat of inflation and rising rates for the first time in many years?
The ability to adapt to change makes a company more likely to sustain today’s profitability. There are five value chains plus a focus on cashflow and asset growth that the 'transition winners' are adopting.
Last November, the heads of four investment platforms identified the key themes they anticipated would guide investment decisions in 2021. With the year half over, we see how they’ve played out and check the outlook.
We are undergoing a multi-year transition where high near-term economic growth drives rising real rates and higher but stable inflation. It bodes well for risky assets but with volatility and changing correlations.
Heavy consumer spending, rising commodity prices and government deficits point to rising inflation. Given the risk in long-term fixed rate exposure, where else can bond exposure help generate income?
Many professional investors thought that environmental, social and governance trends would take a step back in the pandemic, but the opposite occurred. It highlighted factors with a material impact on financial results.
A summary of 10 investing themes for 2021 including early-cycle opportunities, populism, digital transformation and supply chains, plus the outlook for equities, fixed interest and alternatives.
Both equity and fixed interest markets now have far greater understanding of which companies will struggle during COVID. Supported by central banks, the markets have bailed out companies facing zero revenues.
Data science is increasingly embedded into the research process of investment teams with the resources to exploit new technologies. The way the data is integrated and interpreted is crucial.
Many investors are looking to emerging markets due to stretched valuations in developed markets, but there are particular reasons why choosing a passive ETF in emerging markets may not be optimal.
The role of a portfolio manager changes when normal opportunities become constrained. Flexibility and diversification in seeking alternatives in new markets is vital to adapting.
As term deposits no longer satisfy the need for income, more investors are turning to alternative sources. Here's a check on where three types of fixed income sit in the company funding structure.
Continuing our Interview Series to learn how professional portfolios are managed, we go into the world of global corporate bonds for diversified income hedged into Australian dollars from liquid bond markets.
Bond markets are far larger than stockmarkets, and the BBB segments in the largest of all in the corporate market. Many analysts have pointed to potential weaknesses but it pays to look a bit deeper.
Few Australians include global high yield bonds in their asset allocations, but with new ways to access the market locally, they are worth considering as a diversifying asset class.
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.
2024 was a banner year for equities, with a run-up in US tech stocks broadening into a global market rally, and the big question now is whether the good times can continue? History suggests optimism is warranted.
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.