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21 November 2024
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The dominance of mega-cap stocks in the US has led to strong index performance and a new wave of passive investors. Australia's markets might not be so suited to this approach.
Famed investor David Einhorn says passive investing has broken markets and it's forced him to change his investment style to stay in business. How has passive investing transformed markets, and what happens next?
The S&P 500 has become an increasingly concentrated index, with the returns of the top seven stocks far outpacing the average stock in the index. History suggests the next decade will see a reversal of this pattern.
In his final letter as CEO of Amazon, Jeff Bezos implored people to avoid being normal, to nurture their distinctiveness. Fund managers should earn their active fees by building unique, active portfolios.
In Australia, the preference for passive funds is nowhere near as strong as it is globally. Australians added to their active funds in 2019 and 2020, and there's a type of active fund that is especially benefitting.
There are plenty of reasons for pessimism as the market has recovered too strongly, but quality stocks with good earnings growth and strong cash generation and balance sheets are still available.
Falling dividends and the uncertain outlook deliver challenges for income generation, but a dual approach of short-term income and long-term sustainability should ensure a portfolio continues to perform.
The rapid rise in investments into passive vehicles is having a distortive effect on markets as the flows are prone to sudden reversals. The cheap cost may come with a paradoxical result.
Making a passive investment requires an active decision, and since index-based funds are structured using market prices, they build in influences of the active factor of price momentum.
It's difficult for investors to find active fund managers that consistently outperform the market over multiple periods, and the claim that active managers do better in falling markets also lacks recent evidence.
Cuffelinks reader, James, has some additional questions covering: bonds for capital gain or income, bonds in a growth strategy, passive vs active investing, unconstrained bond funds and duration risk.
David Bell discusses his new role as Chief Investment Officer at AUSCOAL Super, as well as the many challenges of managing a public superannuation fund portfolio in the current environment.
It’s with heavy hearts that we announce Firstlinks’ co-founder and former Managing Editor, Graham Hand, has died aged 66. Graham was a legendary figure in the finance industry and here are three tributes to him.
There are well over 800,000 family trusts in Australia, controlling more than $3 trillion of assets. Here's a guide on whether a family trust may have a place in your individual investment strategy.
Investing guru Howard Marks says he had two epiphanies while visiting Australia recently: the two major asset classes aren’t what you think they are, and one key decision matters above all else when building portfolios.
Berkshire Hathaway’s third quarter earnings update reveals Buffett is selling stocks and building record cash reserves. Here’s a look at his track record in calling market tops and whether you should follow his lead and dial down risk.
How have so many wealthy families through history managed to squander their fortunes? This looks at the lessons from these families and offers several solutions to making and keeping money over the long-term.
A recent ruling from The Australian Financial Complaints Authority may herald a new era for financial scams. For the first time, a bank is being forced to reimburse a customer for the amount they were scammed.