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23 February 2025
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After more than a decade of pitiful yields, bonds are back offering better prospects for income investors. What are the best ways to take advantage of the market inefficiencies in Australian fixed income?
Every fund is measured against a benchmark, but active managers earn their fees by taking strong views contrary to an index. It requires fortitude in the short term as interviews with Orbis and Allan Gray show.
In 2023, the focus will shift to the economic cycle. While equities and some of the riskier fixed income markets have challenges, a solid risk-free rate added to a 3-4% equity risk premium is a good through-cycle return.
Five years ago, the move towards passive investment in the US was obvious, and warranted. But there are compelling reasons to think that the next decade will be a more productive environment for active strategies.
The active versus passive debate rests on the lazy assumption that it's not possible to consistently choose managers that outperform. Both the premise and (hence) the narrative are flawed.
It is a tough time to be investing in growth stocks but there may be ways investors can take advantage of lower prices and be well positioned when the market and interest rates return to normality.
Active rebalancing is vital to prevent a portfolio drifting strongly away from its desired asset allocation. See how 60/40 can become 80/20, and is that the correct portfolio in the face of volatility and risk?
The story of Mr Market originated with Ben Graham and was further popularised by Warren Buffett, but does it still hold true? Based on experience, the two-investor scheme looks hopelessly oversimplified.
Investing is a field where experience matters, but we all operate with a set of beliefs. Staying on top of market research gives useful lessons for investors and challenges common assumptions.
Investing in a traditional index can be compared with taking the main road to a destination, but if you know the backroads and traffic conditions, you coud reach your goal quicker.
Where once the name plates of exciting new fund managers proudly displayed, now there are blank spaces. What is happening in the industry that so many talented people are closing the doors?
Many active managers are closet indexers. The real cost of forcing a skilled manager into a low tracking error is the limit to the upside.
While encouraging people to draw down on their accumulated wealth in retirement might be good public policy, several million retirees disagree because they are purposefully conserving that capital. It’s time for a different approach.
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 CIO of Australia’s fourth largest super fund by assets, John Pearce, suggests the odds favour a flat year for markets, with the possibility of a correction of 10% or more. However, he’ll use any dip as a buying opportunity.
Getting regular, growing income from stocks is tougher with the dividend yield on the ASX nearing 25-year lows. Here are some conventional and not-so-conventional ideas for investors wanting to build a dividend portfolio.
Australians are used to hearing dire warnings that they don't have enough saved for a comfortable retirement. Yet most people need to save a lot less than you might think — as long as they meet an important condition.
It’s well documented that many retirees draw down the minimum amount required and die with much of their super balances untouched. This explores the reasons why and some potential solutions to address the issue.