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22 January 2025
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The power to control the creation of money has moved from central banks to western governments by the issuing of state guarantees on bank credit. What are the implications for investing and inflation?
An important ratio for analysing companies is the ‘return on equity’, but while it may seem to be a simple measure of the earning power of a business, it can tell much more.
The market rewards companies it thinks allocate capital well and similarly punishes those who don’t. It tries to anticipate the future and thus the changes in future returns on capital before they happen.
If a company is growing, with increasing equity and profits, how does an investor know that management and the board are dudding shareholders?
As equity holders we love to see companies reporting profit growth. In fact, we become wary if they don't. Find out how the wrong sort of growth can quickly and permanently destroy wealth.
Australia is at a critical point on four fronts - economic growth, capital allocation, public finance and personal management of retirement income. Demographics provides a road map of where we are heading.
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.