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31 January 2025
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In volatile markets, asset allocation should consider scenarios based on differing likelihoods. There are always a number of low probability, extreme outcomes so don't assume the central case is the only possibility.
Australian investors are searching for investments that can benefit from evolving market conditions. With credit spreads at attractive levels, now might be the opportune time to have exposure to hybrids and credit.
Bonds have been strong performers over many decades and always play a role in defensively-positioned portfolios. There are some basic principles investors should understand such as the types of yield.
While property and equity markets remain expensive by historical standards, yields achievable relative to risk remain strong in the hybrid market, notwithstanding recent upticks in price.
Australian banks appear cheap and their shares trade below broker targets. But three analysts offer deeper explanations that suggest stronger credit standards will affect house prices and credit growth.
Factors relating to technical adjustments, timing of bank reporting and offshore influences have created wider spreads on bonds and hybrids which should mean revert in time.
Investors seeking yield need to watch the margin contraction on so-called 'high yield' debt, especially since the protective covenants are weaker than in the past.
Understanding how credit spreads relate to share prices and what they can reveal about where we are in the stock market cycle can be useful information for the long-term investor.
The market has seen a major widening of credit spreads as investors demand greater compensation for liquidity risk. Has the market reached the point where it offers value?
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.
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.
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.