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31 December 2024
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US market concentration in large technology companies has captured investor attention. Here explores how this concentration compares to history and what typically follows periods of extreme concentration.
Markets have rallied hard of late. In his latest investment update, UniSuper CIO John Pearce looks at what’s behind the recent strength, whether it's justified, and the risks for the market going forwards.
Harry Markowitz said that “diversification is the only free lunch in investing” as holding a broader range of assets can result in better returns without assuming more risk. This has become accepted wisdom - but it isn't true.
Active funds cost more than passive because the investor is paying for the skill of the manager, so why are fund managers reticent to describe their skill rather than their outcomes. Here are five reasons.
Every successful fund manager suffers periods of underperformance, and investors who jump from fund to fund chasing results are likely to do badly. Selecting a manager is a long-term decision but what else?
Following on from last week's article about the need for 'fun' in investing, a bit of money to shoot for the moon can be investors’ pressure relief valve and stop people tinkering with their main portfolio.
There are thousands of different indexes, and they are not all diversified and broadly-based. Watch for concentration risk in sectors and companies, and know the underlying assets in case liquidity is needed.
As we enter a new year, we dive into the Morningstar database to see which asset classes have performed well over various time periods, with the related risks and largest historical drawdowns.
When it comes to doing your homework on Exchange Traded Funds, understanding index construction is indispensable and the ideal way to find best-of-breed funds for your portfolio.
Investors with a consistent investment approach which avoids chasing performance should reap rewards over time. A recent US study reveals a persistent gap between reported returns and what investors actually receive.
The cumulative probability of underperformance is modelled at over 50% over 20 periods yet the YFYS test does not measure the suitability of a fund itself. It can destroy the viability of a fund.
Equity valuations are lofty, but long bond rates have now returned to levels before the pandemic crisis. In a balanced portfolio, long bonds now provide more opportunity to cushion the volatility of equities.
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.
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 Future Fund's original purpose was to meet the unfunded liabilities of Commonwealth defined benefit schemes. These liabilities have ballooned to an estimated $290 billion and taxpayers continue to be treated like fools.
ASFA provides a key guide for how much you will need to live on in retirement. Unfortunately it has many deficiencies, and the averages don't tell the full story of the growing gender superannuation gap.
The Big Four banks have had an extraordinary run and it’s left income investors with a conundrum: to stick with them even though they now offer relatively low dividend yields and limited growth prospects or to look elsewhere.
A triple headwind has seen Australia's biggest LIC swing to a 10% discount and scuppered its relative performance. Management was bullish in an interview with Firstlinks, but is the discount ever likely to close?