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21 January 2025
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There are signs that passive investing is struggling to keep up in a world that's rapidly passing it by. To understand why, we need to talk about how private equity has revolutionised the investment landscape.
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?
John Bogle famously advocated a two-fund portfolio of US stocks and bonds. Recently, I tried to create an Australian version of the Bogle portfolio and found that what seems simple can quickly turn complicated.
Payment of product commissions to financial advisers is banned in Australia, but the global Franklin Templeton CEO says it prevents some people from accessing needed advice. She also speaks about revaluing private assets.
It is common to see 'smart beta' as the core of a portfolio supported by high conviction active funds, or a core active manager blended with a complimentary smart beta strategy. It also removes key person risk.
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.
It's not official, but Australian ETFs are clicking over $100 billion right now. It's a remarkable rise, leaving the traditional rivals, the Listed Investment Companies, in their dust. Why are they so popular?
ETFs have gone from bit player to major force in Australian investing in the space of a few years, and will top $100 billion soon. One of the major providers explains how they bring products to the market.
Much investing is misguided by spurious measurement fixations. What really counts in the long run is authenticity, resonance and imagination rather than sticking to index weights and short-termism.
Howard Marks' memos to his clients are always worth reading, and when a highly successful manager acknowledges the strengths of index investing, it's worth checking what he says.
The active v passive debate has deflected attention from a more important issue, a focus on managing to client goals. Plus active management has suffered relative to passive by the central bank-driven uplift of all assets.
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.
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.
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.
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.