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Most of us try a version of tactical asset allocation. The good news is the range of investments available has improved significantly, and anyone can become a version of the Future Fund or Jerome Powell.
Why invest in an unlisted fund by a well-known, experienced fund manager when the equivalent listed fund is offered at a substantial discount? Maybe there's a structural problem to fix here.
Around $4 billion of listed bonds funds have filled a market that did not exist a couple of years ago, and more are coming. They are each buying different assets and promising varying returns.
In seeking additional income, some type of market risk must be taken to earn above the 2% on term deposits. The listed market now offers a vast array of alternatives not available even a couple of years ago.