Author and university lecturer, Peter Thornhill, has been part of a lively conversation in our comments section as a result of Ashley Owen’s article on dividends. He produced this chart to expand his argument.
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If an investor had been living on the moon or under a rock for a year and returned on 30 June 2019, on seeing their portfolio, they would have thought it was a delightful year full of good news.
Australian bond rates are now lower than during recessions and depressions of the past, but it’s not driven by local fundamentals. The world of interest rates is in a place it’s never been before in history.
Total returns from the local stock market have averaged 10.5% per year since Federation, with 12% p.a. under right-leaning governments and 8% p.a. under left-leaning governments. But it’s mainly luck.
The Budget surplus in the 2018-19 year is mainly due to fortuitous tax revenue gains from the mining boom. In the past five years, government spending has risen by an incredible 21%.
While hot stocks generate media coverage and attention from investors, for the overall health of the market, they are irrelevant. A few big companies drive the Australian market.
Edition 284 | 14 Dec 2018 | Editorial | Newsletter 2019 is time for caution, Evans, Oliver, Montgomery on TV, investing lessons from 40 years, 8 SMSF hints, longevity, global survey, post-retirement. Edition 283 | 7 Dec 2018 | Editorial | Newsletter RoCo’s two defining moments, inside Chris Cuffe’s portfolio, how SMSFs can avoid Labor’s franking policy, flaws in fund numbers, Asian property, POAs. Edition 282 | 30 Nov 2018 | Editorial | Newsletter Inside view from top of CBA, retrospective tax, RCR collapse lessons, conflicted awards for funds, acquisition value, fintechs, advisers and seniors. Edition 281 | 23 Nov […]
There are enough negative factors in play to suggest great caution with asset allocation in portfolios, as a wonderful run of results for investors came to an end in 2018. Here are four common factors in market collapses.
An industry veteran told clients last week that demand for investment property has fallen off a cliff, and even price discounts were not shifting stock. Take great care what you buy.
The history of the Big Four banks is littered with bad strategies by overpaid executives, taxpayer-funded rescues and a lack of competition. As the banks clean up the Royal Commission mess, Macquarie has overall done better.
It’s too easy to look at a long-term chart of rising share prices and be reassured about performance. But adjusted for inflation, many of our largest companies have gone nowhere in half a century.
Cuffelinks has published 15 articles related to Labor’s proposed franking policy. In this compendium, each article is summarised and linked to, plus a ‘sample letter’ to his local member from an aggrieved retiree.
Australian companies have a long and frustrating history of wasting billions of dollars of capital on overseas dreams, and institutional investors should be taking a harder line to protect their capital.
The Australian market again delivered strong returns in 2017-2018 with big sector differences, but there were large variations in global performance depending on the currency hedging strategy.
Chris Cuffe’s Top 10 articles from the first five years Co-founder of Cuffelinks, Chris Cuffe, has selected his favourite 10 articles for a free ebook. These articles are not necessarily the most popular or ground-breaking, but contributions which have stood the test of time and stuck in his mind. They have not been re-edited and should be read in the context of the date they were written. • Howard Marks on ‘Risk and How To Handle It Today’ Howard Marks • Where did SMSFs come from, and where are they going? Paul Keating • Why we can’t resist tactical asset allocation […]
Investors are complacent and expect double-digit profit growth to continue for many years, but the market consensus for EPS growth is now in dangerous territory with more downside potential than upside.