Wealth of Experience: Recent Episodes
Firstlinks and Morningstar
Firstlinks' Graham Hand and Morningstar's Peter Warnes have worked in financial markets for a combined 99 years (and counting), and they bring this experience to building your wealth.
Season 2, Episode 15In this week's Wealth of Experience podcast, we have Peter Warnes on ASX opportunities for 2024, East 72's Andrew Brown on why he likes owners with 'skin in the game', including English soccer giant, Manchester United, and VanEck's Jamie Hannah explains the increasing popularity of smart beta ETFs and funds.
Season 2, Episode 14Richard Rauch, Investment Director at Brandywine Global, gives a fascinating tour of the global economic landscape. He says economic normalisation post Covid is almost done, the inflation scare is over and there's even the possibility of deflation happening in the US in future. Rauch believes that as the economic cycle extends, the odds are increasing that the US, and the world, has a hard economic landing.
Duncan Burns, Asia Pacific CIO at Vanguard, says investors are too hung up on beating the marketing and sticking to a simple, long-term strategy can deliver hassle-free, excellent results. He describes how to allocate assets to deliver such results and the key traps to avoid.
Finally, regular guest, Peter Warnes from Morningstar's Your Money Weekly, gives us his outlook for the Australian market and economy next year.
This is our last episode for 2023 and we'll see you back on January 10, 2024.
Have a merry Christmas and Happy New Year.
Season 2, Episode 13After a glorious decade, private assets are being tested by a higher interest rate environment. Commercial property is at the forefront of that, and Steven Bennett, CEO of Direct Property at Charter Hall, joins us to talk through the challenges that he's facing as well as the opportunities going forward.
Another area of private assets being stress tested is private equity. Though, Rainer Ender is the Global Head of Private Equity at Schroders, thinks media coverage on this has been over-hyped. There are some segments such as late-stage venture capital and leveraged buyouts where deals are drying up, but other segments are holding up better.
Regular guest, Peter Warnes from Morningstar's Your Money Weekly, gives us an insight into why the new RBA Governor seems to be more wary of inflation than her predecessor, and what it means for interest rates and the economy.
Season 2, Episode 12Special guest Matt Williams, Head of Australian Equities at Airlie Funds Management, explains the investment approach that's resulted in his firm having market-leading returns. And he details recent investments, including in two 'fallen angels', ResMed and Orora.
Our other special guest is Joe Cavatoni, Market Strategist at the World Gold Council. Joe describes the key drivers for gold, its future prospects, as well as the rise of digital gold and its potential to transform the industry.
Peter Warnes from Your Money Weekly looks at why rates will remain higher for longer, and investors are complacent about the risks that brings to markets.
And we begin the podcast with a special announcement regarding our other regular guest, Firstlinks' Graham Hand.
Season 2, Episode 11Special guest John Pearce, Chief Investment Officer at UniSuper, explains why the 60/40 portfolio is far from dead, that governments not central banks are to blame for the recent inflationary spiral, why history is a dangerous guide to the future, and how UniSuper has recently invested heavily in the downtrodden US banking sector.
Morningstar's Peter Warnes tells us why events today remind him of 2007, a year before the financial crisis hit.
And Firstlinks' Managing Editor, Graham Hand, gives an update on developments in listed investment companies and listed investment trusts, including planned delistings from Neuberger Berman and Forager, the ongoing battle over Magellan Financial's Gloval Fund, and Wilson Asset Management's latest offering.
Season 2, Episode 10
James Gruber looks at how investors are saturated with market commentary: overweight this, underweight that, or ride this long-term theme. The hardest thing is often too resist all of that and do nothing. Yet this may be the best way to build wealth in a simple, systematic way.
Firstlinks’ Managing Editor, Graham Hand, also joins us to explain how many people are needlessly paying tax by not starting a super pension.
And Morningstar's Peter Warnes is our resident 'uber bear'. He's turned more negative on the market outlook and is predicting a global recession by mid next year.
Season 2, Episode 9
Special guest Noel Whittaker, best-selling author and personal finance guru, offers his key tips for making the most of your retirement. He discusses the mistakes that people make with SMSFs, why super remains a good vehicle for retirees, how estate planning is a "minefield", and the financial traps to avoid with aged care.
Firstlinks’ Managing Editor, Graham Hand, also joins us to explain why more listed investment companies should close as well as the intriguing battle between Magellan and shareholder activist Nick Bolton.
And Morningstar's Peter Warnes is back from a break to talk about the carnage in bond markets and what it might mean for Australian markets.
Season 2, Episode 8
Special guest Rudi Minbatiwala, Head of Equity Income at First Sentier, explains why he thinks buying high-yield, dividend-paying stocks is a flawed way to get consistent income from the ASX. He reckons there are better strategies , which he runs through today.
For a different perspective on the investment world, our other special guest is Anne Marie Bernard, the senior director of HR at MFS Investment Management. Anne Marie tells us of the best ways that investment firms can incentivize fund managers, how to prevent star stockpickers from jumping ship, and how the concept of reverse mentoring can help fund managers keep on top of the latest industries like artificial intelligence.
As usual, Firstlinks’ Managing Editor, Graham Hand, also joins us, this time to go through the ways that investors nowadays can invest for free, or at least close to free. We discuss ETFs, listed investment companies, robo advice, and much more.
Morningstar's Peter Warnes is having a well-earned break and will be back with us for the next episode.
In this week's episode, we welcome special guest, Ophir Asset Management Founder and Senior Portfolio Manager, Andrew Mitchell. Recently, Ophir celebrated the 10-year anniversary of its Opportunities Fund, which has returned more than 21% since inception. Andrew shares the lessons learned running the fund, the key rules of investing, some of the fund’s winners and losers, as well as where to find value now.
As usual, Firstlinks’ Managing Editor, Graham Hand, also joins us, this time to go the Intergenerational Report and possible targets to address intergenerational equity. And our other regular guest, Peter Warnes gives us a wrap up of the ASX reporting season, including the big winners and losers.
In this week's episode, we welcome special guest, Platinum Asset Management CEO, Andrew Clifford. There are few countries more hated by investors than China and that's piqued Andrew's interest. He sees opportunities in stocks with major tailwinds such as the world's leading EV battery maker and the 'UPS of China', as well as deep value in much maligned Chinese property developers. He also thinks Japan is a great story over the next five years due to recent improvements in corporate governance. However, Andrew's not so enamoured with the outlook for US stocks.
Regular guest, Graham Hand, explains how a recent report on the performance of assets over a 30-year period is a pointer to retirement outcomes. And our other regular, Peter Warnes, tells us what the recent result of Commonwealth Bank says about the outlook for banks and the Australian economy.
In this week's episode, we welcome special guest, John Abernethy. John is the Founder and Chairman of Clime Investment Management. He's seemingly done it all across 40-plus years in investing, from managing multi-asset portfolios, to venture capital, and now overseeing a sizeable investment portfolio and financial advice business. John tells us that super funds aren't admitting to their biggest problem: having too much money is driving them into alternative assets. In a broad-ranging interview, he also outlines why bonds aren't great value right now and Aussie equities look good in comparison, as well as how the current government isn't doing enough to help reduce inflation.
Regular guest, Peter Warnes, has a different take to John's on super funds and unlisted assets. And he's scratching his head at a recent scathing review into APRA and its supervision of super. Finally, Graham Hand discusses why homeowning retirees should never run out of money, even though many fear they will.
In this week's episode, we cover the hot topic of real estate. Our special guest is global listed property expert, Andrew Parsons of Resolution Capital, who's turned from sector bear to optimist. As the market marks down the sector, Andrew sees contrarian opportunities opening up, especially in retail property. Meanwhile, Firstlink's Graham Hand discusses residential property and why he believes owning a home beats super in retirement. Lastly, Peter Warnes looks at why interest rates in Australia won’t be cut for some time and what areas that could impact over the next 12 months.
In this week's episode, author and speaker, Peter Thornhill, is our special guest, and he'll discuss his secrets to beating the market, including owning high quality industrials and LICs, and holding them forever. Firstlinks' Graham Hand addresses the question of why ETFs receive blanket media coverage when they're small fry compared with managed funds, and Morningstar's Peter Warnes, will give his latest outlook for our economy and market.
Graham Hand discusses the ins and outs of capital gains tax, and whether the RBA Governor should keep his job.
Peter Warnes outlines four of his favourite long-term market themes.
And special guest, Morningstar global CIO Dan Kemp, suggests how investors can build an 'all-weather' portfolio, including having the right asset mix, good advice, and staying the course.
Graham discusses how the $3m super tax will work and how it changes the investment options for investors with large amounts.
Meanwhile, Peter outlines the headwinds for large-cap banks and miners and where to look outside the sectors. He also speaks of the energy challenges for Australia and the potential opportunities for investors.
Graham and Peter buy into the moves to control house prices, massive debate on age pension assets test, interview with Antipodes Jacob Mitchell, buyers chase long-term assets.
Peter checks Stockland, Scentre, Qantas and Flight Centre, we discuss what 12-month highs and lows show, asset allocation of Jerome Powell, a couple of grumps plus interview with Sean Fenton of Sage Capital.
Who won and who lost in August reporting, missing the point on franking, tax reform picks favourites, two grumps, Christian Baylis interview .
Company profits, Emma Fisher full interview, your views on retirement, buying houses and financial advice.
Top 20 stocks then and now, Brambles, defining income, performance fees, Nick Griffin’s outlook.
Peter reveals some top stock picks with an emphasis on long-term assets like Sydney Airport, Graham discusses spending in retirement and valuing assets, the key to Amazon, guest Andrew Lockhart.
Send your feedback or questions to firstlinks@morningstar.com.
CBA and Westpac call earlier rate rise, don’t be one of the 60%, affordability of loans, Telstra value, performance check.
(Feedback or questions to firstlinks@morningstar.com).
All the Ts – Taper, Transitory, Tantrum and Terrifying – affect stocks and bonds, plus inflation, industrial property, retirement income and the new superannuation reforms.
(Feedback or questions to firstlinks@morningstar.com).