The path to recovery

As the biggest ETF provider in Australia, Vanguard has the right to crow about another knockout performance over active equity. But invective commentary is a red flag, especially when it’s based on something as changeable as recent market performance.

With markets at all-time highs and term deposits paying 5 per cent, the focus needs to shift away from relative returns and back towards positioning for “consistent, absolute” returns that accommodate present market risks.

In the Dixon’s inquiry vertical integration will not only be writ large, but it will have thousands of victims’ names attached to it. The practice has run relatively unfettered for years, but that may be about to change.