Risk misallocated in the great resources distortion

A black swan perhaps, but at least be mindful of implications were this creature to turn out to be plain ole white under the spot light. The sting from a retracting pendulum hurts more than from the one that got away. North American balanced fund investors learned this painful lesson back in 2002.

Plus ca change, plus c’est la meme chose. (The more things change, the more they stay the same).

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Shield, First Guardian reforms must not become a covert operation to restrict competition

There is broad consensus in industry and Canberra that the collapses of the Shield and First Guardian master funds – and failures that led to them – demand a regulatory response. But getting that response wrong could create an uneven playing field in the industry and some counterproductive consumer outcomes.

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