Ask an investor what return they would like and the answer is usually simple - as much as possible. That is perfectly natural. If 7 per cent is good, surely 9 per cent is better. And if 9 per cent is achievable, why settle for less? The problem is that return does not exist in isolation. Higher expected returns usually come with higher risk, greater volatility, less certainty or some combination of the three. Which raises a much more useful question: How much return do you ac

One of the most seductive ideas in investing is that if we analyse markets carefully enough, we should be able to work out what will perform best next. Australian shares? International shares? Small companies? Property? Bonds? Cash? Growth? Value? The temptation is understandable. If we could identify tomorrow's winner today, investing would be easy. The problem is that markets rarely cooperate. Yesterday’s winner is often tomorrow’s disappointment. Look at almost any long-te