Greg Tomamichel

Comments

• I have heard commentary lately here in Australia about the decline of companies seeking public investment. The number of listed entities on the ASX (Australian Stock Exchange) has declined from about 2200 to about 2000 over the last 10 years. Yet over that time our economy and stock market have both performed pretty well. The reason seems to be a combination of more private funding available and the ability to avoid all the reporting and disclosure rules associated with being listed on the ASX. Regardless, I'm still comfortable that stock markets around the world will contain enough high quality companies to maintain diversified index fund investing as a very good choice.

  Post: The Incredible Shrinking — Stock Market?

  Link to comment from December 17, 2025

• Happy anniversary Mr. Quinn. 57 years is a wonderful journey.

  Post: Fifty-seven years and counting and it’s snowing…again.

  Link to comment from December 15, 2025

• Wow. Thanks Bogdan. As an outsider (Australian) the US tax system just blows my mind. I've got no idea how the "average Joe" navigates all this.

  Post: Overtime and Tips Deduction

  Link to comment from December 13, 2025

• Mark, still working, so a perfect normal day is ..... the weekend! However this article reminds me of a podcast that I listen to called "Strangers on a Bench" by Tom Rosenthal. His first two questions are always "What is your favourite day of the week?" Followed up by "What does your perfect (insert day of the week) look like?". Highly recommended.

  Post: What’s Your Perfect “Normal” Day?

  Link to comment from December 12, 2025

• Dick, yes - I think that's the aim. Something like Drawdown Plans A, B and C that have stated benefits and risks, and that people can simply choose without needing to understand every single detail in the background. This would mirror what has been developed for fund members to use during the accumulation phase. We have a financial advisor and a self-managed super fund, which puts us in a minority. Our advisor will guide us through this process once we retire. But it would certainly be a lot more daunting without that support.

  Post: I CAN SOLVE THE SOCIAL SECURITY AND RETIREMENT CRISIS IN AMERICA

  Link to comment from December 8, 2025

• Dick, the discussion around the de-accumulation phase for superannuation in Australia seems to be less about the nitty gritty of rules and mechanisms, and more about giving retirees a feeling of confidence and comfort. I think it's similar to the retirement anxiety discussed recently on HD. People have been building their super over 30 or 40 years and understand that process. But they have never had to draw down on that super, and understandably will be anxious and apprehensive about it. So there seems to be a push for the super funds to provide their fund members with withdrawal plans that are simple, transparent and give people a sense of comfort and confidence during their retirement.

  Post: I CAN SOLVE THE SOCIAL SECURITY AND RETIREMENT CRISIS IN AMERICA

  Link to comment from December 7, 2025

• I'm not sure if I understand spousal benefits, so apologies if my response misses the mark. With Australia's superannuation, your account balance is all yours. If you pass away, all your superannuation will go to your nominated beneficiary (typically your spouse if married). So for people with larger superannuation balances, it is expected that these will become an inheritance to the next generation. If for some reason you have not worked and aren't married or in a similar relationship, then there is the safety net of an aged pension.

  Post: I CAN SOLVE THE SOCIAL SECURITY AND RETIREMENT CRISIS IN AMERICA

  Link to comment from December 7, 2025

• A timely question. We are now just seeing the first generation of retirees with healthy account balances move into the "de-accumulation" phase. And there has been a lot of discussion about providing support and guidance to those retirees. I don't think that the superannuation funds are there yet in providing that guidance, but clearly it's something that is a work-in-progress. As you could imagine, our super funds are heavily regulated by the federal government. And they should be - there is about $4 trillion in super, and our total stock market in Australia is only $2.5 trillion. Given their huge significance in the Australian economy, there is also a very high public expectation for them to be good custodians. So I'm sure we will see a range of things put in place to "hold the hand" of retirees as they spend down their savings.

  Post: I CAN SOLVE THE SOCIAL SECURITY AND RETIREMENT CRISIS IN AMERICA

  Link to comment from December 6, 2025

• I think it worth noting that Australia started with a 3% contribution in 1983, which has gradually and steadily increased, only reaching 12% this year. So there was not the political shock that suddenly launching to 12% would have caused. Australia is also a very compliant society (from my sister who is a political science researcher at Australian National University) so we tend to not have passionate arguments about something like our superannuation scheme. It has just become an accepted part of the employee / employer arrangement. It has also been asked about "who pays?". On the surface, it looks like the employer pays. Someone who is paid $100,000 salary gets $12,000 paid into their superannuation by their employer. But I suspect that the superannuation system has exerted downward pressure on wages over time, so that in the absence of superannuation that person's wage would likely have been slightly higher. So I think that the superannuation payment is really some split between employer contribution and foregone wages that might have existed otherwise. Either way, this is not a point of contention in Australia, it is just seen as part of the deal.

  Post: I CAN SOLVE THE SOCIAL SECURITY AND RETIREMENT CRISIS IN AMERICA

  Link to comment from December 6, 2025

• Thanks Adam. I agree that arguments blaming index funds for any distortion in valuations are pretty weak. I have heard the counter argument (maybe from Ben Carlson?) that only a relatively small proportion of actively managed money is required for price discovery. And my thinking is that there will always be enough investors / funds that will seek to invest actively to meet this price discovery need.

  Post: Index Fund Bubble

  Link to comment from December 6, 2025