We’ve been helping clients invest in Australia’s best industrial companies for 50 years. Our new eBook tours those five decades of change and shares the crucial investment lessons we’ve learned along the way.
Not much has changed.
But everything has changed.
This book is not all about the Perpetual Industrial Share Fund – though it celebrates 50 years of that fund. It’s about the country the fund invests in, how it’s changed and why.
It’s also about the lessons people can learn from the investment approach of a fund that’s half a century old. Our premise is that industrial shares remain an irreplaceable investment choice. That investing conservatively, patiently, yet decisively has created wealth for decades and can do so for decades to come.
Mostly it’s about the people who invest in the Perpetual Industrial Share Fund. Those who believe in Australia and its companies and its people. And who reap the rewards…
Whats in the book...
THE 1970S: AUSTRALIA UNSETTLED
We started the decade still surfing the crest of a long commodity/agriculture boom. Yet the economy was more unfit than it appeared. Today we are a leader in the fight for freer trade. In the 70s we reduced our involvement in the General Agreement on Tariffs and Trade because it didn’t suit a nation where we dug money out of the ground.
THE 1980S: BANANA REPUBLICANS?
The 1980s were a tumultuous time – featuring a long sharemarket boom and the clattering crash of 1987. A free Nelson Mandela, the Ashes lost to Gatting and Gower, Australia II, the Bicentenary and a new Parliament house.
THE 1990S: THE LONG BOOM BEGINS
The Keating recession of the early 90s – and good policy in its aftermath – effectively killed inflation, just as Fed Secretary Paul Volcker had done in the US in the early 1980s. For the first time in decades, our economy was free of the structural imbalances inflation creates.
THE 2000S: A PLACE OF GREATER SAFETY
In the index of Timothy Geithner’s Stress Test, Reflections on Financial Crises, the former US Treasury Secretary mentions Australia not once. His 560-page survey of various smaller financial crises and then of the 2007-2009 Global Financial Crisis (GFC) has nothing to say about Australia – perhaps because we endured few of the massive dislocations that affected the US, UK and Europe.
2010 AND BEYOND: THE 3D YEARS
The 2000s were the era of the binge and the hangover. In the 2010s the world economy wanted to throw a recovery party but couldn’t get enough guests onto the dancefloor. Perpetual’s Matt Sherwood says the recovery from the GFC has been slowed by the three Ds – debt, disruptive technology and demography. The three Ds have made it hard to fuel global economic growth as savings rates have gone up and wage and profit growth has declined as a result.
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