There’s some good news for a handful of the approximately 3000 Australians who retire every week, and some more challenging news for others. But, for all retirees, there are at least partial solutions to consider.

With annual general meeting (AGM) season underway, what is becoming clear, yet again, is that great managers are good at two things. The first is running the business, the second is allocating capital. Some might be able to run a business, but many managers are incompetent at allocating capital.

I once relished receiving my dividend when they were sent as cheques in the mail. I liked tearing along that perforated line and took delight in those that were especially large in comparison to the price I had paid for the shares.