![Corporate Travel Management chief executive Jamie Pherous started the company more than 20 years ago.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/r/7/a/j/j/image.related.wideLandscape.460x259.gr7ao1.png/1472785796084.jpg)
Investing
![Corporate Travel Management chief executive Jamie Pherous started the company more than 20 years ago.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/r/7/a/j/j/image.related.wideLandscape.460x259.gr7ao1.png/1472785796084.jpg)
AFR's Baker opens up commanding lead
![The shares race is likely to close with a clear winner, thanks to Ausdrill and Cleanaway.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/h/7/g/0/7/image.related.landscape.120x80.gr76ti.png/1472783648294.jpg)
It is week three of the shares race and the AFR's Phil Baker has hit a purple patch.
Market expectations are a short-term drag for companies
![The new CEO of Woolworths, Brad Banducci, on the day the company announced its 2015-2016 results.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/r/0/s/w/2/image.related.landscape.120x80.gr2r5c.png/1472522804743.jpg)
Results matter less - in the short term - than you might think.
Seven investment ideas for high returns in a low-growth world
![Higher returns can be found, if you're prepared to take on additional risk. Illustration: Karl Hilzinger](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/p/n/g/c/l/image.related.landscape.120x80.gr0rb2.png/1472602408958.jpg)
Seven investment ideas that will lift you out of the low-growth world.
The cream rises to the top in week two
![Mining services stocks are on a tear, something Phil Baker is taking advantage of in this Shares Race.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/h/l/m/a/n/image.related.landscape.120x80.gr1kvn.png/1472169962723.jpg)
Company profit season has delivered some spectacular hits and misses, with the gap between first and last place blowing out.
Don't just do something, sit there
![Investors should be more slothlike – or at least more patient – when waiting for returns.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/r/1/k/n/t/image.related.landscape.120x80.gr1km8.png/1472168482219.jpg)
Evolution teaches us that action beats inaction – and it's usually true, but not when it comes to investment.
How postage stamps tell the history of aviation
![Cover with vignette flown by Ross and Keith Smith, 1919.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/y/v/h/k/image.related.landscape.120x80.gqz81k.png/1472520624196.jpg)
A branch of stamp collecting known as "aerophilately" focuses on air mail letters, often the only surviving records of aviation milestones.
Healthcare is a popular sector but investors are fickle
![Dr Colin Goldschmidt, the chief executive of Sonic Healthcare, which bumped its top line by 20 per cent and its bottom ...](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/w/l/5/c/image.related.landscape.120x80.gqwl6d.png/1471929801561.jpg)
We're all getting older, we all get sick, and the continuous improvements in technology mean medicos are finding more – and more expensive – ways to patch us up and keep us going.
How to navigate reporting season as an investor
![Investors should ignore reporting season hype.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/8/8/2/m/image.related.landscape.120x80.gqyw2f.png/1472808792946.jpg)
As earnings season takes over the business pages, here's a few pointers for investors to consider.
Streeton's Sydney Harbour is art world's 'absolute waterfront'
![Arthur Streeton's 1907 panorama of Sydney Harbour is listed for sale for only the fourth time.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/w/w/n/v/image.related.landscape.120x80.gqwu2a.png/1472165469103.jpg)
Sir Arthur Streeton's magnificent 1907 panorama of Sydney Harbour is listed for public sale on August 31 for only the fourth time.
Three ways to make your tax refund last longer
![It's easy to spend a tax return and not even notice it, just like you feel hungry after eating white bread.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/w/q/j/z/image.related.landscape.120x80.gqwqh5.png/1471586035722.jpg)
The average tax return is just more than $3000 but it's often frittered away.
Profit season heats up fantasy share game
![Ansell is well known for its condoms, but makes the majority of its earnings from supplying gloves and other protection ...](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/i/v/n/0/a/image.related.landscape.120x80.gqw821.png/1471568818455.jpg)
The busiest week yet of company profit season gave some Shares Racers a leading edge.
Corporate takeover? Decide for yourself whether to sell your shares
![When Woolworths South Africa bought David Jones, once shareholders passed a scheme of arrangement, it became compulsory ...](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/v/u/7/s/image.related.landscape.120x80.gqvtwp.png/1471520166810.jpg)
If there's a takeover bid for a company you are invested in, you don't need to sell your shares straight away.
Dumping a windfall into super is a lazy strategy and not the best one
![The main point of superannuation as an investment vehicle is it's tax effective.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/v/s/g/f/image.related.landscape.120x80.gqvr66.png/1473256254793.jpg)
The pending changes to superannuation could force people to think outside the box and end up much better off by doing so.
Collectors pluck 19th century harps from obscurity
![A French early 19th century mahogany harp, signed Pleyel & Co., Paris. It sold for $8000 IBP.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/q/y/m/7/image.related.landscape.120x80.gqscb3.png/1471582673489.jpg)
Melbourne auctioneer Christian McCann is not a noted harp player but has become the go-to-man if you want to buy or sell one.
Motley Fool: Time to sell your bank shares
![Results of the major banks have been mediocre at best.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/i/i/f/9/image.related.landscape.120x80.gqsc6y.png/1471207682004.jpg)
Investors should take more than just a passing interest in our banks this reporting season.
The Domino's effect: why stockbrokers give bad advice about taking profits
![Domino's Pizza has long had a high PE ratio, not because it's overpriced but because it's a quality growth stock.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/s/2/e/s/image.related.landscape.120x80.gqs2g2.png/1472106437523.jpg)
A high price-to-earnings ratio doesn't mean a stock is overpriced, it means the market thinks the earnings estimates are wrong.
Shares Race Week 4: Luck, be a dartboard
![The dartboard was bang on this week.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/j/0/0/j/u/image.related.landscape.120x80.gqqsoz.png/1470962011523.jpg)
If there were ever a reason to believe in luck, take the dartboard's performance this shares race.
Telstra marches on: growth is slow, but it keeps on winning
![Telstra CEO Andy Penn at the announcement of the full-year financial results on August 11.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/q/n/3/b/image.related.landscape.120x80.gqqn3w.png/1470955181189.jpg)
Telstra released its full-year financial results on the same day as rival Optus and the numbers were starkly different.
Dear CEOs, please give it to us straight this reporting season
![Investors should look beyond the spin during reporting season.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/f/a/l/5/image.related.landscape.120x80.gqo808.png/1471344964570.jpg)
Spinning the company results may result in a short-term gain for investors, but substance is what matters in the longer term.
Women, let's get mindful about money
![Talk to other women about money and there may be a few surprises in store.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/k/p/d/y/h/image.related.landscape.120x80.gqk20i.png/1470721146081.jpg)
Nice girls don't talk about money and they certainly don't say they want more of it.
Share trading: a delicate science or just pot luck?
![Small mining stocks have built on their gains this week.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/n/t/n/7/j/image.related.landscape.120x80.gqljxt.png/1470357333347.jpg)
Small mining stocks have built on their gains this week.
Barassi memorabilia auction garners attention
![A photo of Ron Barassi taken from a scrapbook compiled by his mother Elza. The scrapbook features original black and ...](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/k/5/7/l/image.related.landscape.120x80.gqk3l6.png/1470869619826.jpg)
Football legend Ron Barassi, who turned 80 this year, is selling off his collection.
The ethical investing fallacy
![The road to hell can be paved with good intentions for businesses, too. Illustration: Gabriele Charotte](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/l/3/3/w/image.related.landscape.120x80.gql2ut.png/1470290001685.jpg)
Be careful how you invest if you're trying to do good…
Are doctors financially healthy?
![Perhaps surprisingly, doctors face some real challenges when it comes to their finances.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/j/x/r/k/image.related.landscape.120x80.gqjxa6.png/1473136490599.jpg)
Many assume doctors are rich. But in many ways they face more headwinds than most.
Don't let a crisis go to waste
![Disney is one of many companies that was started in tough economic times.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/g/y/9/l/image.related.landscape.120x80.gqgxxx.png/1470000697951.jpg)
Focus on the moment, not the monsters that may or may not be up ahead.
Is the pain finally over for Woolies?
![Woolworths' turnaround plan for its supermarkets is still battling to produce positive sales growth.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/g/j/d/a/image.related.landscape.120x80.gqgjbu.png/1472164587856.jpg)
The value of Woolworths shares jumped 8 per cent in one day, but is it just a false dawn?
The rising tide lifts all boats in fantasy shares game
![The rising tide is lifting all shares.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/l/6/5/i/b/image.related.landscape.120x80.gqg916.png/1469753833447.jpg)
The racers are enjoying another buoyant week, but earnings season is about to begin.
Beware of dodgy property spruikers
![In 2015 the NSW Supreme Court issued a permanent injunction against Park Trent Properties Group, restraining them from ...](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/f/q/w/g/image.related.landscape.120x80.gqfqsj.png/1469708567245.jpg)
The property investment industry is virtually regulation-free and until recently it's been open slather, with the investment watchdog powerless to act against property spruikers unless they're providing advice for self-managed super funds.
Bejewelled animal brooches are back in vogue
![Lot 129: Platinum and diamond 'Panther' ring by Cartier, circa 1991. Estimate $70,000-$90,000.](/web/20160909104733im_/http://www.smh.com.au/content/dam/images/g/q/f/a/d/f/image.related.landscape.120x80.gqfahe.png/1470109130642.jpg)
Van Cleef & Arpels' menagerie series was aimed at a younger market when it was released - and now it's come of age.