August 1982 was a banner month. It saw the dawn of a new regime for investors – and for record labels – that was to run for 40 years. Right through to Portfolio Construction Forum’s Strategies Conference in August 2022, in fact.

August 1982 was the one and only month - before or since - from the inception of the Reserve Bank’s published database, in which the monthly average of the overnight interbank cash rates in Australia topped 20%. Asset prices were correspondingly on their knees at that time. At that punishing discount rate, a perpetuity of $10,000 per ye...