It’s the year 2026 and Joan, a chartered accountant, has just retired from her mid-tier accounting firm. She never considered herself a smart investor, but she was a patient one, always prepared to take good advice. In the 22 years since establishing her self-managed super fund, she has accumulated a tidy sum that slightly exceeds $3 million. Once she has cleared her mortgage, a comfortable retirement beckons.

As a long-term investor, her fund (which includes property and shares) has substantial unrealised capital gains. A property bought for $300,000 is valued at $970,000. The portfolio of shares includes bank shares acquired at IPO for $5.40 which are trading at $110, as well as mining shares acquired at listing for $0.01 and now worth $26.