Australian Financial Review: The demographics trade is shaping up as the next big theme for investors seeking stable but consistent growth, writes Michael Smith. The impact of ageing on the investment landscape is often overlooked in the race for short-term gain. Australians, along with a large proportion of the global population, are living longer than ever. This creates enormous fiscal and social challenges but there are also potential investment opportunities from the demographic shift. To put it simply, old can be gold if you play your cards right.