Forum Fodder | Friday 13 December 2019
It is as impossible to withhold education from the receptive mind as it is impossible to force it upon the unreasoning - Agnes Repplier (1855-1950)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
Government debt is not a free lunch
With interest rates on government debt at multi-decade lows, a number of leading economists have argued that almost every advanced economy can allow debt to drift up toward Japanese levels. This ignores what can go wrong.
Kenneth Rogoff, Harvard University| More

Philosophy | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Values need to move from peripheral vision to the focal point
Portfolio managers and investment advisers still too often follow their own values, rather than their clients’, when making investment decisions. In the 2020s, values will move from the periphery to the focal point for successful investments.
Tassos Stassopoulos, Trinetra Investment Management | 0.50 CE | More

Markets | Strategies |As seen at Portfolio Construction Forum Strategies Conference 2019
You are a factor investor
Whether they realise it or not, investors use factors every time they make an asset allocation decision. Combining multiple factors can help investors increase the chances for investment success.
Antonio Picca, Vanguard | 0.50 CE | More

Strategies | Finology | As seen at Portfolio Construction Forum Strategies Conference 2019
Australian retirees deserve better portfolios
The conversation with retirees needs to move away from projections based on averages and volatility risk measures, towards a probability-based assessment of running out of money.
Jacqui Lennon, Allianz Retire+ | 0.50 CE | More

Markets | Strategies| As seen at Portfolio Construction Forum Strategies Conference 2019
A great business is an intangible business
The rise of intangible assets has created a new level of economic potential for successful businesses. For both growth and value investors, the nature of fundamental analysis must evolve to match an intangible world.
James Kim, Intermede Investment Partners | 0.50 CE | More

UPCOMING FACE-TO-FACE CE...

Certified Investment Management Analyst^® (CIMA^®)
Are you involved in any aspect of constructing multi-manager portfolios?
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RECENT ONLINE CE...

Markets
Why financial markets' new exuberance is irrational
The disconnect between financial markets and the real economy is becoming more pronounced, as investors focus on the attenuation of some short-term tail risks, and on central banks' return to monetary-policy easing.
Nouriel Roubini, Roubini Macro Associates | More

Philosophy | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Systematic ESG integration is simply smart investing
Focusing on financially material ESG data and systematically including them into investment analysis facilitates 20/20 vision of a company’s risk-return profile..
Masja Zandbergen, Robeco | 0.50 CE | More

Markets | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Designing portfolios for scenarios is critical for 20/20 portfolios
This hypothetical Investment Committee considers three relevant, forward-looking economic and market scenarios which have a reasonable probability of occurring during the next two to three years.
Expert Panel | 1.00 CE | More

Markets | Strategies| As seen at Portfolio Construction Forum Strategies Conference 2019
Equity markets' rosy forecasts have left benchmarks broken
To achieve a satisfactory return from equities, you must identify high quality forecastable businesses, apply a strict valuation discipline and have the conviction to be different from the herd.
Warryn Robertson, Lazard Asset Management | 0.25 CE | More

Markets | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Pro-active investors can manage infrastructure disruption
Future returns from infrastructure portfolios are less clear due to disruptive forces. Managing these risks requires an unrelenting focus on improving efficiency and customer service.
Peter Meany, First Sentier Investors| 0.50 CE | More

Markets
The monetarist era is over
Central bankers and senior economic officials now almost unanimously believe that monetary policy has reached its limits.
Anatole Kaletsky, Gavekal Dragonomics | More

Investing
Is active investing doomed as a negative sum game?
Sharpe proposed that active investing must be a losing pursuit in aggregate. This paper takes a critical look at that proposition, and whether it is worthwhile considering using active fund managers.
Geoff Warren, PhD, Australian National University| 1.00 CE | More

Markets | Strategies |As seen at Portfolio Construction Forum Strategies Conference 2019
The current credit cycle is set to endure
The diverse characteristics of credit markets provides investors the ability to construct robust portfolios, offering investment opportunities suitable for all potential market environments.
Michael Buchanan, Western Asset Management | 0.50 CE | More

Markets | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Private markets hold the answer to infrastructure alpha
The significant valuation gap between listed and direct infrastructure markets presents an opportunity to arbitrage value from the two as the gap closes. Understanding the weight of this change into 2020 and beyond is key.
Daniel Foley, CBRE Clarion Securities| 0.50 CE | More

Strategies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
The way risk is managed in concentrated portfolios matters
Limiting overlapping economic exposures more effectively creates concentrated yet diversified portfolios capable of meeting investors’ long-term objectives into the 2020s, while better managing risk.
Donald Huber, Franklin Templeton Investments| 0.25 CE | More

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