Forum Fodder

Forum Fodder | Friday 04 June 2021
"Most people haven’t had a 40-plus year career, and they’ve only seen declining inflation over the last 30-plus years. So this is going to be a pretty big shock.” - BlackRock CEO Larry Fink at a virtual Deutsche Bank event (3 June 2021)
All the best for another week’s continuing education!
Graham

Markets

The ghost of Arthur Burns
I have long been haunted by the inflation of the 1970s. Fifty years ago, I was witness to the birth of the Great Inflation as a Fed insider. This isn’t the 1970s, but today’s Fed waxes far too confidently about inflation.
Stephen Roach, Yale University | Read

Markets

Supply chain inflation worries rising
Supply chain inflation has become an increasing preoccupation for economists, corporations and governments, as freight costs have accelerated, commodity prices increased and import prices returned to inflation.
Chris Rogers, Panjiva Research | Read, Watch

Markets | Investing | Finology

Research Review: The impact of a global pandemic on stock markets
Global financial markets have been reacting to the Covid-19 pandemic since early 2020, providing a unique opportunity for researchers to examine the impact of a global pandemic on uncertainty, investor reactions, and stock prices.
Ron Bird, Australian National University & Portfolio Construction Forum | 1.50 CE | Read

Philosophy | Markets | As seen at Markets Summit 2021

Sustainability is transforming the investment landscape
Believe in sustainable investing or not, investors need to understand its impact on investment returns and portfolio construction as capital markets stand on the cusp of a transformation to an ESG world.
Suni Harford, UBS Asset Management | 0.50 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

Private Equity maximises alpha generating opportunities
Often underrepresented in investor portfolios due to concerns around liquidity, private equity investing with a truly hands-on approach allows active investors to maximise their capital growth potential.
David Leslie, Ellerston Capital | 0.50 CE | Watch, Listen

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

Staying Awake
The daily train commute to and from Kings Cross provides a fascinating snapshot into the quirks of “train culture”. Life is full of moments worth capturing, being awake to them is well worth it…
Jon Owen, Wayside Chapel | Read

Did you know? There are more than 600 CE/CPD resources available free to all Forum members
Are you short on CE/CPD hours in the lead up to 30 June? There are more than 600 CE/CPD accredited resources - articles, videos, podcasts and papers - available free to all members on the Forum. You choose whether you want to read, watch or listen as you learn, and our search tool lets you narrow the choices down to what interests you most.
Learn more

Finology | Invitation to investment advisers

Complimentary self-assessment to benchmark your Client Care & Practice knowledge and skills
FASEA requires that financial advisers continually improve their client care and practice knowledge and skills - doing so makes obvious business sense, as well. Our new Finology Benchmarking Indices (FBI) self assessment tool helps you benchmark your investing biases, beliefs and behaviours versus peers, to further empower your “client care and practice” knowledge and skills. It’s complimentary to our members who give investment advice, while we continue to develop it.
Portfolio Construction Forum | 0.50 CE | Take the FBI self-assessment

Philosophy

Portfolio Construction Forum All Things Considered | AEST 10am-12pm, FRI 25 Jun 2021
All Things Considered will challenge your portfolio construction beliefs, helping you identify which remain valid and which require new thinking, to inform your investing knowledge, beliefs and behaviours and help you build better quality investor portfolios.
Attend via livestream | 2.00 CE | Mark Your Diary! Registration will open soon

Strategies

Portfolio Construction Forum Strategies Conference 2021 “The end justifies the means” | AEST Wed-Thu 25-26 Aug 2021
This will be the 20th annual Portfolio Construction Forum Strategies Conference. Over the past two decades, it has gained a reputation as THE portfolio construction strategies conference of the year. The program is designed and curated by our specialist, experienced and independent team and features a Faculty of 40+ leading investment thinkers - portfolio managers, CIOs, senior investment analysts, investment strategists, economists, independent consultants and practitioners - from around the world. Each offers his/her best, high conviction idea on contemporary and emerging portfolio constructions strategies, in the context of the program theme, “The end justifies the means”.
Attend in-studio or via livestream | 12-20 CE | Registration will open soon

Finology

Finology Summit 2021 “Behavioural FINance and investor psychOLOGY” | AEDT Wed 13 Oct 2021
Established in 2016, Finology Summit is THE behavioural finance (“fin”) and investment psychology (“ology”) program of the year. The program features an exceptional Faculty of experts from around the world, each offering their best high conviction ideas on behavioural finance and/or investor psychology, and the investment implications. Finology knowledge and skills help us better identify and understand how our own and other people’s different investing biases, beliefs and behaviours impact investment markets and portfolio construction practices - and therefore, investment outcomes - to enable better quality investor portfolios.
Attend live in-studio or via livestream! | 7-11 CE | Register now!

Markets

Reinflation in the longer run
Charles Goodhart, perhaps Britain’s most distinguished economic commentator, has just co-authored a book arguing that longer-term inflation will be much higher than the past 35 years. The reason for his view is highly unorthodox - and, in our opinion, correct.
Woody Brock, SED | Read

Markets | Strategies | As seen at Markets Summit 2021

Relevance & resilience - post-COVID portfolios need G-REITs
During 2020, G-REITs experienced a once in a generation demand shock. With new building supply and REIT balance sheets in good shape, G-REITs are well positioned as economies reopen and demand returns. Now is the time for G-REITs.
Julian Campbell-Wood, Resolution Capital | 0.50 CE | Watch, Listen

Philosophy | Markets | Strategies | As seen at Markets Summit 2021

Responsible Investing is the future of financial markets
It’s time to construct portfolios with investment strategies designed to advance humankind towards a global sustainable economy, a just society, and a better world.
John Quealy, Trillium Asset Management | 0.50 CE | Watch, Listen

Philosophy | Markets | Strategies | As seen at Markets Summit 2021

Lower carbon will mean more growth
The energy transition has the potential to be as transformative for the world economy and geopolitical landscape as the digital revolution has been since the 1980s.
Chris Iggo, AXA Investment Managers | 0.50 CE | Watch, Listen

Finology

Research Review: Emotional regulation and financial success
Emotions are an important influence on financial decision-making and investing. These three papers explore how emotional regulation strategies influence decision-making under risk and uncertainty, and the link to financial success.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read

Markets

Is the US economy recovering or overheating?
Will inflation in the US this year represent “overheating” of the economy as a whole? Most likely, it will not. And while some worry that we may be returning to the 1970s, this is highly unlikely.
J. Bradford DeLong, University of California, Berkeley | 1 comment | Read

Markets

Words become actions, threats going nowhere
Tough conditions in global supply chains in Q1 2021 - congested logistics networks, continued demand growth and cost inflation - will take much of Q2 2021 to unwind.
Chris Rogers, Panjiva Research | Read, Watch

Markets | Strategies | As seen at Markets Summit 2021

Equities to rise as we right the wrongs of the post- GFC era
Covid-accelerated trends - including digitalisation, geopolitical tension and the impact of ESG on the cost of capital - are structural and divergence within equity markets could increase.
Crispin Murray, Pendal Group | 0.50 CE | Watch, Listen

Markets | As seen at Markets Summit 2021

The resource sector has yet to peak
De-carbonisation, company management and ESG scrutiny are diminishing the influence of commodity prices on resources alpha generation. If long term sentiment begins to turn, there is significantly more value to be found in the resources sector.
Nick Pashias, Antares Capital | 0.50 CE | Watch, Listen

Finology

Research Review: The mother of all biases
Investors rely on both their competence and confidence to make investment decisions. The overconfidence effect is sometimes dubbed the “mother of all biases”.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read

Forum CE Library - over 620 CE/CPD accredited learning resources
Complimentary for all Forum members, the Forum’s online on-demand CE Library offers over 620 CE/CPD hours of accredited learning resources, to help members meet the CE/CPD requirements of 20 governing bodies (regulators, associations, and institutes) including ASIC, APRA, FASEA, FMA, AFA, FPA and CIMA^® CE/CPD requirements, to name a few.
Earn CE/CPD hours

Forum CIMA CE Library - over 75 CE hours
This subset of the full Forum CE Library features just those learning resources that are accredited for CIMA CE hours, so CIMA certificants can more easily find learning resources to meet their recertification obligation (at the same time as meeting the CE/CPD requirements of other governing bodies e.g. ASIC, APRA, FASEA, FMA, etc).
Earn CIMA CE hours

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We also let my LinkedIn network know as soon as we release new articles on portfolioconstructionforum.edu.au and when registration opens for our face-to-face CE programs. If LinkedIn is more your thing than Twitter, I’d welcome you connecting. And of course, I’d welcome having an offline direct conversation with you any time.