|
Symposium
2014 - Resources Kit
Established in 2011, Symposium
NZ is THE New Zealand investment conference of the year, designed
specifically for New Zealand practitioners who focus on giving quality
investment advice.
Symposium NZ 2014 facilitated
debate on the three pillars of portfolio construction – markets,
strategies and investing. The jam-packed 2014 program featured an
outstanding Faculty of 15+ international and local investment
professionals presenting on contemporary and emerging portfolio
construction issues, in 13 sessions over the 1.5 day program, including
an 11-hour Critical Issues Forum (plenary) program and 2-hour Due
Diligence Forum (elective) program.
Whether you attended Symposium
2014 or not, this Resources Kit will challenge and refresh your
portfolio construction thinking, giving you a baker's dozen of expert,
high conviction ideas to consider applying when building portfolios.
|
|
Quicklinks |
|
This online Resources Kit is a key feature of the Symposium NZ 2014 program
(in fact, all our programs feature an online Resources Kit). It enables
all Members (whether or not they were part of the live "studio audience"
on the day) to "attend" Symposium. It's an invaluable set of
continuing education material.
This Resources Kit includes all the videos, podcasts and papers from the
live program, along with a link to the delegate Workbook. |
|
Workbook
Critical Issues Forum
Due
Diligence Forum |
Print it and use the checkboxes on the Timetable (pg
5) to tick off
sessions as you "attend";
The 11-session plenary program featuring
15 leading investment thinkers;
The 5-session elective program featuring
6 leading investment experts;
|
|
Critical Issues Forum |
|
About the Critical Issues Forum |
The Critical
Issues Forum featured 15 leading local and international
investment thinkers presenting expert, high conviction ideas to
consider applying when building portfolios. |
|
Critical Issues Forum 1 |
Challenging your portfolio construction
beliefs
PortfolioConstruction Forum Publisher and Symposium NZ 2014 Moderator,
Graham Rich, opened
Symposium 2014 in his usual
thought-provoking (and entertaining) way, highlighting key
issues to consider over the jam-packed, marathon program.
- Graham Rich, Publisher,
PortfolioConstruction Forum (Sydney)
|
Resources |
|
Critical Issues Forum 2 |
What a wonderful world - around the
world in 60 minutes
The majority of the world will see an improvement in
economic growth this year - and, equities remain the most
attractive asset class. But, they will see much greater
volatility and need a more nimble approach.
-
Jonathan Pain, Editor, The Pain Report (Sydney)
|
Resources |
|
Critical Issues Forum 3 |
The Great Unwind
Central banks must complete the Great Unwind –
removing ultra-easy monetary policies. The critical period for
markets will come when the Fed lifts short-term rates (probably,
but not necessarily, after tapering ends).
-
Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney)
|
Resources |
|
Critical Issues Forum 4 |
Capitalism: Bruised but still champion
In the wake of the GFC, the public's belief in the free
market has taken a battering. But for all its flaws, capitalism
remains the world's greatest NGO and the best way of creating
prosperity.
- Dr Oliver Hartwich, Executive Director, The New Zealand
Initiative (Wellington)
|
Resources |
|
|
Is regulation good or bad for investment markets?
Some economists argue that
regulation is good for markets, helping them function more
efficiently. Others argue that regulation is burdensome, create
less efficiency and lower returns. What is the truth?
- Prof
Robert MacCulloch, Matthew Abel Chair in Macroeconomics,
University of Auckland (Auckland)
|
Resources |
|
Critical Issues Forum 5 |
Implementing the modern portfolio - in
theory & in practice
Typically, MPT has focused solely on how to invest within
classes, not amongst them. But MPT continues to evolve.
-
Michael Kitces, Partner/Head of Rsh, Pinnacle Advisory
(Washington, DC)
|
Resources |
|
Critical Issues Forum 6 |
Has behavioural finance made us better
(investors)?
Are the human and organisational barriers to being
better investors insurmountable, or can we learn and improve our
decision-making?
-
Prof Jack Gray, Adjunct Professor of Economics, UTS Business
School (Sydney)
|
Resources |
|
Critical Issues Forum 7 |
How to judge the likelihood that a
manager will or has added value
There's some evidence that some managers can add
(relatively) consistent value net of costs. Can we (or anyone)
identify them?
-
Prof Jack Gray, Adjunct Professor of Economics, UTS Business
School (Sydney)
|
Resources |
|
Critical Issues Forum 8 |
Using risk factors to evaluate
investments and build portfolios
Using risk factors in evaluating investments in the
portfolio construction process can provide valuable information
about the true drivers of performance.
- Michael Furey, Managing Director, Delta
Research & Advisory (Brisbane)
|
Resources |
|
Critical Issues Forum 9 |
Developing your investment philosophy
We all should have an investment philosophy based on
our own belief set. This session helped delegates refine and
document their own investment philosophy. Before Symposium,
delegates completed a draft Investment Philosophy Workbook.
Then, during this session, delegates reviewed and debated their
draft Investment Philosophy with each other, to clarify their
investment beliefs and highlight areas of uncertainty or
ambiguity.
This was a "you had to be there"
session.
-
Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney)
|
n/a |
|
Critical Issues Forum 10 |
The Great Debate - A multi-dimensional
view of portfolio risk
Our Symposium NZ 2014 faculty debated that the best
way for practitioners to manage a client's primary risk of not
meeting their objectives is to manage the long-term uncertainty
of returns.
- Graham Rich, Publisher, PortfolioConstruction Forum
- Prof Jack Gray, Adjunct Professor of Economics, UTS Business
School
- Michael Kitces, Partner/Head of Rsh, Pinnacle Advisory
- Tim Farrelly, Principal, farrelly's Investment Strategy
- Michael Furey, Managing Director, Delta Research & Advisory
- Christian Hawkesby, Head of Fixed Income, Harbour Asset
Management
- Keith Poore, Head of Investment Strategy, AMP Capital NZ
- Derek Mock, Principal, Mercer
- Darren Howlin, Manager Research, Lonsec Research
- Jonathan Ramsay, Head Strategic Rsh & Asset Consulting, van
Eyk Research
|
Resources |
|
Critical Issues Forum 11 |
Where investing meets investors
Our closing session featured three interrelated
aspects of practically managing client portfolios - constructing
portfolios using buckets, diversifying human and financial
capital, and the Withdrawal Policy Statement.
- Michael Kitces, Partner/Head of Rsh, Pinnacle Advisory
(Washington, DC)
|
Resources |
|
Due Diligence Forum |
|
Due
Diligence Forum 1 |
Global Debt
As global markets calm, be ever mindful of the risks
This paper and presentation argue that the bond
market can offer compensation against rising rates through roll
down and active management of forwards.
-
David Fisher, Executive VP & Product Manager, PIMCO (Newport
Beach)
|
Resources |
|
|
Global Equities
US will surprise on the upside
This paper and presentation argue that there are real
sign-posts that clearly suggest that the US is off its knees and
ready to surprise the world on the upside, with significant
implications for markets and portfolios.
- Nikki Thomas, Portfolio
Manager, Magellan Asset Management (Sydney)
|
Resources |
|
|
Risk
The risk tolerance paradox
This paper and presentation provide an introduction
to the risk tolerance paradox, exploring the main reason it
exists, and introducing risk management strategies that seek to
solve the problem.
- Michael Armitage, Head of Fund
Advisory, Milliman Financial Risk Management (Sydney)
|
Resources |
|
Due
Diligence Forum 2 |
Global debt
Popping the bonnet on central banks
This paper and presentation
argue that understanding what is going on under the bonnet at
central banks is key to understanding what will drive markets,
and how best to position portfolios.
- Christian Hawkesby, Head of Fixed Income,
Harbour Asset Management (Wellington)
|
Resources
|
|
|
Global Debt
Investing in global bonds - a smarter way
This paper and presentation argue
against the use of debt-weighted benchmarks for global bond
managers, in favour of a better approach to setting an
appropriate benchmark.
- Graham Ansell, GM Investment Management,
ANZ NZ Investments (Auckland)
|
Resources |
|
|
Multi-asset
Valuations matter – the effect on portfolio risk and return
outcomes
This paper and presentation argue that starting
period equity valuations impact not just medium-term equity
returns, but medium-term equity volatility and bond-equity
correlations also.
- Keith Poore, Head of Investment Strategy,
AMP Capital NZ (Wellington)
|
Resources |
|
|
