Early in the Covid-19 crisis, most people anticipated a quick V-shaped recovery, on the assumption that the economy merely needed a short timeout. It was an appealing idea. But now it is July, and a V-shaped recovery is probably a fantasy.

During accumulation, the concept of portfolio longevity is quite meaningless. Eventually, peak-wealth is achieved and withdrawals exceed investment gains. Managing portfolio longevity becomes critical.

We make automatic assumptions on a daily basis. A critical assumption is that our pre-crisis investment management toolkit will remain relevant in the future.

The endowment effect is the tendency for people who own a good to value it more than people who do not. Its economic impact is consequential. Two recent papers offer important and very useful insights for investment professionals.

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.

I foresee a 35% drop in the broad dollar index over the next two to three years. Covid-19 may have spread from China, but the Covid currency shock looks like it will be made in America.

No matter how big an economy, it is likely to be influenced by US economic growth, international financial stability, and monetary policy spillovers. The challenge for other countries now is to reduce America's "execution risk".

The impact of Covid-19 and the resulting massive worldwide government fiscal response to the crisis has sparked new discussion about the risk of an upsurge in inflation - or deflation. This is not a trivial debate.

In the increasingly intense strategic and economic competition between Washington and Beijing, it's naive to think Australia can just sit on the sidelines.

The decade since the GFC has been a challenging period for value style equity investing. Not surprisingly, investors are questioning the value of value investing.

The risk today of a debilitating 1930s-style overshoot in deglobalisation is massive, particularly if the US-China relationship continues to fray. And it is folly to think a retreat from globalisation will not introduce more, vastly more serious, problems.

Climate change has moved faster than most thought possible. There will be exciting investment opportunities in companies focused on climate change mitigation and adaptation.

Despite difficult times in recent years, momentum has been the factor that has generated the highest returns over the past 50 years. Three new papers on the topic take us into largely new territory and improve our understanding on how markets operate.

Classical economists often incorporated human behaviour into their thinking. But in the 1960s and 1970s, homo economicus - the great rational agent of economic theory - was born. It was not until the 1990s that the link between human behaviour and economics began to be re-established.

The line between "error" and "reasonable human functioning" is remarkably vague. This Research Review focuses on a widely-cited paper that thoroughly unpacks the various concepts under the umbrella of confirmation bias.

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