A perfect storm... in a teacup

Despite all the talk, the fact that Australian banks loan books are heavily concentrated in low risk residential mortgages should be a source of comfort, not fear.

Tim Farrelly More

World class companies run their own race

Six key factors differentiate exceptional companies from their peers. These all add up to a business that generates exceptional returns for extended periods of time.

Kate Howitt0.25 CE More

Protecting the medium-term view

As inflation re-emerges and central banks wind down their QE programs, yields will rise substantially. The key is not to lose money while medium-term ideas play out.

Brett Gillespie More

It all adds up... well, sometimes it doesn't

Do you know the impacts of the risk characteristics of your multi-manager portfolio? Better portfolio construction occurs when you don't diversify the risk you are trying to capture. Beware the benchmark hugger - it might be you?

Michael Furey More

The courage to normalise monetary policy

The Fed will not achieve balance-sheet normalisation until 2022-2023 at earliest. With more than $6tn of excess liquidity still sloshing around global financial markets, that's asking for trouble.

Stephen Roach More

Democratic politics & market economics are the axis of value

Public policy matters to performance at every level. Yet modern politics faces a crisis of ideas, relevance and trust. The trick is to let markets do their work.

Ruth Richardson0.50 CE More

The ASX200 is too concentrated - reduce weights!

Simply observing the concentration inherent in the index and reducing Australian Equity weights is throwing the proverbial baby out with the bathwater. It’s nuts and you can clearly see it’s nuts.

Tim Farrelly More

Is the Fed behind the curve?

Many observers conclude that the Fed is behind the curve because a central bank supposedly should not persist with a negative real policy rate at full employment. That is correct - but the question remains "how much?"

Robert Gay More

The mystery of the missing inflation

Since mid 2016, the global economy has been in a period of moderate expansion - yet inflation has not picked up. Why?

Nouriel Roubini More

Research Review: Red is bad, green is good

Two recent studies provide evidence that issues unrelated to the fundamental operation of a firm impact their market valuation.

Ron Bird1.00 CE More

Forum Fodder 06 Oct 2017

Fodder kicks off with Tim Farrelly taking aim at the assertion that Australian banks have a huge vulnerability to a downturn in the residential property market. Yale's Stephen Roach then serves central banks a bouquet (for getting on with normalisation) and brickbat (for the time they're planning to take). Ellerston Capital's Brett Gillespie explains how not to lose money while QE winds down. Michael Furey asks whether you know the impacts of the risk characteristics of your multi-manager portfolios, and explains how to guard against overdiversification. And finally, we feature the top 10-rated Strategies Conference presentation by Fidelity International's Kate Howitt on the six characteristics of world class companies.

Graham Rich, Publisher, PortfolioConstruction Forum More

Mark your diary

2017

28/29 Sep - IMR Program Conference (Syd)
02 Oct - IMR Program Symposium (Akl)
14-21 Oct - Research Roundtable Intl (UK)
2018
13 Feb - Markets Summit
14 Feb - Finology Summit
13 Mar - farrelly's User Group (Mel)
14 Mar - farrelly's User Group (Bne)
20 Mar - farrelly's User Group (Syd)
12 Apr - IMR Program Workshop (Syd)
24 May - Masterclass NZ (Akl)
22-23 Aug - Strategies Conference (Syd)
20/21 Sep - IMR Program Conference (Syd)
24 Sep - IMR Program Symposium (Akl)
13-20 Oct - Research Roundtable Intl (US)

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2017 Markets Summit - Webcast

Markets Summit 2017 featured a stellar lineup of international and local experts offering their best high conviction idea/thesis on the opportunities and risks ahead as the winds of change sweep through economies and asset classes - and the implications for portfolios.

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2017 Finology Summit - Resources Kit

Finology Summit 2017 featured a stellar lineup of finology experts offering their best high conviction idea/thesis on how the winds of change are impacting how investors think and behave with respect to money, and how we can better relate with them (and help others who must do so).

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2016 Markets Summit - Resources Kit

Markets Summit 2016 featured a stellar lineup of international and local experts offering their best high conviction idea/thesis around the Markets Summit theme - is it deja vu (all over again)? - and the resulting portfolio construction decision(s) that must be made.

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Backgrounder: Cyclical? Structural? Secular?

This Backgrounder defines the terms "cyclical", "structural"" and "secular" and provides examples, in order to increase the clarity of debate about what's really driving markets.

PortfolioConstruction Forum More

2016 Conference - Webcast

Conference 2016 featured a stellar lineup of international and local experts offering their best high conviction idea/thesis around the the friction between short-term and long-term investing imperatives - and the portfolio construction decisions that must be made.

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Conference 2015: the director’s cut

PortfolioConstruction Forum Strategies Conference 2015 featured a carefully selected faculty of more than 35 international and local portfolio construction experts offering their best high conviction ideas about critical portfolio "crossroads". Here are the highlights.

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Backgrounder: The long and short of it

Managing the fundamental friction between short-term and long-term investing imperatives is a key challenge when building portfolios. This Backgrounder explores some of the key concepts and debates.

PortfolioConstruction Forum More