Robo-advisors are NOT the future (but technology is)

While robo-advisors have been the big buzz as replacement humans, in reality they’re not (and data proves it). Technology alone is not enough (otherwise everyone with a FitBit on their wrist would be healthy).

Michael Kitces0.50 CE More

Do stocks outperform Treasury bills?

It is generally accepted that stock markets provide long-term outperformance over cash. However, a recent academic research paper reveals this is not the case for the majority of stocks since 1926.

Nick Griffin, Munro Partners1.00 CE More

Research Review: More on momentum investing

Eugene Fama described momentum investing as the one remaining market anomaly. A recent paper gives an explanation for it. Another shows it still offers high profits after implementation costs.

Ron Bird1.00 CE More

The difference for advice in retirement

Many baby boomers are now retiring with decent super balances and need advice on how to manage (i.e. spend) their retirement savings appropriately. Consuming capital to create a higher standard of living is, after all, what super is for!

Aaron Minney More

Donald Trump's Normal Fed

In a presidency that has shown little regard for conventional institutional norms, how can one explain Donald Trump's completely reasonable appointments to the Federal Reserve Board?

Kenneth Rogoff More

The true impact of a trade war

President Trump's protectionist threats have raised the risks of a serious trade war, the first in over 80 years. It is assumed that this would materially impact US growth - but is that the case?

Woody Brock More

Is realism trumping populism?

Around the world, populist economic policy appears to be in retreat. Even in Britain, a clear majority support a “meaningful vote” on whether May's final deal with Europe is genuinely better than remaining in the EU.

Anatole Kaletsky More

Bill Phillips - the Man, the Myth, the Curve

In recent years, a consensus view emerged that the Phillips Curve is dead. To understand the Phillips Curve, you need to understand the history of the model, as well as that of the Kiwi who first researched the link between unemployment and wages.

Payden & Rygel More

From asset allocation to risk allocation

Asset allocation is often regarded as the most important portfolio decision, with asset classes then populated by investments. But this two-step approach can an asset allocation and investment selection mismatch.

Michael Furey More

The place of bonds in a low yield world

Investors are increasingly questioning the continued relevance of bonds in their portfolios. But bonds offer enhanced diversification qualities during times of low growth, low inflation and market uncertainty.

Dean Stewart0.75 CE More

Markets aren't pricing rates to revert to the old normal

That's the view that Guy Debelle, Deputy Governor of the RBA, outlined in a recent speech. It's a timely warning - but what do we do with it? I think it depends on your investment time horizon, as do so many investment decisions.

Tim Farrelly More

Policy blunders and currencies

Nearly all recent initiatives of the Trump administration will prove to be macroeconomic blunders. The time has come to upgrade the credit quality of investment portfolios and to focus on the currencies of creditor countries.

Robert Gay0.50 CE More

The misunderstanding of life expectancies

As we consider the life expectancy of many clients, we should not be using any number in the 80s. A figure closer to 95 is both more realistic and provides a little buffer in case the individual lives longer than the average.

David Knox More

Stay focused, ignore the noise

Fears of a US-China trade war contributed to recent stock market volatility. Practitioners must look beyond the market noise and focus on the medium-term outlook.

Brett Gillespie More

Risk mismatch the biggest mistake

Only by understanding two factors can practitioners mitigate the risk of permanent loss of capital in emerging market companies.

Alex Duffy More

Forum Fodder 11 May 2018

This week in Forum Fodder: Michael Kitces - Robo-advisors not the future; Nick Griffin - Do stocks outperform T Bills?; Ron Bird - Momentum investing; Aaron Minney - Advice in retirement; Ken Rogoff - Trump's normal Fed.

Graham Rich, Publisher, PortfolioConstruction Forum More

Mark your diary

2018


25 May - Masterclass NZ (Akl)
17 Jul - Research Roundtable (Syd)
18 Jul - Research Roundtable (Mel)
22-23 Aug - Strategies Conference (Syd)
9-12 Sep - CIMA IMAC (Syd)
20-21 Sep - IMR Conference (Syd)
13-20 Oct - Research Roundtable Intl (US)
27 Nov - Research Roundtable (Syd)
28 Nov - Research Roundtable (Mel)
2019
19 Feb - Markets Summit (Syd)
20 Feb - Finology Summit (Syd)
14 Mar - farrelly's User Group (Mel)
19 Mar - farrelly's User Group (Bne)
21 Mar - farrelly's User Group (Syd)
17-20 Mar - CIMA IMAC (Syd)
9 Apr - Research Roundtable (Syd)
10 Apr - Research Roundtable (Mel)
11 Apr - IMR Workshop (Syd)

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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