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G'day
Our quote for this week from
Peter Drucker is particularly apt - several of this week's articles look
at the facts and numbers behind some widely accepted investment beliefs.
But don't run in fear - none of the articles contain greek equations or
even simple ones. Well-known financial commentator, John Mauldin looks
at the numbers to
highlight bubbles everywhere (actually, the US), while Plato's Don
Hamson
shows the Australian equity market is well ahead of the US over the
last 10 years and since the GFC. Yet measuring something doesn't
necessarily make it true, as Michael Edesess (he of DFA
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critique fame) argues in his
latest "How
many monkeys does it take to find a successful strategy?". Finally,
Robert Shiller, famed mathematician and winner of this year's Nobel
Memorial Prize in Economic Sciences,
discusses whether economics is
science - comparing it to chemistry and other sciences that emerged in
the 19th century!
All the best for some great weekend learning - Graham
P.S. Markets Summit (18 Feb 2014) registration
opens Monday!
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"If you can't measure it, you
can't manage it" - Peter Drucker
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Perspectives -
latest |
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Bubbles, bubbles everywhere
We've seen this movie before. Financial bubbles happen regularly - what
is extraordinary is how much bubbles all look alike. Why are we seeing
so many bubbles now?
John Mauldin, Mauldin
Economics | Opinion
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How many monkeys does it take to find a successful strategy?
This recent article argues that some arguments used to validate
alternative forms of indexing have no mathematical basis and can be
proven false quite easily.
Angela Ashton, PortfolioConstruction Forum | Research
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Comparing apples with oranges
The
Australian equity market has lagged far behind the US this year. But the
S&P/ASX200 is actually ahead over the last 10 years and since the GFC
market lows.
Don Hamson, Plato Investment Management | Opinion
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Retirement monies - what to consider? What to do.
Baby boomer retirees need an investment approach that delivers both the
income they need and maintains the flexibility to meet their other
objectives too.
Aaron Minney, Challenger | Resources
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Is economics a science?
As one of the winners of this year's Nobel Memorial Prize in Economic
Sciences, I'm acutely aware of criticism of the prize by those claiming
economics is not a science.
Robert J. Shiller, Yale University | Opinion
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Philip Carman - "Science" of portfolio construction?
I've been watching for some years this debate going back and forth but
try as some might (and they appear to be willing to go to the most
extraordinary lengths to this end) you can't make portfolio construction
into a science... Comment
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Perspectives -
recently |
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Bubbles in the broth
The
2007-2009 collapse of equity, credit
and housing bubbles
led to severe financial crises and economic damage.
Are we at risk of another financial boom and bust?
Nouriel Roubini, Roubini Global Economics | Opinion
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How smart can beta be?
The term
"smart beta" is comparatively new but the idea of using alternative
methods to construct investable indices has been around a long time.
Does it actually work?
Angela Ashton, PortfolioConstruction Forum | Research
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Managing 3 shock risks for the next decade
Three key shock risks will affect investors over the next decade,
requiring a real difference in how we construct portfolios for
retirement.
Nick Bullman, CheckRisk | Opinion
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Research Review: Paying for performance
For what types of funds are performance fees warranted, and what is a
reasonable performance fee structure?
Compiled by PortfolioConstruction Forum | Opinion
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Next exit - the road ahead for the Fed
One Fed exit has become clear.
Chairman Ben Bernanke will hand over to Janet Yellen. The
second - exiting an era of ultra-loose monetary policies - is
fiendishly difficult.
BlackRock Investment Institute | Opinion
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Ben Brinkerhoff - You do pass judgement
It's striking to me that you comment in your
article, "It's not PortfolioConstruction Forum's place to judge," yet
the title of your article is "Why DFA's new research is flawed". Is that
not a judgment?... Comment
Deirdre Keown - It's not a judgement - it's the title of the paper
reviewed
The title of this article is the title of the paper that was being
reviewed. We always use the title of the paper being reviewed as the
title of our review… Comment
Stephen Duchesne - Growth v Value Redux, or Growth AND Value?
Like Michael Edesess I too was surprised and
somewhat disappointed to see the two titans, Fama & French, produce a
fundamentally flawed research piece... Comment
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Calendar of
live programs |
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Academy 2013/2014 applications now open!
Strictly limited to a select group of 75 senior,
experienced portfolio practitioners, PortfolioConstruction Forum Academy
is a post-graduate extension program to our other professional
development programs. It will enable you to
continuously develop, test, and validate your portfolio construction
philosophy and decision-making framework.
Our Academy 2013/2014 curriculum year kicks off again on Wednesday 20
November.
Find out more
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Keep up to
date - follow us @PortfolioForum
There's no need to wait until
our weekly Forum Fodder email to know what's new with PortfolioConstruction Forum.
Just follow us on Twitter to hear as soon
as we release new articles on PortfolioConstruction.com.au and
registration opens for our live programs.
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