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G'day
New Chairwoman, Janet Yellen,
gave her first press meeting yesterday -
and spooked markets. So this week's Fodder kicks
off with a memo on the topic received overnight from Dr Robert Gay (a speaker at
the recent Markets Summit 2014). Having worked at the Fed for
8 years as senior economist (mostly under Volcker), Bob's got a unique
perspective on the Fed's inner workings and we're fortunate to be able
to share his
insights
into what yesterday's Fed
release actually means. Economic 'rock star',
Ken Rogoff looks at what he calls four "formidable challenges"
to future generations enjoying a better quality of life. Angela
Ashton looks at
two new reports on the conditions under which active management can
outperform.
Michael Kitces asks how much clients really withdraw in retirement
and what that means for firms with an ageing client base. We also
highlight the presentation that won the Delegates' Pick Award for Best
Markets Summit 2014 Presentation - Magellan's
Hamish Douglass, arguing
why the US recovery will surprise on the upside,
and the very significant implications for portfolios. If you've not
yet had a chance to dive into the
Markets Summit Resources Kit, this is |
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a great session to get you started. Last but not least, State Street's Chris Probyn explains
why
2014 is likely to be a year of genuine improvement in the global economy.
As always, all the best for a great weekend's learning and week ahead - Graham
P.S. Check out our theme for
PortfolioConstruction Conference (19-21 August
2014) Reconnecting the three Rs: Risk & Return (& Relating)
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Perspectives -
latest |
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Heading for the exit
The Fed's clear message from yesterday's FOMC meeting is that it will
stay the course on exiting QE as gracefully and slowly as possible.
Dr Robert Gay, Fenwick Advisers | Opinion
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Malthus, Marx, and Modern Growth
Will each future generation continue to enjoy a better quality of life
than its immediate predecessor? It's likely, but the risks seem higher than a few decades ago.
Kenneth Rogoff, Harvard University | Opinion
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Thoughts on investing - scale and skill in active management
It's the eternal debate - can active management outperform? Two recent
reports - one from Warren Buffett, the other academic - offer some interesting insights.
Angela Ashton, PortfolioConstruction Forum | Research
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How much do clients withdraw in retirement,
really?
As the logic goes, retired clients deplete their portfolios and pass away as the years go by, so a firm with aging clients is akin to a
rapidly depreciating asset. Is this true?
Michael Kitces, Pinnacle Advisory Group | Opinion
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Why the US recovery will surprise on the upside
There are
sign-posts that clearly suggest the US is ready to surprise on the upside,
with significant implications for portfolios.
Hamish Douglass, Magellan Financial Group | Resources
* Awarded
Delegates' Pick Award for Best Markets Summit 2014 Presentation
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A year for genuine improvement
2014 is likely to be a year of genuine improvement in the global
economy, and one where uncertainty is rather low.
Christopher Probyn, State Street Global Advisors | Opinion
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Perspectives -
recently |
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Russia's permanent interests
If you believe the US has the Crimean situation under
control, plan for a bullish scenario for risk assets. Plan for the
opposite, if you believe Putin will prevail.
Louis-Vincent Gave, GaveKal | Opinion
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Global investing trend has much further to go
Australians are waking up to the fact that they have not had enough
global (mainly equity) exposure. Why the case for more global exposure
now?
Dominic McCormick, Select Asset Management | Opinion
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Safe withdrawal rates in retirement - an Australian perspective
A new research paper looks specifically at withdrawal rates in the
Australian context, confirming the legislated minimums for account-based
pensions are much too high.
Angela Ashton, PortfolioConstruction Forum | Research
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Using social proof to help clients make better decisions
If we're explaining a "norm" to clients that embeds a social proof, we
should be using norms that show what is successful, not describing the
commonality of failure!
Michael Kitces, Pinnacle Advisory Group | Opinion
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Two reasons for US micro-cap stocks for the next 5-10 years
Increasing corporate activity in the US, and a more positive US
macro-economic backdrop make US micro-cap stocks a good place to invest
for the next 5 to 10 years.
Chris Cuesta, Thomson Horstmann & Bryant | Opinion
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Calendar of
live programs |
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PortfolioConstruction
Forum Conference - 19-21 August 2014
Since 2002, PortfolioConstruction Forum Conference has gained a
reputation as THE investment conference of the year. Presented in Sydney
each August, it is our flagship program - a jam-packed, marathon
three-day, 25-hour program featuring 40 intensive, objective,
interactive sessions and more than 50 carefully selected local and
international portfolio construction experts. It is a companion program
to the annual Markets Summit held in Sydney each February.
Preview the theme "Reconnecting the three Rs - Risk & Return (&
Relating)"
&
Mark your diary! 19-21 August 2014
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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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