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G'day
This week's Fodder starts with
a video and white paper by my friend and regular PortfolioConstruction
Forum keynote, Woody Brock.
Woody offers his thoughts on four issues that "matter a lot" in his
view. When Woody says something matters a lot, we should all sit up and
take notice. He's one of the best economic thinkers you'll meet (e.g.
his mentor was John Nash, a Nobel Laureate in Economics).
Dominic McCormick discusses the key challenge of successful investing
- being different to the crowd. He points to Howard Marks' recent memo
(linked to Dom's article, and well worth a read too).
Anatole Kaletsky
(the Kal in GaveKal) looks at the pricing of Uber - which he says was
the most important financial event last week (and last week was a big week
with US payroll data, the ECB meeting and Putin softening on Ukraine, so
that's saying something). Then,
Harvard's Ken Rogoff argues that
currency modernisation by central banks is long overdue (i.e. switch
from paper to electronic to allow for below zero nominal rates). And,
lastly, we feature a really interesting session |
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from the recent Symposium NZ
2014 program in which Prof Robert MacCulloch
discusses the truth as to
whether regulation makes markets
more efficient or causes markets to produce lower returns - his
conclusion is not what you'd expect.
All the best for a great weekend's learning -
Graham
P.S.
PortfolioConstruction Forum
Conference (19-21 Aug) registration opens next week.
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LATEST...
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Four things that matter in 2014 and beyond
Here are some brief thoughts on four issues that matter a lot, in our
view. Two have been poorly discussed in the financial press, and the
other two have been ignored completely.
Dr Woody Brock, SED | Opinion
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Dare to be great – the challenge of being different
Investing differently gives no certainty of great results (increasing
the odds of being wrong as well as right). But it is necessary for great performance.
Dominic McCormick, Select Asset Management | Opinion
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An Uber bubble awaits
Possibly, last week's most important financial event was not US
payroll data, the ECB, or the rapprochement with Putin. It was the
pricing of Uber, at 60 times rumoured revenues.
Anatole Kaletsky, GaveKal | Opinion
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The 4% non-solution
Moving to a twenty-first-century currency system would make it far
simpler to move to a twenty-first-century central-banking regime as
well.
Kenneth Rogoff, Harvard University | Opinion
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Is regulation good or bad for investment markets?
Recorded at the recent Symposium 2014, this session examined the truth
as to whether regulation makes markets more efficient or causes markets
to produce lower returns.
Prof Robert MacCulloch, University of Auckland | Resources
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Other good reads
Networks and hierarchies
- Niall Ferguson contends that for all the world’s states - democratic
and undemocratic alike - the new informational, commercial, and social
networks of the internet age pose a profound challenge, the scale of
which is only gradually becoming apparent.
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RECENTLY...
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The Great Backlash
Today's backlash against trade and globalisation should be viewed in
the context of what, as we know from experience, could come next.
Nouriel Roubini, Roubini Global Economics | Opinion
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Tomorrow is not a game changer
Tomorrow we expect to see the latest Band-Aid solution being applied to
the eurozone. Forgive me if I don't roll out the barrel. As I see it,
there are four key problems.
Charles Gave, GaveKal | Opinion
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What a
wonderful world - around the world in 60 minutes
Recorded at the recent Symposium 2014, Jonathan discusses the prospects
of four key economies - the US, Europe, Japan and China - and the
implications for portfolios.
Jonathan Pain, The Pain Report | Resources
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Fureyous: How often should we rebalance
portfolios?
Across the industry, portfolio rebalancing is the norm - with little
agreement on the optimal frequency. So I experimented to find out which
frequency is best.
Michael Furey, Delta Research & Advisory | 2
comments | Opinion
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Home price beliefs in Australia
Are we any good at estimating the values of our homes? Surprisingly, on
average we are, according to a RBA study. It also found a link to
weightings of risky assets in portfolios.
Angela Ashton, PortfolioConstruction Forum | Research
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Other good reads
Unstoppable $100 trillion bond market renders models useless
- Bond-market professionals including the US Federal Reserve are
reassessing whether they're using the right tools to determine whether
bonds are cheap or expensive.
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PLUS...
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Mark Your
Diary: PortfolioConstruction
Forum Conference (20-21 Aug)
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)"
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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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