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G'day
This week's Fodder is very market focused - and it's not all negative!
Anatole Kaletsky (the "Kal" in research house, Gavekal) makes the case
that the equity market gains of 2009-13 may be
a prelude to a longer term upswing in equities.
On the flip side of the coin, Robert Shiller argues that some financial
market experts (an increasing number of whom) warn of
grave dangers if speculative price increases are allowed to continue
unimpeded are right to do so,
even if they can't prove there is cause for concern. On a related
note, we feature a great thought piece from quant guru, Cliff Asness,
talking about
ways to bridge "the returns gap"
as he terms it - i.e. how to make up for what many expect will be lower
long-term returns.
(FYI - Cliff's speaking at Conference in a few weeks' time.) Still on a
market's theme, Australian quant Michael Furey explains
why it's so tough for bond managers to outperform a market cap-weighted
benchmark.
And finally, we feature Jeremy Grantham's annual |
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"Summer Essays" in which he touches on four issues - including
the key investment lessons he's learned (from his mistakes) over 47 years
of investing.
It's fascinating!
All the best for some great
weekend learning - Graham
P.S.
Conference is nearly sold out - so don't delay registering
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LATEST...
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The 5% solution
Going forward, instead of 5% real, traditional stocks and bonds will
offer about 2.5%. But there are many things you can do to bridge the
gap.
Cliff Asness, AQR Capital Management | Opinion
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The case for a structural equity bull market
Are equities at the end of a five-year cyclical bounce or are they at
the start of a 15-year structural breakout? History suggests two
directly contradictory answers.
Anatole Kaletsky, GaveKal
| Opinion
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Booming until it hurts?
Those who warn of grave dangers if speculative price increases are
allowed to continue unimpeded are right to do so, even if they
cannot prove there is cause for concern.
Robert J. Shiller, Yale University | Opinion
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Summer essays
Investing is serious. It can and often is intellectually
compelling. But it should not be driven by excitement, as it is for
many individuals, and when treated that way will almost always end
badly.
Jeremy Grantham, GMO
| Opinion
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Market cap-weighted bond indices - always tough to beat
It is not surprising that bond managers have significant difficulty
in outperforming a market cap-weighted benchmark.
Michael Furey, Delta Research & Advisory | Opinion
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RECENTLY...
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Invest in communicating about investing
As investment professionals, we live investing every day. We spend
excessive time reporting and not enough 'rapporting.'
Prof Jack Gray, UTS | Opinion
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Where investing meets investors
Three critical and interrelated aspects of practically managing
client portfolios: constructing portfolios using buckets;
diversifying human vs financial capital; and, the Withdrawal Policy
Statement.
Michael Kitces, Pinnacle Advisory Group
| Resources
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Behavioural finance vs standard finance
This paper is a great introduction to why behavioural finance is quickly
becoming recognised as a field that can add real value to the wealth
management industry.
Angela Ashton, PortfolioConstruction Forum
| Opinion
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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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PLUS...
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Register now: PortfolioConstruction
Forum Conference (19-21 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.
Register now
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date - follow us @PortfolioForum
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