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G'day
This week's Fodder highlights five of the 10 highest rated sessions from
our recent PortfolioConstruction Forum Conference - Risk and Return (&
Relating). First up is entertaining economist, London-based
Chris Watling, who shows why
record low levels of volatility - while natural for this stage of the
cycle - should be feared rather than embraced. Ex Harvard prof, Ryan
Taliaferro, explains
an approach to
decoupling risk and return to reduce portfolio risk without
reducing average return. Psychologist Dr David Lazenby - who
consults to The Federal Reserve and sits on three HNW investment
committees i.e. he "gets" our world - explains why all
practitioners, whether investor facing or not, need to
learn to give positive Return on Attention, Intimacy and Empathy if they
want their messages to hit home. Sanjay Natarajan argues that
investors' increasingly short-term psyche has one benefit -
it creates a time arbitrage opportunity for those with longer investment
time horizons. Lastly, while each of the Conference sessions can
stand alone perfectly well, starting |
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with my
Conference introduction will help tie them all together so that the sum is
greater than the parts.
All the best for some great weekend learning - Graham
P.S. The
Conference Resources Kit is now available and each week
going forward, we'll
include a Conference session or two in our regular "mixed bag" Fodder.
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LATEST...
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Quiescent markets – why is volatility so low?
With global volatility at multi decade
lows, the critical question is should we be worried or relaxed? What next? In fact,
quiescent markets should be feared, not embraced.
Chris Watling, Longview Economics
| Resources
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Reconnecting the three Rs - Risk & Return (& Relating)
The last decade has seen a distinct disconnect between investment risk
and return, versus what we're taught should be the case.
Graham Rich, PortfolioConstruction Forum
| Resources
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Risk & return: Two investment approaches
If risk and return are imperfectly linked, there is opportunity to
increase average return, without increasing risk - particularly in
equity markets where risk is mispriced.
Ryan Taliaferro, Acadian Asset Management
| Resources
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The power of the 3rd R
To flourish in the robo-advice era, portfolio construction practitioners
must provide clients with a positive Return on Attention (ROA), Intimacy
(ROI) and Empathy (ROE).
Dr David Lazenby, ScenarioNow Inc
| Resources
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Lengthening the investment time horizon
Company fundamentals don't change nearly as much as equity market prices
- and therein lies an opportunity for investors with a longer-term view.
Sanjay Natarajan, MFS Investment Management
| Resources
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RECENTLY...
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Slick LICs
IPOs of LICs continue. But LICs have unique challenges and complexities
that make them a complicated investment decision - which is certainly
not the way they are marketed.
Dominic McCormick, Select Asset Management
| Opinion
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comments
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A return to valuation-driven markets
Over the next year or two, asset prices will no longer be driven by
economic stats and monetary policy. Three major rotations are likely to
continue and gather pace.
Anatole Kaletsky, GaveKal
| Opinion
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Dysfunctional risk and return
In many cases, fundamental risk and return characteristics have been
shown the door as funds have flowed into perpetually lower yielding
income asset classes.
Mark Kiesel, PIMCO
| Resources
*** One of the top 10 rated sessions at Conference
2014 ***
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Finding smart beta in the factor zoo
This paper argues that to make choices regarding smart betas we must
first assess whether they're robust. Luckily, it concludes, most
so-called factors can be ignored.
Angela Ashton, PortfolioConstruction Forum
| Research
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The big differences with EM debt
EM debt is a relatively new asset class. In liquid format, it's only
been around for about 20 years - and the most attractive part of the EM
debt market has yet to re-rate.
Arif Joshi, Lazard Asset Management
| Opinion
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PLUS...
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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.
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as we release new articles on
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