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G'day
It's only 10 years ago that I was bailed up by a disgruntled delegate at PortfolioConstruction Forum Conference
2004, because "the program had
far too much focus on China, which has no relevance to his clients". It
was just one session, with Jonathan Pain predicting the economic rise of
China. Ten years on, and it's accepted as self evident that portfolios
should be exposed to China's growth. That got easier on Monday, with the Shanghai stock market (A shares) finally
opening to individual foreign investors (you need a HK-based
broker). Together, HK and Shanghai are the third largest stock market in
the world by market cap (ahead of London, Euronext and Tokyo). No doubt,
some readers will be dismissing this as "irrelevant" too - but this
week's Fodder features two articles on why it's not. Firstly, Dom
McCormick explains
why China A shares may well be a good investment and how to get
investor's past their negative perceptions. Then, GaveKal explains why
those who believe in the rise of the Chinese consumer
may well want to take a hard look at "buying Shanghai".
On a different note, Angela
Ashton
reviews the recent Cooper/Pfau retirement income planning white paper.
It's a one-stop review of the 10 major approaches. Carrying on the discussion of recent weeks, Robeco
defends the low vol approach against the charge that it's becoming
overcrowded. Finally, we highlight David Lazenby's top-10 rated
Conference 2014 presentation on
being better "choice architects" and
"decision reassurers" ourselves and for our clients.
You'll also see that we're featuring some Member |
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comments
on what they've been reading in Fodder. We're called this a
"Forum" for a reason... and I encourage you to also jump in and add your own
perspectives on the Perspectives featured in Fodder!
All the best for some more great weekend learning - Graham
P.S.
Mark your diary: Markets Summit 17 Feb 2015. Registration opens soon!
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LATEST...
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China A shares emerging from the bear?
Despite strong returns, it's still hard for investors to think
positively about China A shares. The key is to envisage
what the world will look like in 10 to 15 years.
Dominic McCormick, Select Asset Management
| Opinion
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Now that you can, should you buy Shanghai?
The world's biggest inaccessible stock market is finally open to
foreigners. Those with strong convictions about the rise of the Chinese
consumer may want to take a hard look.
Thomas Gatley, GaveKal
| Opinion
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The Yin and Yang of retirement income philosophies
This white paper serves up a retirement income planning "buffet" -
reviewing the two main opposing philosophies and the range of strategies
that span the divide.
Angela Ashton, PortfolioConstruction Forum
| Research
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Are low-volatility stocks overcrowded?
Ten years ago, hardly anyone talked about low-volatility investing. Now
there's growing concern it is becoming an overcrowded trade. There are
four arguments against this.
David Blitz & Pim van Vliet, Robeco
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Paper
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Conference
2014 Top 10
The power of R³
It is given that we all are wired to act foolishly sometimes, so how can
we be better "choice architects" and "decision reassurers" for ourselves
and our clients?
Dr David Lazenby, ScenarioNow Inc
| Resources
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Member
comments
Efficient and safe retirement drawdowns
So I guess simply using the annual (or other periodic) draw downs to also
rebalance should work, and efficiently?
Comment
Low beta anomaly - mispricing or risk?
I agree with the author of this article totally. Volatility is just an
indication of unknown risk or uncertainty...
Comment
Slick LICs
Do you remember when Platinum Capital (PMC) traded at a 20-25% premium
to NAV? Back then, people made similar arguments as to why it was
structural...
Comment
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RECENTLY...
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Celebrity central bankers
There are good reasons why central bankers receive so much media.
But the bubble around their pronouncements grossly
exaggerates their economic significance.
Kenneth Rogoff, Harvard University
| Opinion
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Why are bond yields so low?
The answer seems obvious. But more complicated forces are
at work that have reduced real interest rates far below historic norms
and may keep them low for many years yet.
Dr Robert Gay, Fenwick Advisers
| Opinion
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IS is irrelevant - Libya is relevant
The media continues to obsess about IS - but the far more
investment-relevant development in the Middle East is the return
of Libyan crude into a well-supplied market.
Marko Papic, BCA Research
| Opinion
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Managing sequencing risk - buckets v rebalancing
In managing sequencing risk, we may not be giving simple rebalancing
nearly the credit it deserves to accomplish similar or better results
than more complex approaches.
Michael Kitces, Pinnacle Advisory Group
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comment | Research
paper
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Risk parity portfolios and the low beta premium
In recent years, the risk parity approach to asset allocation has been
gaining popularity. Evidence supports the approach but confidence in it also
needs a theoretical justification.
Cliff Asness, AQR Capital
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PLUS...
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