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G'day
This week, Fodder leads with
Nouriel Roubini suggesting that we've all turned Japanese due to
policy makers following exactly the wrong policies (cue to read last
week's two lead articles on Japan if you haven't already).
Louis Vincent-Gave explains
the difference between "bad bubbles" and "good bubbles", and which
the (burst) commodities bubble qualifies as, and its investment
implications. It's a "must read" given the strong home bias of most
Australians' portfolios and therefore strong direct and indirect
exposure to commodities. Dom McCormick observes that
home bias is just as strong as ever, if discussion at the Eureka
Report's recent forum is anything to go by - but the recommendations in
the final Murray report (out this weekend) may increase the appetite for
global investing.
On the strategy front, Michael Kitces looks at
how best to take risk in client portfolios (think buckets and
barbells). It's not difficult to implement and it's very much in line with how
clients think.
Lastly, Alan Brown, recently retired from Schroders, offers
the
key investment lessons he's learned |
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over
his 40-year career, and explains their relevance to the next 20 years.
Alan's a fantastic
communicator and this swansong is chock full of insights and timely
reminders for all portfolio construction practitioners.
All the best for some more great weekend learning - Graham
Markets Summit (17
Feb 2015): Cyclical? Structural? Secular? Which really matter for the
outlook for markets? Registration opens Monday.
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LATEST...
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The return of currency wars
The right policies are the opposite of those pursued by the world's
major economies. No wonder global growth keeps disappointing. In a
sense, we are all Japanese now.
Nouriel Roubini, Roubini Global Economics
| Opinion
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A better class of bubble
Only the most die-hard peak-oil proponents, or other gold-bugs, fail to
acknowledge that the commodity bubble has burst. Is it a positive, or
negative, for markets?
Louis-Vincent Gave, GaveKal
| Opinion
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Trend to global investing still has much further to go
Recently, I attended the Eureka Report Around the World of Investing
Forum. The overwhelming impression was that global investing is very new
to many Australians.
Dominic McCormick, Select Asset Management
| Opinion
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Conference
2014 Top 10
How best to take portfolio risk
The traditional approach to portfolio construction is to own a
diversified portfolio, adjusting total risk up or down. An alternative
is to take a bucket approach.
Michael Kitces, Pinnacle Advisory Group
| Resources
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Lessons from the last 40 years for the next 20
Looking back over the last 40 years, it is clear that, in the next 20
years, successful asset owners and managers are going to listen to
Einstein and stop making things too simple.
Alan Brown
| Opinion
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Member
comments
The lack of comment on this article speaks
volumes...
As a stockbroker with a major national Firm, I can readily agree with
your observations [about exposure to China A shares]... Comment
The Yin & Yang
My
initial observations on your comments are
1. you're right about interest rates and divs in Australia...
Comment
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RECENTLY...
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Japan's election and the yen
By calling an election now, Abe is betting that a further big fall in
the yen - and a consequent further rise in the Nikkei - is no certainty.
He may well be right.
Louis-Vincent Gave, GaveKal
| Opinion
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Bad yen falling
Japan is not going to stop QE next year or the year after or the year
after that. This is not Zimbabwe printing money. Japan is important - what they do affects everything.
John Mauldin, Mauldin Economics
| Opinion
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Conference
2014 Top 10
Geopolitical risks are growing in East Asia
An emboldened China has taken a tough approach to its periphery. But
this doesn't necessarily spell doom and gloom for Australia and the
region.
Linda Jakobson, University of Sydney/Lowy Institute
| Resources
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The return of the dollar
The US dollar rally could contribute to the "rebalancing" that has long
eluded the world economy. But that is far from guaranteed given the
related risks of financial instability.
Mohamed El-Erian, Allianz
| Opinion
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Insights for evaluating active management
Statistics rarely tell the story clearly. With trial and error, I found
that looking at three dimensions of performance assisted my
interpretation.
Don Ezra, Russell Investments
| White
paper
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Member
comments
The Yin & Yang
Hi Guys, it's my first Post. I retired some 5 years ago - yes mid GFC,
and have a couple of observations... Comment
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PLUS...
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