Forum Fodder

PortfolioConstruction Forum


Our regular Forum Fodder email alerts Members to what's new on this site and with our live professional development progams. A sample of the Forum Fodder email is below.  Become a Member (with our compliments) to receive Forum Fodder and access our multi-media learning centre, (this site) featuring:
- Resources Kits - videos and podcasts of the sessions and accompanying papers from our live programs;
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   subscription services from local and international investment professionals and subject matter experts; and,
- CPD Campus - our online portfolio construction learning and accreditation resource.


 Friday 27 February 2015

The independent professional development service for investment portfolio construction practitioners


Fodder kicks off this week, with Dr Pippa Malmgren's very highly rated keynote from last week's Markets Summit program in which she explained how to pick out key economic signals from the info overload we all suffer.

Angela reviews Ibbotson's classic paper on the importance of asset allocation vs manager selection. It should be required pre-reading before anyone is allowed to build portfolios. Read the paper and sit the online CPD Quiz to earn CPD points.

Next up is regular Faculty member, Dr Horace "Woody" Brock, on the future prospects for oil prices - and why we shouldn't have been shocked at the collapse in the first place. You can watch his lecture and/or read his paper.

Also on markets, regular Faculty member, Chris Watling, makes a US recession risk call. It might seem improbable - but he has a habit of being right on big macro calls.

Lastly, back on asset allocation and investing, GMO explains why they're opting out of the good (the US) and buying the "bad and ugly" (Europe and Emerging Markets). 

All the best for some great weekend learning! - Graham

P.S. The Markets Summit 2015 Resources Kit is now live, so you can "attend" all of the 20-minute presentations. I guarantee you'll take away a bunch of high conviction ideas to apply to portfolios.


Economic signals are everywhere. By being alert, anyone can start to navigate through the turbulence of the world economy instead of being surprised by it.
Hon. Dr Pippa Malmgren, DRPM Group

Just how important is asset allocation?
In this seminal paper, Ibbotson confirms that after the decision to actually invest is made, asset allocation and manager selection are equally important.
Angela Ashton, PortfolioConstruction Forum
| 0.50 CE | 

4 reasons for collapsing oil prices (& future prospects)
Trader Anuraag Shah, who made a fortune betting on a declining oil price, summarised global astonishment at the collapse in oil prices - "It's bloody nuts!". Actually, no it isn't.
Dr Woody Brock, SED
White Paper

The risk of a US recession in 2016
The risk of a US recession in 2016 is the most important issue for investors. There are cyclical, structural and secular forces at work in this recession risk call.
Chris Watling, Longview Economics

Ditch the good, buy the bad and the ugly
Despite forecasters projecting superior US economic growth to continue, we're selling our beloved US quality stocks in favor of the problem children of the investing world.
Ben Inker, GMO

Member comments
Academy Summer Seminar - Key takeout

Lower oil prices seem to be with us for some time, unless the instability in the Middle East widens. The Saudis seem to be intent on adding supply to slow the progress of the US energy industry. We have started to see the effect with some companies now stalling. Lower oil prices are a positive for economic growth and company earnings. They also further cement the lack of inflation across the globe, allowing monetary policy to remain loose - positive for equities.
Paul Hocking, Hillross Financial Services
More about Academy


Markets Summit 2015 Great Debate - Intl vs Au equities
In this not-to-be-missed session of a not-to-be-missed program few prisoners were taken in debating the moot "overweight int'l equities, underweight Au equities".
Angela Ashton, PortfolioConstruction Forum

Currency tailwind losing force?
Investing globally is increasingly popular, with the expectation of a continued weak AUD being a big driver. But easy currency gains may have already been had.
Dominic McCormick, Select Asset Management

The science of spending (money can sometimes buy happiness)
New research suggests that sometimes, the best things we can do to improve our happiness may lie in NOT trying to maximise our wealth.
Michael Kitces, Pinnacle Advisory Group

All things considered - outlook for 2015
2015 has got off to an eventful start - we've seen dramatic changes only five weeks into the year. Here's where I see markets going in 2015. A couple of things really stand out.
Jonathan Pain, The Pain Report

Backgrounder: Cyclical? Structural? Secular?
This Backgrounder defines the terms "cyclical", "structural" and "secular" and provides examples, in order to increase the clarity of debate about what's really driving markets.
PortfolioConstruction Forum
White Paper

Member comments
Academy Summer Seminar - Key takeout

The Greeks probably feel like they are talking to the German coast guard at the moment... "Allo, Allo, vot are you zinking!!" Communication is so important - always be looking to getter a deeper understanding of our clients needs and concerns.
Pascal Julliard, Julliard Financial Services
More about Academy

As always, my over-riding philosophy remains "Buy in Gloom, Sell in Boom"
Whilst it is academically interesting to discuss the relative merits of alternative approaches to investing in Chinese equities, the reality is that at circa 3400, the Shanghai index is up almost 70% on where it stood at the start of FY15...  Comment


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