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G'day
I guess all industries love
TLAs (three letter abbreviations, in case I've lost you). Here's a new
one - EQMF (ok, it's a four letter abbreviation, maybe we've
exhausted all possible TLAs). This week's Fodder kicks off with a
review by Dom McCormick of the TLA-ridden ASX-listed and quoted managed
fund universe, prompted by the recent listing of the Magellan Global
Fund (an EQMF). Dom notes that while there's now enough of a listed fund
universe to build a properly diversified portfolio, that increased
choice brings a lot of complexity for investors, advisers, researchers
and platforms.
Moving from the local to the
global,
in a short blog, Harvard University prof and ex chief economist of
the IMF, Ken Rogoff argues that the idea that hyper-low interest
rates are merely symptoms of deficient demand or financial repression is
dangerously simplistic.
On CPD Campus, Angela reviews
a seminal paper by
Don Ezra looking at how retirees can manage investment and longevity
risk in a defined contribution world. Read Don's paper and sit the
CE quiz to earn 0.75 CE points.
Rounding out this week's
Fodder, we feature two high conviction market insights. Firstly, Ron
Temple's excellent 20-minute presentation from Markets Summit.
Ron argues that despite all its challenges, the US stands out in a low
growth world. This was voted one of the top 3 presentations by Markets
Summit delegates - "attend" it online and you'll see why. And then, SSgA's Kevin Anderson argues his high conviction idea that
this year, the macro will not equal the market (i.e. return).
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All the best for some great
weekend learning! - Graham
P.S. Calling all analysts, consultants and portfolio managers from
financial planning firms, family offices, retail fund research houses,
platforms, and manage-the-manager fund managers! Apply for the
BlackRock/PortfolioConstruction Forum CIMA
Scholarship. CIMA has become the mark of an investment research
professional. |
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LATEST... |
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ASX fund choices
The recent listing of the Magellan Global Fund has essentially
introduced a new structure into the ASX-listed and
quoted fund universe. With more choice comes more complexity.
Dominic McCormick, Select Asset Management
| Opinion
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The stock-bond disconnect
How should one understand the disconnect between the new highs reached
by global equity indices and the new depths plumbed by real interest
rates worldwide?
Kenneth Rogoff, Harvard University
| Opinion
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How should retirees manage risk in a DC world?
This paper offers a surprising amount of information and interesting
ways of framing investment issues in retirement, along with analysis of
longevity vs investment risk.
Angela Ashton, PortfolioConstruction Forum
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0.75 CE | Research
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The US stands out in a low growth world
Challenges of de-leveraging, widening inequality and structural reforms
limit growth in developed markets. The US is the most advanced in
addressing these.
Ronald Temple, Lazard Asset Management
| Resources
*
Rated in the top 3 presentations by Markets Summit 2015
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Macro will not be the market
Macroeconomic outlooks may differ from where you can receive market returns. The outlook can be summarised in three words - improvement, divergence, decoupling.
Kevin Anderson, State Street Global Advisors
| Opinion
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Member
comments
Not a bear
I saw a comment to
the effect that bears were more numerous at this year's Markets
Summit...
I am in Europe now talking to institutional investors and the mood
definitely leans toward a 'melt-up' in asset prices and, in my judgment,
higher volatility as well.
Robert Gay, Fenwick Advisers
| Comment
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RECENTLY... |
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The oil bubble implosion
Since the 1980s, oil prices have fallen 50% or more over six months just
twice - including last year. Was oil a bubble which has now imploded? Or
will it bounce back?
Louis-Vincent Gave, GaveKal
| Opinion
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Cyclical and structural implications of the oil price fall
The collapse in oil prices in the second half of 2014 is very large in a
historical context. This paper explores the implications for
portfolio construction.
Dr Jonathan Mirrlees-Black
| White
Paper
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Currency management - to hedge or not to hedge?
Currency risk is a significant issue for Australian investors. This
paper summarises the research on optimal hedge ratios for international
equities exposures.
Angela Ashton, PortfolioConstruction Forum
| 0.50 CE | Research
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Break-up of the eurozone is inevitable
A currency union absent of full political union is inherently unstable.
After the first country exits the eurozone, markets will attack the next
most vulnerable.
Bruce Campbell, Pyrford International
| Resources
* Winner of the Delegate's Pick Award at Markets Summit 2015
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The world is a confusing place
With 20 speakers at Markets Summit 2015, there were inevitably
conflicting views. This year, the bears outnumbered the bulls and the
mood was noticeably downbeat.
Greg Bright, Investor Strategy News
| Opinion
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The great unwinding
The world economy today is defined by the unwinding, the reversal of
several very long-term economic trends - and they have economic and
investment implications.
Robert Baur, Principal Global Advisors
| Opinion
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Member
comments
Academy Summer Seminar - Key takeout
I need to do more
work on emerging markets. At the height of the BRICs days, every second
word appeared to be "decoupling", yet in Lazard's commentary it states
it believes emerging market equities "require steady global growth free
of exogenous shocks in order to significantly outperform developed
market equities". Are there real diversification benefits from emerging
markets or is this simply a high beta play?
Sally Campbell, JBWere
| More
about Academy
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PLUS...
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