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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.
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G'day
Following on from Dr Woody Brock's warning in last week's Fodder that
the 35-year equity market bull is over, this week's Fodder leads with
Bill Gross, now at Janus Capital after 42 years with PIMCO, explaining
his
sense that
the secular bull market is ending with a whimper, not a bang - and what
that means for investing.
Obviously, Bill has a strong investment philosophy, something that's at
the heart of what PortfolioConstruction Forum aims to foster in Members.
This week Angela reviews
two papers that show that managers (and practitioners, I'd argue) have a
better chance of adding value if they have a clear and robust investment
philosophy on how they believe they can generate it!
For its latest "Undiscovered
Fund", Zenith Investment Partners highlights a fund that plays to
Bill's key point about the future of investing - an unconstrained
strategy (in this case, aiming to generate absolute returns with less
than half the volatility of global equities, irrespective of market
conditions).
For those who are pondering the future of emerging markets - including
the implications of a slowing China - Jeremy Lawson's excellent "Not
another Emerging Market crisis" white paper shows that overall,
another emerging market crisis is unlikely.
Finally, Tracey
McNaughton's recent Markets Summit presentation precedes
Bill Gross in arguing that
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structurally lower interest rates will require
more unconstrained debt investing and a greater focus on downside risk
management.
All the best for some great
(brave new investment world) learning! - Graham
P.S.
It's not too late to join 220 of your fellow Practitioners and 20+
leading investment experts at Symposium NZ 2015 (19/20 May, Auckland)!
Register now. |
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LATEST... |
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A sense of an ending
I have a sense of an ending, a secular bull market
ending with a whimper, not a bang. Only the timing is in
doubt. Because of this sense, I have increasingly a
great unrest. You should too.
Bill Gross, Janus Capital Group
| Opinion
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The role of investment philosophy in evaluating managers
Managers have a better chance of adding alpha
if they have a clear philosophy of how they generate it,
according to research on the importance of an investment philosophy.
Angela Ashton, PortfolioConstruction Forum
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1.50 CE
| Research
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Undiscovered Fund: Active multi-asset/alternatives
strategy
An actively managed, multi-asset/alternatives strategy
that is positioned to generate absolute returns, with
less than half the volatility of global equities,
regardless of market conditions.
Zenith Investment Partners
| Research
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Not another Emerging Market crisis
After a run of rapid improvement in living
standards last decade,
emerging markets will face a more challenging outlook -
not a crisis - over the next few years.
J Lawson & N Jaquier, Standard Life Investments
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2.00 CE
| White
Paper |
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Limbo lower - real rates are at a structurally lower
level
Navigating the lower limbo stick will require more
unconstrained investing, greater consideration of the
chosen benchmark, and a greater focus on downside risk
management.
Tracey McNaughton, UBS Global Asset Management
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0.50 CE
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Resources
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Member
comments
Academy
Autumn Seminar - Key takeout
China's CCP has the utmost determination to stay in
power and they plan well into the future. Cracking down on
corruption solves two issues - improving businesses
practices and a chance to clean house of one's rivals.
Charlie Creswick, Ottomin Investment Group
| Comment
Academy Autumn Seminar - Key takeout
Understanding an individual's time perspective can help
us understand what motivates them and why they have
certain biases. Among other things, it is a useful
rapport building tool.
Vijay Srinivasan, Colonial First State
| Comment
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RECENTLY... |
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Why the 1981-2015 equity bull market will not be
repeated
We are reminded daily that the US stock market has
achieved record highs between 2009 and today. But the
true bull market covers 35 years. What does an
understanding it tell us about the future? The answer
is: a lot.
Dr Woody Brock, SED
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1.00 CE
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Opinion
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Size matters, if you control your junk
In recent years, academics have been at war over whether
the small cap premium exists. This recent paper finds it
does - if you control for quality - and that it is
significant, and not time or market specific.
Angela Ashton, PortfolioConstruction Forum
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2.00 CE
| Research
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Should we focus on E/P instead?
Is it time to start thinking more about E/P ratios than
P/E ratios? After all, predicting that returns may be
higher or lower with a low (or high) earnings yield (and
a corresponding P/E ratio) really isn't so
controversial.
Michael Kitces, Pinnacle Advisory Group
| White
Paper
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No one likes to pay taxes
In maintaining "no taxation, no representation" deal
with its people, China's leadership appears to be going
down a path that would see index funds as forced buyers
of Chinese equities.
Louis-Vincent Gave, GaveKal
| Opinion |
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China equities: Is the rally sustainable?
A surprise rate cut in November 2014 and investor
expectations of further easing measures have triggered a
strong rally in China equities - both A shares, and in
the last three weeks, H shares. Can it last?
Tai Hui, JP Morgan Asset Management
| Opinion
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Member
comments
Lower for longer
I
agree with your thinking here Tim. I would add, that in
addition to a slower growth in workers we have higher
growth in retirees.
Aaron Minney
| Comment
Academy
Autumn Seminar - Key takeout
Avoiding investments in order not to support PETS
concerns may not be conducive to maximising returns on
investments, respecting client sensitivities to PETS can
be very important in building long term client
relationships. In my experiences with clients you really
do have to "meet them where they live". I also like
"clients don't care what you know until they know you
care".
Jenny Atkinson, Xentinel Financial Services
| Comment
Academy Autumn Seminar - Key takeout
PETS can affect portfolios in many ways and their
influences are very hard to quantify. While themes may
be easy to provide commentary on, assessing whether they
will materially impact on portfolios is the hard part.
Jonathan Costello, Australian Unity Personal Financial
Services
| Comment
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PLUS...
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