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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.
Become a Member (with our
compliments) to receive Forum Fodder and access our multi-media learning
centre, PortfolioConstruction.com.au (this site) featuring:
- Resources Kits - videos and podcasts of the sessions and accompanying
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papers, opinion papers and special interest
subscription services from local and international investment
professionals and subject matter experts; and,
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accreditation resource.
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G'day
Fodder this week is a mixed
bag, covering all three of our pillars - markets, strategies and
investing.
We start with features from three of our PortfolioConstruction Forum
core faculty members. In the first, Prof Jack Gray looks at
whether investors should pay much attention to "PETS" (not the four
legged variety) when investing. Tim Farrelly
lampoons the notion that bank hybrids offer equity-like risk for
bond-like returns and explains why he likes them for portfolios.
Fellow core faculty member, Dr Oliver Hartwich, then lampoons
the modern Greek tragedy. Paraphrasing Winston Churchill, Oliver
writes: "You can always count on Europeans to come up with the worst
solution – after they have explored all other bad options."
Joshua McCallum explains that having burned their bridges by voting no
in last Sunday's referendum,
Greece's only route is complete victory or utter failure, with Grexit
likely just a matter of time - and that may have been Mr Tspiras's
strategy from the outset. (A reverse Trojan horse, of sorts!)
Moving on to another market tragedy, Gavekal's Louis-Vincent Gave
explains
the real drivers of the Chinese equity market melt-up and melt-down, and
why the recent crash will prove to be a buying opportunity within a
structural bull market, akin to the October 1987 US stock market crash.
And, our CPD feature is
a new white paper on retirement spending strategies. Recent research
focuses on strategies that adjust withdrawals depending on investment
returns - the problem is, of course, that withdrawals then vary a lot
from year to year. So this paper looks at which of the new approaches
best smooths income for clients.
You may recall Dr Joanne Earl's "A
matter of time" feature that we published recently. In it, Jo explains the influence that
our Time Perspective has on
our retirement planning behaviour. Would you like to learn more about
your own Time Perspective and how it influences your planning? Or have
your clients do so? Jo and her students are currently looking for
participants over 45 years of age who are thinking about retirement or
who are already retired to participate in a research study.
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Participants will undertake online training modules and complete short
surveys over a three week period. The study has UNSW ethics approval (No. 2430). To
learn more, email
retirementtrainingadmin@unsw.edu.au
All the best for another great weekend's learning! - Graham |
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LATEST... |
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Should investors look after PETS?
Understanding PETS -
Political, Environmental, Technological/Scientific,
Social - factors is relevant, if not crucial, to us as
citizens. But to what extent are they relevant or
important to investing?
Prof Jack Gray, UTS
| Opinion
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Bank hybrids - equity risk with bond returns?
We hear this one a
lot. Overall, it's incredibly misleading. Bank hybrids
offer better than bond returns with higher than bond
risk, and lower than equity returns with much lower than
equity risk.
Tim Farrelly, farrellys
| Opinion
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Greece, from bad to worse
Whatever the EU now
decides at its summit on Sunday (the umpteenth, by my
count), it will be costly. It is unlikely to work. And
it was totally avoidable.
Oliver Hartwich, The New Zealand Initiative
| Opinion
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Burning bridges
Greece's creditors
are likely to find it very difficult to compromise.
Capitulate today and Greece will be back for more
concessions in future. Many politicians will want to
draw the line here and now, making Grexit highly likely.
Josephy McCallum & Gianluca Moretti,
UBS Global Asset Management
| Opinion
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Markets from China, media commentary from Uranus
Despite all the
negative ink that's been spilt over the recent collapse
in Chinese equities, we continue to believe that a year
from now there will be more marginal buyers of Chinese
equities than today.
Louis-Vincent Gave, GaveKal
| Opinion
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The best approach to adjustable retirement withdrawals
The classic 4% rule
holds withdrawals at 4% of the initial value of the
portfolio at retirement. A great deal of recent research
has focused on strategies that adjust withdrawals
depending on investment experience.
Joe Tomlinson, Tomlinson Financial Planning
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CPD
| Opinion
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RECENTLY... |
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Whistleblowers, witch-hunts and wisdom
Recent reports
covering IOOF have, in my view, widely missed the mark.
The media, politicians and industry participants who
have helped propel what to me looks like a witch-hunt
need to stop and think.
Dominic McCormick, Select Asset Management
| Opinion
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Crossroads: Is it lower rates for longer? Or back to
higher rates?
Will low interest
rates be with us for decades? Or are higher rates ahead?
Our Academy panel argues the case for "lower for longer"
versus "back to higher" - and the implications for
portfolios.
Hamish Douglas, Rob Mead, Chris Joye, Tim Farrelly
| 1.50
CPD
| Opinion
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Greferendum and the markets
Contrary to most of
headlines, the astonishing weekend events in Greece will
almost certainly prove bullish for risk assets around
the world and especially in Europe.
Anatole Kaletsky, GaveKal
| Opinion
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Shelter from the storm in Europe
The current focus on
the downpour in Greece is understandable. But we should
not be so distracted that we fail to prepare for two
other possible storms – and the possibility that they
converge into a perfect storm.
Mohamed
El-Erian, Allianz
| Opinion
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Four geopolitical issues to watch
Four "big picture"
geopolitical conditions will affect policy and markets
going forward - in order of importance, the South China
Sea, Russia returns, the end of Sykes-Picot in the
Middle East, and the unwinding of the EU.
Bill O’Grady, Confluence Investment Management
| Opinion
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Member
comments
Rising bond yields
It is very hard to
discern between Jonathan's reflation thesis and bond market sell
down/collapse due to extreme overvaluation as a result of QE...
James Rees
| Comment
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PLUS...
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