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PortfolioConstruction Forum


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 Friday 02 October 2015

Independent continuing education for investment portfolio construction practitioners

A quick message from the Publisher
CPD accreditation for the PortfolioConstruction Forum Conference 2015 was loaded to MyCE on Monday, and we emailed delegates to let them know. We're now loading the CE quizzes to each of the Conference sessions - so whether you attended Conference or not, you can "attend" online and earn CPD. (And, if you did attend, don't forget there are another 16 Due Diligence Forum sessions you can attend online to earn more CPD.)
All the best for another great weekend's learning! - Graham


Faith in central bank omnipotence is fading fast
Markets have a habit of coming along and kicking you in the teeth when you least expect it - and often when you are most confident you know what you are doing. The bull market in central bank omnipotence is probably over..
Dominic McCormick, Select Asset Management

Crisis and complexity
Crisis and Complexity explores over a dozen economic and financial catastrophes since 1720, focusing on both the unique characters and historical events that shaped each crisis as well as their common recurring pattern.
Ross Barry, First State Super Opinion

At the crossroads... Retirement income certainty - is it an oxymoron?
3 strategies to manage retirement income uncertainty
The danger that “sequence of return risk” can devastate a retirement portfolio is both increasingly recognised and frequently misunderstood. Three concrete, research-driven strategies can help manage it.
Michael Kitces, Pinnacle Advisory Group | 1.00 CE Resources
* Rated in the top 10 of 40 presentations by Conference 2015 delegates

A widely accepted portfolio construction flaw
The typical approach to portfolio construction in the world of financial planning is a two-step process encompassing asset allocation and investment selection. It is the second step where a major flaw exists.
Michael Furey, Delta Research & Advisory

In defence of manager research
Three Oxford University professors wrote a research paper in 2013 severely criticising consultants for failing to pick winners via their fund manager research. The New York Times picked it up. But the fact that consultants couldn't identify gold medal winners in advance doesn't matter. Consistent silver is better than occasional gold.
Don Ezra, Russell Investments | Opinion

Member comments
Thanks for responses
I don't think I was implying that they're holding onto assets at all...
Michael Furey, Delta Research & Advisory

FOFA considerations
One of the big problems confronting advisers today is the massive level of compliance in relation to fund switching etc, under the FOFA rules.
Steve Blizard, Roxburgh Securities


The Fed throws EMs a lifeline
Yellen has confirmed what should have been obvious all along - the Fed is not indifferent to international financial stress and its risk management approach remains strongly biased in favour of "lower for longer". But four things about US monetary policy are frequently misunderstood.
Anatole Kaletsky, GaveKal

What do 1987, 1998, 2005 and 2015 have in common?
In all of 1987, 1998, 2005 and 2015, the US economy was close to full employment, inflation was tame, commodity prices low, EMs were under financial strain, volatility roiled financial markets, the US dollar was strong, and US monetary policy was excessively generous. And what followed?
Dr Robert Gay, Fenwick Advisers Opinion

Crossroads... Alpha & Smart Beta… fact, fallacy or fantasy?
After wasting the Goldilocks Era, EM are at a crossroads
EM policymakers have wasted their commodity-fueled Goldilocks Era and are sitting at a crossroads. Without a dramatic policy shift, EM are a value trap, if not an outright bubble.
Marko Papic, BCA Research
* Rated in the top 5 of 40 presentations by Conference 2015 delegates

Investing around human capital
Focusing on a client's investment portfolio alone ignores their greatest asset - their ability to continue earning income through the fruits of their labor, also known as their "human capital". Deciding how much risk to take with financial capital given a client's human capital risks is crucial.
Michael Kitces, Pinnacle Advisory Group Opinion

The boutique premium
While the debate over the value of active investment management has intensified in recent years, the outperformance of boutique managers over non-boutiques and indices has been overlooked.
Affiliated Managers Group
| 0.75 CE White Paper

Opportunity in turmoil
Turmoil often provides a fantastic opportunity to reassess one's portfolio - and we're currently going through exactly such turmoil. The question is: what are the critical issues that investors should focus on as they rethink portfolio positioning today?
Vadim Zlotnikov, AB Global Opinion

Member comments
Real Return funds…lacking reality?
Michael, I'd agree that CPI + 5% is certainly a tough target, and even more so in this current environment...
Andrew Ash, Wealth Market

Real Return funds…lacking reality? Or are they?
David and Andrew have put it almost exactly how I would put it. Michael, your article implies that the Objective Based investment funds are doing nothing more that holding on to assets...
Paul Hodson, Abbotts Wealth Management

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