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 Friday 23 October 2015

Independent continuing education for investment portfolio construction practitioners

Search has had a facelift
Regulars to will probably have noticed that our Search functionality has had a major upgrade - it's now much simpler for you to search out the continuing education papers, podcasts and videos most relevant to you and then sort the results by a number of criteria, including CE accreditation.
All the best for another great weekend's learning (and searching)! - Graham


Adjusting portfolio allocations based on your job
Arguably, the future of designing portfolios for accumulators in particular is that the asset class and sector exposures of the portfolio should be adjusted around the risk/return characteristics of the worker's job.
Michael Kitces, Pinnacle Advisory White Paper

Active share – winning the game of loans
There are two possible outcomes from the extreme debt levels in the global economy - high inflation or long-term below trend growth. The key dilemma is how to minimise this uncertainty and return dispersion.
Warryn Robertson, Lazard Asset Management Pacific Co.
| 0.75 CE Resources
* Rated in the top 10 of 40 presentations by Conference 2015 delegates

The finance industry is destroying the US economy
According to a Harvard Business School study, the percentage of US GDP attributable to the financial industry tripled from 1950 to the 2000s. Has any of this increase improved the services rendered by the financial services industry to the real economy?
Michael Edesess, EDHEC-Risk Institute
| Opinion

The imaginary threat of short-termism
The idea that financial markets are too focused on the short term is gaining ground in the media, academics and now, politicians. Upon closer inspection, the supposed negative consequences of investor short-termism appear not to be happening at all.
Mark Roe, Harvard Law School

Equity - Global
Factor Investing must be a strategic allocation
By avoiding unrewarded risk and by avoiding going against other factors, the risk return profile of factor investing portfolios can be improved further.
Rob van Bommel, Robeco
| 0.75 CE Resources
* Rated in the top 10 of 40 presentations by Conference 2015 delegates

Member comments
Earnings on investments
The analysis ignores income from investments. This partially replenishes the cash flow box and reduces the required initial size of the cash flow box.
deLancey Worthington, Segue Financial Services

Earnings on investments
...A good point. It does depend on how conservative you want to be - and relates to how stable you consider the income streams..
Tim Farrelly, farrelly's


A three box approach to building debt portfolios
With interest rates at record lows, it's a good time to revisit how we build debt portfolios. A three box approach can really help in making and communicating investment decisions for the debt part of portfolios.
Tim Farrelly, farrelly's | 0.50 CE2 comments White Paper

Why bond funds don’t belong in retirement portfolios
The efficient frontier for retirement income generally consists of combinations of stocks and income annuities - perhaps surprisingly, bond funds don't serve a useful role in the optimal retirement income portfolio.
Wade Pfau, American College White Paper

The great migration - investment implications
Europe needs migrants from a purely economic perspective. Potential GDP growth rate is a function of productivity and labor force growth - and Europe is weak in both.
Marko Papic, BCA Research
| 1 comment | White Paper

The Middle East meltdown and global risk
With the US on the way to energy independence, there is a risk that America and its Western allies will consider the Middle East less strategically important. That is wishful thinking - a burning Middle East can destabilise the world economically and socially.
Nouriel Roubini, Roubini Global Economics

At the crossroads... Alpha & Smart Beta... fact, fallacy or fantasy?
China is a nation at the crossroads
The reformist credibility of the Chinese government has been severely damaged by its market intervention, which could be very serious for the ongoing transformation of the world’s most populous nation.
Jonathan Pain, The Pain Report | 0.50 CE Resources
* Rated in the top 10 of 40 presentations by Conference 2015 delegates

Member comments
Real Return of CPI+5% is not impossible
Michael refers to market returns which I concur with... but what about strategies that don't necessarily provide market return outcomes, but are uncorrelated or lowly correlated to equity market returns...
Fergus Hardingham, FM Financial Solutions

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