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 Friday 30 October 2015

Independent continuing education for investment portfolio construction practitioners

David D. Hale (1951-2015)
I’m sad to advise of the recent death of my friend, David D. Hale, Chairman of David Hale Global Economics. David was a regular and popular member of our faculty, brought to us by RARE Infrastructure, and was scheduled to present again at Markets Summit this coming February. With his encyclopaedic knowledge of world markets, 35-year track record as one of the world’s leading macroeconomists, and vast network of contacts at the highest levels of many governments, David gave our Members a deep understanding of markets and policy. David is survived by his wife Lyric Hughes Hale, and their five children.
All the best - Graham


At the crossroads... Alpha & Smart Beta… fact, fallacy or fantasy?
3 fundamental strategies for outperforming markets and adding alpha
Indexing could be as problematic during the next few decades as it has been successful in the past few. This heightens the appeal of active management for those brave enough to pursue it.
Dr Woody Brock
, SED 0.50 CE Resources

At the crossroads… Decision making under uncertainty - sensible or senseless?
Will they still need you, will they still know you, when they're 64?
Cognitive functioning declines as we age, affecting financial decision making. Practitioners need an increased awareness about issues relating to aging and cognitive decline.
Dr Joanne Earl
, UNSW 0.50 CPD Resources

At the crossroads - insist on a very active equities approach
Six years into a bull market, Australian equity values are beginning to look stretched. But large divergences in valuations across sectors are creating great opportunities for truly active managers.
J Morrison & Dr R Whiteoak
| 1.00 CE White Paper

Does active share equal good performance?
High active share is often profiled as "better" but such portfolios can exhibit risk concentrations which may lead to volatile return streams. Low active share funds should not be excluded from asset allocators’ tool kit.
Ido Eisenberg & Piera Elisa Grassi, JP Morgan Asset Management
| 1.00 CE | White Paper

Concentrations, correlations & structural issues in Australian equities
The increasing concentration of the Australian stock market indices is mirrored by the concentration of the Australian funds management industry. What does this mean for alpha generation?
Paul Drzewucki, Ellerston Capital | 1.00 CE | White Paper

Member comments
The invasion
I am impressed by the realism and research in Mr Papic's article. I am also relieved by his optimism.
John Schofield, Broadly Based Financial Services


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

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