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Our regular
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A sample of the Forum Fodder email is below.
Become a Member (with our
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centre, PortfolioConstruction.com.au (this site) featuring:
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Is it deja-vu (all over again)?
Does it feel like we've been here before?
It's
expected (again) that the Fed will raise rates at
its next meeting, the situation in the Middle East
is (again) alarmingly tense, currency wars are
(again) rife, bond market liquidity is (still)
tight, many believe some asset markets are (again) in
bubble territory, yet for commodities, it's like the
21st century never happened.
The more
things change, the more they seem to stay the same!
But does that mean that going forward, markets and asset classes will
behave as in the past? Is it different this time? Or
is it
deja-vu (all over again)?
And that's the theme for Markets Summit 2016! We'll
see you there.
All the best for another great weekend's learning - Graham
P.S.
If you haven't already, please block out your diary
for
Markets Summit (16 Feb) and/or
Finology Summit (17 Feb). |
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LATEST... |
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Illiquid assets – portfolio "must have"? Or
"mirage"?
The case for and against illiquid assets is hotly
debated. Indeed, other than fees, the battle between
industry funds and retail super funds has been
heavily fought around significantly differing levels
of exposures to the main illiquid asset classes.
Dominic McCormick, Select Investment Partners
| Opinion
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Goal risk tolerance matters too
Risk tolerance is a key constraint in designing a
portfolio, but it should also be considered a key
constraint in establishing a client's goals for investing
in the first place.
Michael Kitces, Pinnacle Advisory Group
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0.25 CE
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White Paper
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Multi-asset
Risk crossroad: Weather markets with multiple risk
strategies
What is truly
more important to investors - losing less or making
more? While 36% of investors say they are ‘reviewing
their need for downside protection’, only 8% are
currently implementing it. Yet there are many
strategies available to manage risk in portfolios.
Jon Shead, State Street Global Advisers
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0.75 CE
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Resources
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QMTV: A risk awareness framework
QMTV, which stands for quality, momentum, transition
and value, is a framework that can help investors
manage the buy, hold and sell decision process
through the various cycles as well as providing a
crossroad signal.
Fidelity Worldwide Investment
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CPD
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Paper
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The case for private over public equity
I have 80% of my personal assets in private equity -
and I plan to increase that to roughly 100%. I don’t
have many other good ideas as to what to do in this
environment.
Dr Marcel Erni, Partners Group
| Opinion
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RECENTLY... |
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Terrorism and rate rises
It's impossible not to be horrified by the attacks
in Paris last week - but is it relevant to investing?
Yes, warns PortfolioConstruction Forum faculty
member and EU bear, Oliver Hartwich, who sees it as
another nail in the coffin for the EU. But our
regular geopolitical/investment analyst, BCA's Marko Papic,
disagrees. Perhaps a far greater threat to
portfolios looms with the imminent
(inevitable, according to most) Fed rate rise in
December - and we offer you two opposing views on
that issue as well. As usual, it's up to you to
consider the perspectives and decide your view.
P.S.
Niall Ferguson's analysis of the Paris attacks makes
for interesting reading. |
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A fatal threat to the European project
Last weekend's Paris terror attacks have severe
political, strategic and economic implications.
After only one week, the Union moved away from its
ideal of free movement of people, and fiscal rules.
Terrorism is making a bad situation worse.
Oliver
Hartwich, The New Zealand Initiative
| Opinion
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Tailwinds of terror
If Paris is not an anomaly, and the frequency or
magnitude of terrorist attacks against soft targets
in G7 cities increases, what will be the
geopolitical, economic and investment consequences?
Marko Papic, BCA Research
| Opinion
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Wicksell and capital misallocation
I am not at all sure that an eventual interest rate
increase from the Federal Reserve should be
dismissed as an event with little impact in the real
world.
Charles Gave, GaveKal
| Opinion
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Debt - Global
Rising rates - investors can benefit
Many investors
are facing a dilemma with the perceived risk
embedded in debt markets as Fed lift-off looms.
However, reality beckons - rates will rise and
investors can benefit.
Tony
Crescenzi, PIMCO
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0.75 CE
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Resources
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Global monetary policy - the view from Down Under
In October, I joined Dr Woody Brock and PIMCO's Fed
watcher, Tony Crescenzi, and 18 senior practitioners
for a workshop organised by PortfolioConstruction
Forum on where global monetary policy was headed.
Three key views emerged.
Dr Robert Gay, Fenwick Advisers
| Opinion
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Member comments
What can change this prognosis?
A simple question to Anatole - are US leading
indicators suggesting a US recession? And, if so, does
this change your suggestion that higher rates will
not kill equities?
Craig Offenhauser,
Charter Pacific Securities | Comment
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