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 Friday 05 February 2016

The independent professional development service for investment portfolio construction practitioners

Strategic partnership with IMCA
I'm very pleased to advise that PortfolioConstruction Forum and IMCA australia are forming a strategic partnership, to more fully establish the Certified Investment Management Analyst (CIMA) designation in Australia and NZ. (In 2015, to avoid any conflict of interest, I stood aside as a Director of the IMCA australia Board of Directors when it decided to seek a strategic education partner.) The CIMA designation fits perfectly with PortfolioConstruction Forum's continuing education programs, and is very relevant to a large number of our Members (not least given impending regulation around formal and continuing education for wealth management professionals). We'll be letting you know more about CIMA certification over coming weeks.
Meanwhile, all
the best for a great weekend's continuing education - Graham
. Markets Summit 2016 is sold out, but it's not too late to register for Finology Summit - where investing meets investors(17 Feb)


The global economy's New Abnormal
How much longer can markets not only ignore the real economy, but also discount political risk? Welcome to the New Abnormal for growth, inflation, monetary policies, and asset prices.
Nouriel Roubini, Roubini Global Economics Opinion

Turbulence in the world economy and markets
The consensus view that falling oil prices and a China slowdown are the main drivers of slowing world growth is only half the true story of why global growth is 3% rather than 6% as it was - and could and should be again.
Dr Woody Brock, SED
White Paper

Thinking like Ms Yellen
Yellen has wanted to nip a brewing asset price bubble before it was too late. January's market selloff has accomplished her intent. Now she take her foot off the brake.
Dr Robert Gay, Fenwick Advisers

The case for gold resurrected
When central banks are taking to extreme policies, and Donald Trump has a decent chance of becoming the next US President, we need to be prepared for anything. Gold may not be the perfect hedge to a range of these risks, but what is?
Dominic McCormick, Select Investment Partners

Tools or jewels?
Gold is back to outperforming stocks. It seems that the markets are indicating that we have entered a period in which jewels will outperform tools. And try as we may (we are no gold-bugs), we struggle to find reasons to discard the market's message.
Louis-Vincent Gave, GaveKal
| Opinion

Time for Merkel to go
Only half a year ago, I explained how boring German politics under Merkel had become. At the time, her position seemed virtually unassailable and the 2017 election result a foregone conclusion. Not anymore.

Oliver Hartwich, The New Zealand Initiative | Opinion

Member comments
Not just the FSC doesn't understand imputation
I wonder if it isn't just the FSC who don't appreciate imputation credits...

Doug Turek, Professional Wealth

The thing I have never understood is why rebalance and deliberately trigger a CGT event...
Matthew Garrett, Oxley Life Solutions Comment


Another "interesting" year
It's almost predictable - markets are off to yet another "interesting" start for the year. Charles Gave is calling a "Daddy Bear" equity market, while BCA Research has already dubbed 2016 "Annus Horribilis". But portfolios must still be designed, built and managed - so Markets Summit 2016 (16 Feb 2016) couldn't be better timed!
All the best for another great year's continuing education - Graham
. Check out our keynote speakers for Finology Summit - where investing meets investors - 17 Feb

Does the Financial Services Council understand imputation?
The FSC has called for a cut in the company tax rate to 22%, to be funded by an increase in the GST. It's hard to see why FSC made this call, particularly given that its stated number one priority is "working to improve the well-being of all Australians".
Tim Farrelly, farrelly's
4 comments Opinion

Portfolio rebalancing usually reduces long-term returns
While rebalancing may be helpful as a risk management strategy, it may actually reduce long-term returns. But that isn't a reason to avoid it. It's crucial to recognise the role that rebalancing really does (and does not) play in a long-term portfolio.
Michael Kitces, Pinnacle Advisory Group
| 1 comment | 0.25 CE | White Paper

Here comes Daddy bear
For the last few months, I've been concerned that a bear market was likely to unfold. We are now on such a trajectory. History suggests that such episodes come in two distinct extremes.

Charles Gave, GaveKal | Opinion

Annus Horribilis
2016 has started poorly for the global economy - and horribly for markets. A number of negative themes are ascendant, whereas the positive ones are either pausing or petering out.
Marko Papic, BCA Research
White Paper

The global migration blowback
Nearly half of the world's economies are at a "high" or "very high" risk of political and social unrest. It is a disaster waiting to happen.
Dambisa Moyo

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