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Friday 10 June
2016 |
Specialist, independent
investment continuing education & certification for portfolio
construction practitioners |
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A real mixed bag - portfolios,
Africa, retirement spending & risk profiling
Dom McCormick kicks off this week, looking at five
major challenges when constructing portfolios today
and options to overcome each. On markets, Nouriel
Robini explains the "productivity puzzle" (an
explosion of IT breakthroughs
this century has yet to flow through to productivity
growth) while Dr Oliver Hartwich argues we should
take more interest in Africa's rise. (Sceptical?
Recall that at our 2004 Conference, Jonathan Pain
debuted his thesis that China would become an
economic giant but few believed it.) Tim Farrelly
explains why
setting a retirement spending policy is one of the
most crucial tasks for retirees and how to go about
it
(read his paper and earn 0.50 CE hours). Finally, we
feature Bernard del Rey's top 5-rated presentation
from our recent Symposium, on why risk profiling is
entirely broken and what to do instead.
All
the best for a great weekend's continuing education -
Graham
P.S. Symposium 2016 Resources Kit update -
video/audio and sync'd slides, podcasts and papers
are now online for each of the 23 sessions from the
jam-packed two-day program, so you can "attend"
any/all sessions online. (CE quizzes will be added
over the coming week.) |
LATEST... |
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Challenges in building portfolios today (and what to
do)
The current investment environment is arguably one
of the toughest ever in which to build portfolios
that deliver return and are robust into the future.
There are a range of approaches that can be taken
Dominic McCormick, Select Investment Partners |
Opinion
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Populists and productivity
The view prevailing in Silicon Valley and other
global technology hubs is that we are entering a new
golden era of innovation which will radically
increase productivity growth. Why haven't those
gains appeared?
Nouriel Roubini, Roubini Global Economics |
Opinion
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Why take an interest in Africa's rise?
'Africa rising' has been a catchphrase since the
beginning of this century. It is the idea that
Africa, and especially Sub-Saharan Africa, could be
to the 21st century what South-East Asia was to the
second half of the 20th century.
Dr Oliver Hartwich |
Opinion
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Setting a retirement spending policy
Setting an appropriate spending level is one of the
most crucial tasks for retirees. Spend too much and
risk utter penury down the track. Be too
conservative and the client spends their remaining
years in unnecessary hardship.
Tim Farrelly, farrelly's |
0.50 CE
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Opinion
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Today's risk profiling puts us all at risk
Risk profiling is entirely broken. The key to
understanding clients is in analysing their actions,
not their words, or answers to a risk questionnaire.
Bernard Del Rey, Capital Preferences |
Resources
* Rated
in the top 5 presentations by Symposium 2016
delegates
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Member comments
Pay attention to geo-politics when making investment
decisions
Given the reluctance of traditional media
organisations to cover geopolitics in any depth,
where can investors find reliable sources of
information on world events?
Graham Rich, PortfolioConstruction Forum | Comment
Geo-politics - Information
There is no one basic source of such information.
World events are as complicated as any other aspect
of life.
Dr Keith Suter, Global Directions | Comment
Investment lessons from Japan
As I read your article, Tim, I found myself
wondering about the comparative relativities between
the Japanese experience and ours...
Russell Wadey, Insight Family Wealth Consultants | Comment
Investment lessons from Japan
Yes, yes and yes! One of the great difficulties with
economics is that we rarely get conclusive data
- every situation is different, so it is very rare
that we can say with absolute certainty that x
causes y...
Tim Farrelly, farrelly's | Comment
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RECENTLY... |
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Pay attention to geo-politics when making investment
decisions
The world
seems an increasingly dangerous place, driven by
uncertainty and conflict. Yet on many measures, it
is becoming safer. More than ever, investors need to
filter out the noise and consider emerging
geo-political developments shaping the world.
Dr Keith Suter, Global Directions |
4
comments |
Resources
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East Asia tensions simmer
Investors are not accounting for the structural
shifts taking place in East Asia that raise the
probability of market-negative events. Asia- or EM-dedicated
investors should hedge their risks by exposure to DM
assets.
Marko Papic, BCA Research
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White Paper
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Insanity
Insanity is repeating the same mistakes and
expecting different results. Central bankers seem
intent on repeating their mistakes - especially when
it comes to negative interest rates.
Dr Robert Gay, Fenwick Advisers
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Opinion
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How much risk do equities contribute to diversified
strategies?
Many have spoken of the significant risks funds
carry with Australian equities exposures. So I
thought I'd check the evidence on the influence of
equities on multi-asset portfolios.
Michael Furey, Delta Research & Advisory
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1 comment
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Research
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10 "Gray Swans"
By definition, Black Swans are unknowable - they
should surprise us. But here are 10 "gray swans"
complicating the outlook for markets and portfolio
construction.
Dan Farley, State Street Global Advisors
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Opinion
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Member comments
Same problem with optimisers
Hear, hear Tim. And it is the exact same problem
with using an optimization model. Users of the tool
are often poor at estimating appropriate inputs;
GIGO...
Rob
Pereira, Victorian Funds Management Corp
| Comment
Evidence of decision-making bias
I think this is a great demonstration of a couple of
major decision-making biases that can beset
sophisticated investment decision-makers...
Simon Russell, Behavioural Finance Australia
| Comment
Information Tech
Will IT break down religious borders?
Murray Rutherford, JBWere
| Comment
Nailed it
Great summary of the issues and concerns Dom, but as
PK noted, in the race of life always back self
interest whether politicians, REIA or dare I say,
the banks...
David
Hyde, MC2 Wealth
| Comment
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