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Friday 12 August 2016

Specialist, independent investment continuing education & certification for portfolio construction practitioners

Two faces of globalisation | Great investors | 400 years of investing
This week's Fodder provides two further perspectives on the future of globalisation, a secular trend that may be at an inflexion point. Don't just assume your view on it is correct. Be "actively open-minded", one of the 10 attributes of great investors, according to Michael Mauboussin in his excellent piece below (a pre-reading for our upcoming Conference). Another attribute of great investors is that they read - a lot - including material they don't agree with, to constantly challenge their beliefs (sounds a lot like Fodder). On which point, Michael Edesess is challenging the belief that investors underperform the funds they invest in. Lastly, Robeco looks at what investors have learned since 1602, the birth of the modern stockmarket.
All the best for a great weekend's continuing education - Graham
P.S. Conference 2016 program is now online. Seats in the main Theatre sold out a month ago, and we now have just 8 seats left in our live site - so don't delay, register now!  Of course, you can "attend" online after the program - and meanwhile, get started on the readings we're adding to the program page each day.


Globalisation and its new discontents
Globalisation's early opponents in emerging and developing countries have been joined by tens of millions in advanced countries. The rules of the game need to be changed – and this must include measures to tame globalisation.
Joseph Stiglitz, Columbia University |

Globalisation is the only answer
Public distrust of global integration is on the rise. But no country can deliver long-term prosperity to its people on its own. Closer international cooperation and economic integration is the only way forward.
Anabel Gonzalez, World Bank Group
| Opinion

30 years - reflections on 10 attributes of great investors
The world of investing and business has seen a great deal of change in the past 30 years. Investors face a slew of psychological challenges. Here are the 10 attributes I believe to be the hallmark of a great investor.
Michael Mauboussin, Credit Suisse |
White Paper

The fallacy behind investor versus fund returns
It has become accepted, conventional wisdom that investors underperform their investments by timing those investments badly. But this new conventional wisdom must be debunked.
Michael Edesess, EDHEC-Risk Institute |

Equities in historical perspective - investor behaviour since 1602
Since the birth of the modern stock market in 1602, investment culture has moved from a return focus to a risk focus, and back. What can investors in the 21st century learn from four centuries of investment history?
Jan Sytze Mosselaar & Pim van Vliet, Robeco |

Join The Debate

Without the right measures - it's high paid guesswork
You need to know where your clients stand. Surveys and experience do not get you there. I respect my doctor's experience, but I wouldn't ask him to score my cholesterol through a questionnaire.
Bernard Del Rey, Capital Preferences
| Comment

Measuring recessions
It is also arguable that measuring recessions on a gross national basis is just unacceptably misleading...
Greig Meyer, PKF Wealth
| Comment

China is falling into the middle income trap: Q+A
If the industrialisation of China and the move of its people off the land and into the cities hasn't ended, won't this pick up some of the oversupply in the economy? The pace of urbanisation has slowed and, although the trend will continue, it will not be enough to eliminate overcapacity...
Alex Wolf, Standard Life Investments
| Comment


26 years without a recession. Or six? Or maybe only two?
How long since Australia had a recession? Most would say 26 years. A world record. Looking at the data a little differently, we may not be so sure that Australia has gone 26 years without a hiccup.
Tim Farrelly, farrelly's |
3 comments | Opinion

Europe's Brexit hangover
The EU's post-Brexit show of unity calmed fears that the EU or the eurozone would fall apart in short order. But the risk of European and global volatility may have been only briefly postponed.
Nouriel Roubini, Roubini Global Economics |

The mid-year geopolitical outlook
There are five geopolitically important issues for portfolios for the upcoming year. If these concerns become critical, they will likely weigh on equities and higher credit risk debt.
Bill O'Grady, Confluence Investment Management
| Opinion

The end of history illusion and goals-based investing
Research suggests we have remarkably little insight into our future preferences. So a key challenge of goals-based investing is that we save towards a goal that isn't what we want when the time comes.
Michael Kitces, Pinnacle Advisory Group | 0.25 CE
| Opinion

Mind the gap
Considering structural and cyclical drivers can help reveal investment opportunities, if an appropriate timeframe is defined. A two- to three-year period is an under researched view.
Georgina Taylor & Danielle Singer, Invesco Perpetual |
White Paper

Member comments

Quality is a critical factor in constructing portfolios
The addition of the Piotroski quality factor to a simple profitability screen results in higher returns and lower volatility of returns...
Andrew Bascand
, Harbour Asset Management | Comment

Central banks encourage irrational hedonism
Irrational hedonism... is that an oxymoron? (Comments from a lowly adviser/poor student of English).
Mitchell Fleming, Tortoise Financial Services
| Comment


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