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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.
So get started on the readings
that we're adding to the program page each day, in
prep for being able to "attend" online after the
program.
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LATEST... |
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Markets
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
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Opinion
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![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_Anabel-Gonzalez_70x70.jpg) |
Markets
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
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Opinion
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![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_Michael-Mauboussin_70x70.jpg) |
Strategies/Investing
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
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![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_Michael-Edesess_70x70.jpg) |
Investing
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 |
Opinion
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![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_Jan-Mosselaar_70x70.jpg) |
Markets
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 |
Opinion
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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
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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
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Comment
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RECENTLY... |
![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_Tim-Farrelly_70x70.jpg) |
Markets
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
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Opinion
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Markets
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
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Opinion
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![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_Bill-OGrady_70x70.jpg) |
Markets
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
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Opinion
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![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_MichaelKitces_70x70.gif) |
Strategies
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
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Opinion
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![](https://portfolioconstruction.com.au/obj/thumbnails/pcf_tn_whitepaper_70x70.gif) |
Strategies
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
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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
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Comment
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