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The
long and short of it
This week, Fodder kicks off with our new
Backgrounder exploring key concepts and issues in
relation to managing the fundamental friction
between long-term and short-term investing
imperatives. Use it to familiarise yourself with the
key issues and concepts, and then read the key
takeouts summary on "The long and short of it" from
last week's PortfolioConstruction Forum Conference.
From there, jump into the online Conference 2016
Resources Kit and "attend" the 50 sessions (and earn
CE hours). Start with the two Insights below. In the
first, my friend and past colleague, Don Phillips of
Morningstar (the first fund research company in the
US) shares a blistering insight into why engaging
investors' long-term view is our fundamental duty.
Then, hear from Carol Geremia of MFS Investment
Management (the first fund company in the world) on
why investors will only achieve alpha if they take a
long-term view.
All the best for a great weekend's continuing
education - Graham
P.S.
Mark your
diary now for our 2017 live continuing education
programs.
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LATEST... |
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Philosophy/Markets/Strategy/Investing/Finology
Backgrounder: The long and short of it
Irrespective of your personal perspectives on time,
managing the fundamental frictions between the long-
and short-term is an important challenge. This
Backgrounder explores some of the key concepts and
debates in relation to long- and short-term
thinking, as they pertain to investment and markets.
PortfolioConstruction Forum
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White Paper
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Philosophy/Markets/Strategies/Investing/Finology
Conference 2016 - The long and short of it - key
takeouts
Conference 2016 delivered 50+ high
conviction ideas on how to manage the friction
between short-term and long-term investing
imperatives. Here are the key takeouts.
Will Jackson, PortfolioConstruction Forum |
Key takeouts
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Philosophy
Engaging investors' long-term view is our moral duty
By encouraging investors to control their emotions
and by choosing the right funds, we can help them
meet their long-term needs.
Don Phillips, Morningstar |
Opinion
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Philosophy/Strategies
Commitment brings the best out of liquid alpha
It remains possible to generate alpha from liquid
strategies but investors must shift their focus away
from short-term performance, and towards longer-term
measurements of success.
Carol Geremia, MFS Asset Management |
Opinion
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China's rapid growth is unsustainable
Chinese data does have varying degrees of quality.
However, making informed investment decisions is
about more than just reliable data...
Sam Churchill, Magellan Financial Group
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Comment
26 years without a recession. Or six? Or maybe only
two?
One measure uses a Laspeyres index and the other a
Paasche index, the latter seen as more
representative given substitution bias as prices
change...
Alex Waschka, QSuper |
Comment
Laspeyres and the Paasche indices
Agree that there are different ways of measuring
these things - and they in fact measure slightly
different things. Conventional real GDP measures the
number of loaves, Betty's GDP the purchasing power
of those loaves. Which one is better?
Tim Farrelly,
farrelly's |
Comment
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RECENTLY... |
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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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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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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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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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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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