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.

LATEST...

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 | White Paper

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

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

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

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 | 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

RECENTLY...

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 | Opinion

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 | Opinion

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

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

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

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

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