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Friday 28 October 2016

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

Politics, policy makers, retirement spending, currency & defensive allocations
Mohamed El-Erian kicks this week's Fodder off, noting that solid and credible policy options are available to escape low and unequal economic growth, if politicians would just allow it. This is a good lead in to Dr Woody Brock's latest paper explaining why monetary policy alone was never going to cut it.  Joe Tomlinson shows how moving to a variable retirement withdrawal strategy for retirement income beats traditional fixed strategies (e.g. the 4% rule). We feature Dori Levanoni's top 10-rated presentation from Conference on why portfolios need an active currency policy. Lastly, Jamieson Coote Bonds challenges us to ask whether our defensive allocations are true-to-label.
All the best for a great weekend's continuing education - Graham
Enrolment is now open for the Certified Investment Management Analyst (CIMA) program, the peak, specialist certification for anyone involved in any aspect of constructing multi-asset, multi-manager portfolios.


Toxic politics versus better economics
Until recently, the expectation was that if professional economists achieved a technocratic consensus on a given policy approach, political leaders would listen.
Mohamed El-Erian, Allianz | Opinion

Do the emperors wear clothes?
The belief that innovative and extremely easy monetary policy on its own would restore a suitable level of economic growth and inflation was wrong, both in theory and in practice.
Dr Woody Brock, SED |

Variable withdrawals improve retirement outcomes
Variable withdrawal strategies for retirement spending are getting more attention. Optimal asset allocations are quite different to rules of thumb based on fixed withdrawal strategies.
Joe Tomlinson, Tomlinson Financial Planning |
White Paper

All portfolios must have an active currency policy
Currency impacts can wash out over time, but its tidal forces are strong and independent of a client's retirement time frame. Currency is both a risk and an investment opportunity.
Dori Levanoni, First Quadrant | 0.50 CE |
* Rated in the top 10 presentations by Conference 2016 delegates

Not all Australian income funds are fit for purpose
As the Australian bond market grows and sub-sectors emerge, investor must ask – is my defensive allocation true-to-label?
C Jamieson, A Coote & P Chin, Jamieson Coote Bonds | 0.25 CE |
White Paper

Doug's Tent - maybe better?
I'm not really in Michael's bond tent or Doug's tent. I like Doug's point about dollar cost ravaging, but not necessarily his remixing. I note the danger zone however I recommend analysis take into account the contributions in those last few years before retirement... Mark Hayden, Hayden Financial Services | Comment

We must change our legacy for the better?
We’re all part of and therefore contributing to the system. Admitting to its flaws and having the courage to ask the question knowing it will make us uncomfortable is at least being honest. That's worth something and likely means we're not making the system worse...
Jack Gray, University of Technology Sydney
| Comment

It's about feeding your family
Commentary about house prices in Australia has very little to do with manufacturing plants continuing to shift offshore to Mexico. Despite all the free-trade rhetoric, the increasingly lowly paid middle class in the USA have finally worked out that you just cannot outsource all jobs offshore...
Steve Blizard, Roxburgh Securities
| Comment


How much should we have in resource stocks?
The Australian sharemarket’s high weight to resource stocks is an accident of history and geography. A lower than market cap weight to resource stocks in portfolios seems much more sensible.
Tim Farrelly, farrelly's |

Wanted: A counter-populism strategy
The IMF is right to warn that populism poses a serious threat to the global economy. What is really worrying is It is no longer only populists of Donald Trump's ilk who are delivering it.
Oliver Hartwich, The New Zealand Initiative |

Demographics does not mean dull
Demographic trends give a solid basis from which to forecast beyond the usual two-year time horizon - and demographic layering of equity investment decisions can be a powerful structural growth tool as well as a strong risk mitigator.
Alva Devoy, Fidelity International | 0.50 CE |
* Rated in the top 10 presentations by Conference 2016 delegates

Understanding "founder's mentality" to generate outperformance
Only 1 in 10 listed companies globally achieved sustainable, profitable growth over the decade. A disproportionate number had a founder still running the firm or who remains on the Board.
Mugunthan Siva, India Avenue Investment Management
| Opinion

Active managers require three ingredients for success
Active fund groups with the right combination of culture, technology and philosophy enable investors to protect and grow their capital in a complex world.
Bill Priest, Epoch Investment Partners | Resources

Not sure I'm in the tent
If the goal of retirement is to live off most of your wealth and avoid wastage... aren't you restarting retiring every year and wanting to spend the most you can? Hence it's perhaps not a zone you're passing in and out of. 
Doug Turek, Professional Wealth
| Comment


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