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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
P.S.
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.
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LATEST... |
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Markets/Strategies
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
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Markets
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
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Opinion
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Strategies
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
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White Paper
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Strategies
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 |
Resources
* Rated
in the top 10 presentations by Conference 2016
delegates
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Markets/Investing
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
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White Paper
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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
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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
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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
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Comment
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RECENTLY... |
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Markets/Strategies
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
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Research
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Markets
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
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Opinion
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Markets/Investing
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
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Resources
* Rated
in the top 10 presentations by Conference 2016
delegates
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Investing
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
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Opinion
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Investing
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
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Comment
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
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Comment
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