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Friday 04 November 2016

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

Chris Watling leads Fodder this week, arguing that Brexit may become another "1453 year" for the UK, a year in which it turns inward before once again looking outwards. Harvard's Professor Ken Rogoff writes about the two "best" (but currently off limits) ideas for dealing with the zero bound on interest rates. Marko Papic explains that populism in the laissez faire economies (US, UK) has far greater implications for investment strategies than in other regions. Michael Kitces shows why Active Share is so useful in assessing whether a manager's investment fee is reasonable (earn 0.50 CE). Finally, we feature Sam Mann's highly rated presentation from Conference 2016 in which he debunks some common misconceptions about liquid alternatives (earn 0.25 CE).
All the best for a great weekend's continuing education - Graham
Enrol now to undertake the Certified Investment Management Analyst (CIMA) program, the peak, specialist certification for anyone involved in any aspect of constructing multi-asset, multi-manager portfolios.


"In my whole life, I have known no wise people who didn't read all the time" - Charlie Munger


BREXIT - 1453 all over again
Over the span of history, there are few years that can genuinely be considered as years on which the history of the world turned. BREXIT may be one for the UK.
Chris Watling, Longview Economics |

Big danger at the lower bound
Markets are fixated on how high the Fed will raise interest rates in the next 12 months. This is dangerously shortsighted. The real concern should be how far it could cut rates in the next deep recession.
Professor Kenneth Rogoff, Harvard University |

The middle class matters
Five years after the Euro crisis, it's not just Europe we’re concerned about from a populist perspective but also the US and UK. Why is this is a real risk for investors?
Marko Papic, BCA Research |

Use Active Share to assess management fees
Active Share can be an effective way to evaluate the appropriateness of a fund manager's fee. Low Active Share funds should come with index-fund-like fees.
Michael Kitces, Pinnacle Advisory Group | 0.50 CE |
White Paper

It's time to turn to liquid alternatives
It is important to not let common misconceptions about liquid alternatives undermine their potential significant short- and long-term benefits for investors.
Sam Mann, Franklin Templeton Investments | 0.25 CE | Resources
* Rated "very good" by Conference 2016 delegates

What can a US president do to "rein in the finance sector?"
The first step is full public recognition of the dangers of which Eisenhower spoke, with ‘finance’ replacing ‘industry’. Some do. Bernie Sanders rails against the over-weaning power of Wall St...
Jack Gray, University of Technology Sydney
| Comment


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


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