The following research paper was selected for presentation in the Due Diligence Forum program at PortfolioConstruction Conference 2008.


Taking Stock (International Equities)

Due Diligence Forum speaker

James Fairweather
Chief Investment Officer
Martin Currie Investment Management

Due Diligence Forum summary

Are financial markets just a conglomeration of human herd instincts and hugely inflated egos? Or do they truly reflect company profits, the real economy and offer a quantifiable risk premium over cash?

This presentation and underlying research paper highlight that the volatility of markets suggests that, at least in the short term, the former is true, and that market returns make the economic cycle look serene by comparison. In the longer term, fundamentals come to the fore – but in the long run, we are all dead. This paper asks the question “how do we build a process and philosophy to help us beat the market?” - We refer to Freud and Darwin.


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