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Friday 10 November 2017

Specialist, independent investment continuing education & certification

Fodder begins with Harvard Professor Ricardo Hausmann highlighting another "quiet revolution" in economics - extending on from behavioral economics, this one is rooted in moral psychology. Michael Kitces looks at the implications of a new research paper assessing the three main retirement planning strategies. UTS Professor Ron Bird reviews a recent paper that questions the appropriateness of many commonly used techniques for building portfolios for retirement. Will Jackson provides a backgrounder on the increasingly popular notion of "impact investing". And Magellan's Dom Giuliano explains why managing carbon exposure is essential for better equity portfolio outcomes.
- All the best for another great week's continuing education - Graham
P.S. Registration opens next week for Markets Summit 2018 "Changing Gears" (13 Feb) and Finology Summit 2018 "Where investing meets investors" (14 Feb)


It's not that I'm so smart, it's just that I stay with problems longer - Albert Einstein


Markets | Finology
The moral identity of Homo Economicus
Two recent books indicate that a quiet revolution is challenging the foundations of economics, promising radical changes in how we view many aspects of organisations, public policy, and even social life.
Ricardo Hausmann, Harvard Kennedy School |

The optimal shape of retirement planning
A recent research paper that likens the three main retirement planning approaches to shapes provides an interesting way to think about three different retirement planning approaches. In the end, the best option may incorporate all three.
Michael Kitces, Nerd's Eye View | 0.50 CE  |

Strategies | Investing
Research Review: More on portfolio construction
A recent paper that addresses one of the most pressing issues facing the financial community - how to construct long-term investment portfolios to best fit the needs of those saving for retirement - questions the appropriateness of many commonly used techniques.
Ron Bird, University of Technology Sydney | 1.00 CE |

Backgrounder: The rise of impact investing
As some institutional investors build internal impact investing capabilities, the inclusion of impact investments in portfolios may be on the cusp of becoming mainstream.
Will Jackson, Portfolio Construction Forum |

Managing carbon exposure is essential for better risk-adjusted returns
Managing carbon risk within portfolios is increasingly a decision integral to risk management and the pursuit of superior long-term risk-adjusted returns.
Domenico Giuliano, Magellan Asset Management | 0.50 CE |

Positive but maybe a little too rosy?
... I'm not sure how many fund researchers or advisers would refer to -0.3% pa and mostly certainly not -0.6% pa excess returns for 10 years as falling into the category of 'superb job'.
Brent Bevan, Commonwealth Bank of Australia
| More

Plenty of disruption and growth
Tim, great to see further proof that active management is alive...
Jonas Daly, Bennelong Funds Management
| More

Nice positive stuff, Tim
I tend to think this SPIVA report (which accounts for survivorship bias) has actually introduced some survivorship bias in this piece of analysis...
Michael Furey, Delta Research & Advisory
| More


Donald Trump's Federal Reserve
With the appointment of Jerome Powell as the next Chair of the United States Federal Reserve Board, Donald Trump has made perhaps the most important single decision of his presidency.
Kenneth Rogoff, Harvard University |

Financial planners and fund researchers doing a superb job
The 2017 mid-year SPIVA report on fund manager performance came out recently. And, while we can expect to see the media dwell on the negatives, there are some big positives in the data.
Tim Farrelly, farrelly's |
3 comments | More

Understanding the rate and direction of retirement spending
Having built some satisfaction that their retirement savings balance is sufficient, clients ask "How much can I afford to spend?" There is a very strong "It depends" element to the answer.
Aaron Minney, Challenger |

Inflationary pressures are building
Stock markets are thriving in a "Goldilocks" environment. But there is a growing risk of the US economy over-heating. Investors should keep a close eye on inflation and wages data.
Brett Gillespie, Ellerston Capital |

Markets | Strategies
In a low return world, small mistakes add up to big losses
Investors need to employ a rigorous and consistent valuation methodology, seek to minimise forecast error bounds and disregard traditional cap weighted benchmarks.
Warryn Robertson, Lazard Asset Management | 0.50 CE |


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