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Friday 08 December 2017

Specialist, independent investment continuing education & certification

In Fodder this week, Dr Bob Gay argues that technology and globalisation have dramatically changed the real world, with economic tools not keeping pace - and with one of the "most striking yet unsung by-products" being the shift of bargaining power from workers to employers. Professor Joseph Stiglitz then argues that some countries have shown that a market economy can take forms that temper the excesses of capitalism and globalisation. Will Jackson reviews portfolio rebalancing strategies and proposed improvements. Challenger's Aaron Minney questions the belief that baby boomers are spending up large at the expense of leaving money to their children. And Aberdeen Standard Investments' Samantha Lamb makes the case for higher allocations to global credit in portfolios.
- All the best for another great week's continuing education - Graham
P.S. Are you involved in any aspect of constructing multi-manager portfolios? Enrol now to undertake CIMA certification in 2018 - Stand for more (more knowledge, more skill, more expertise).


Human history becomes more and more a race between education and catastrophe - HG Wells


Regime Change: Inflation
The world has changed dramatically over the past three decades, but the analytical tools underpinning monetary policy have not. The challenge is to develop new tools that fit the new world order.
Dr Robert Gay, Fenwick Advisers |

The globalisation of our discontent
As some countries have shown, a market economy can take forms that temper the excesses of capitalism and globalisation, and deliver growth and higher standards of living for most citizens.
Joseph Stiglitz, Columbia Univeristy |

Backgrounder: Portfolio rebalancing strategies
Researchers propose a range of improvements to traditional time-based rebalancing, including threshold and cash flow strategies, designed to increase effectiveness and efficiency.
Will Jackson, Portfolio Construction Forum |
1 comment | More

Maybe retirees should spend the kids' 'inheritance'
Plenty of anecdotes suggest that baby boomers are spending their savings and will leave nothing for the next generation. Looking at the actual data, this is questionable.
Aaron Minney, Challenger |

Strategies | Markets
Global credit deserves a greater piece of the investment pie
Introducing an active global credit investment into portfolios adds to an investor's opportunity set, and can offer alpha opportunities.
Samantha Lamb, Aberdeen Standard Investments | 0.25 CE |


Lies, damned lies and company taxes
"If it is earned here, it should be taxed here" is the title of the ad about laws on multinationals transferring profits offshore. What is interesting is the closing claim in the ad.
Tim Farrelly, farrelly's |

Today's Rational Exuberance
It is tempting to ask whether markets have entered a period of "irrational exuberance" and are heading for a fall. The answer is probably no.
Anatole Kaletsky, Gavekal |

Back to long-term investing in the age of geopolitical risk
In the last decade, investor interest in long-horizon outcomes was rare and when it prevailed, it was severely tested by events. The long-term was viewed as opaque and uncertain. It’s amazing how attitudes change when new opportunities emerge.
Prof Amin Rajan, CREATE-Research |

A generational transition for bond markets
The return of wage growth across the industralised world has significant implications for markets and central bank policy - and spells the end of the 30-year rally in bonds.
Tim Toohey, Ellerston Capital |

Markets | Strategies
The shrinking of the public equity market matters
The number of publicly listed companies in the US has roughly halved since 1996, a phenomenon which spans other regions. The trend is likely to persist, and it has significant implications for investors.
Brian J. Buenneke & Alex Wilmerding, Pantheon Ventures | 0.25 CE |

Philosophy - Strategies
Philosophy Lecture: Value investing
Value investing has been successful but it requires discipline and a long-run horizon - and disagreement remains over whether the value premium will persist. What's your philosophy?
Philipp Hofflin, Lazard Asset Management | 4.00 CE |

China will be the dominant power in the region by 2027
Xi Jinping would like to oversee China's rise to regional dominance. However, the US, Japan and India will not allow China alone to dominate the region.
Linda Jakobson, China Matters | 0.25 CE |

The abnormality of oil
There is evidence to suggest that the uptick in global growth and developments in Saudi Arabia will push the price of oil as high as $80 in the coming year.
Jim O'Neill |

Philosophy - Ethics
Values, ethics and investing
Values play a vital role in investment and business decisions - and, increasingly, investors care about more than just financial returns.
Clare Payne, Charles Sampford, Jack Gray | 1.00 CE |

EM Infrastructure is too risky for defensive equity portfolios
Emerging markets infrastructure plays a powerful role in a portfolio. However many investors make assumptions around the risk of these markets and ignore them to their detriment.
Charles Hamieh, RARE Infrastructure | 0.50 CE |


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