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Friday 2 March 2018

Specialist, independent investment continuing education & certification

Fodder leads with Mohamed El-Erian picking up where Chris Watling left off a few weeks back - arguing that current economic models and thinking are broken and a new paradigm is needed. Ex Harvard faculty and former finance minister of Chile, Andrés Velasco, explains why machine-driven trading is making "irrational exuberance" worse. The impact of passive investing on market behaviour is also examined in two conflicting papers highlighted by UTS Professor Ron Bird in his latest Research Review. In his top-rated Finology Summit presentation, Herman Brodie presents research on trust and what really matters to investors when they are choosing fund managers. Finally, Tim Farrelly challenges us all to do a lot better in our communications with end investors, and offers two simple rules of thumb to help. 
- All the best for another week's continuing education - Graham
P.S. If you attended Markets Summit 2018 and/or Finology Summit 2018 live, your CE accreditation is now available in your MyCE record. (And if you didn't attend, you can still "attend" online and earn CE hours.)


All men by nature desire to know. - Aristotle


Working toward the next economic paradigm
It should come as no surprise that enthusiasm for economic and financial globalisation has faltered. Building consensus around a revised unifying paradigm will not be easy.
Mohamed El-Erian, Allianz |

Rational irrational exuberance?
In my opinion, the asset-price volatility we have been seeing has little or nothing to do with changes in fundamentals. And the widespread use of machine-driven trading is likely making all of this worse.
Andrés Velasco |

Research Review: Everything you need to know and a bit more
In nine pages, this paper says all that needs to be said on the ability of any of us to estimate the true value of financial assets. The next two papers produce conflicting findings on the impact of index investing on markets.
Prof Ron Bird, UTS | 1.00 CE |

The trust mandate is how asset managers win and keep clients
Trust – the belief that those to whom we are vulnerable are both willing and able to act in our interests – is the no.1 factor in the decision to select and retain an asset manager.
Herman Brodie, Prospecta | 1.00 CE |

Is it relevant? Is it understandable? We can all do much better…
Too much of our communication with end investors is either irrelevant, unintelligible to the average investor - or worse still, both.
Tim Farrelly, farrelly's | 0.50 CE |


Cryptocurrencies are a new epoch in monetary history
The Chinese authorities recognise the potential of blockchain technology and are outpacing the US, in the race to develop an "official" cryptocurrency. If the Chinese experiment succeeds, we may witness the start of a new epoch in monetary policy.
Niall Ferguson, Stanford University | 0.50 CE |

Comments on financial market turbulence
Was the recent market volatility predictable? Was the volatility exogenous or endogenous in nature? What lies ahead as regards inflation and interest rates?
Dr Woody Brock, SED |

Brace yourself for a global inflation shock
A combination of factors is set to generate an unexpected inflationary shock to the financial markets, leading to significantly higher bond yields and a recalibration of relative valuations.
Jonathan Pain, The Pain Report | 0.25 CE |

Backgrounder: Finology
Finology knowledge and skills will substantially enhances practitioners' ability to communicate with clients, and to manage portfolios more effectively. This Backgrounder seeks to foster greater understanding and interest in the field of Finology.
Portfolio Construction Forum |

Threat of a wages blow-out is real
With unemployment at 30-year lows in many countries, practitioners should consider the possibility that wage pressures may force policymakers to tighten more aggressively, triggering substantial equity market falls.
Brett Gillespie, Ellerston Capital |

Things break
Every generation or so, things (in the economics world) break. We're probably at or close to one of those once-in-a-generation moments. Watching monetary indicators is key.
Chris Watling, Longview Economics |

Is the stock market loaded for bear?
We are moving ever closer to the date when payment for today's recovery will fall due. Recent capital market gyrations suggest that awareness of the inevitable reckoning is already beginning to dawn.
Dambisa Moyo |

Unwinding the great QE carry trade
Let's be absolutely clear - the recent plunge in equity markets has almost nothing to do with inflation or a changing of the guard at the Fed.
Dr Robert Gay, Fenwick Advisors |

Finology and finding the higher purpose
While economics studies how humans allocate scarce resources, and psychology studies the human mind and behaviour, there is a gap at the intersection between the two – an emerging new body of knowledge dubbed, "Finology".
Michael Kitces |

Markets | Investing
The impact of technology on economic growth
There are five areas where the early effects of technological change on the world economy are believed to be investible today.
JP Morgan Asset Management |


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