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Fodder kicks off with two opposing views on
blockchain and cryptoassets. First, Nouriel Roubini
argues that blockchain is one of the most overhyped
technologies "ever". Then Catherine Wood from
investment house, Ark Invest, argues the value of
blockchain is profound and practitioners need to
understand the resulting wave of cryptoassets. Read
both and Join The Debate (vote on who you agree
with). In his
top 3-rated presentation from Markets Summit,
Lazard Asset Management's Ron Temple argues that US
growth has years to run and that valuations are
warranted. Tim Farrelly puts the "bond-cano"
narrative into context. And finally, back on the
impact of technology on investing, Michael Kitces'
top 3-rated keynote from Finology Summit looks at
why the future belongs to financial adviser cyborgs
(i.e. human/computer partnerships).
- 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 "attend" online and earn CE hours.) |
QUOTE OF THE WEEK...
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A man who asks is a fool for five minutes. A man who
never asks is a fool for life. - Eartha Kitt
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LATEST...
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Markets
The blockchain pipe dream
It is high time to end the hype. Bitcoin is a slow,
energy-inefficient dinosaur. Most of the coins are
little different from railway stocks in the 1840s,
which went bust when that bubble – like most bubbles
– burst.
Nouriel Roubini, Roubini Global Economics |
More
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Markets | Investing
Cryptoassets is an emerging
asset class with huge potential
Technological revolutions often spawn financial
booms and busts - but the value proposition of
blockchain is profound, and the technology has given
rise to cryptoassets. Practitioners will
increasingly be required to understand them.
Catherine Wood, Ark Invest
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More
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Markets
Ignore the exit ramp, better conditions ahead
The US might have three to five years of
additional growth ahead. Global synchronised growth
is likely to drive earnings growth to a higher gear
that warrants current elevated valuations.
Ron Temple, Lazard Asset Management | 0.25 CE |
More
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Markets
Beware the Bond-cano!
The peddlers of the Bond-cano narrative give very
different recommendations. Even if we buy the story,
it's just not clear what to do - all of which
suggests that it is just a wonderful narrative.
Tim Farrelly, farrelly's |
More
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Finology
The finologist of the future is a cyborg
The combination of man and machine - tech-augmented
humans or "cyborgs" - can be more effective than
either alone, posing the greatest opportunity to
human financial advisers in the long run.
Michael Kitces, Nerd's Eye View | 0.50 CE |
More
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RECENTLY...
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Markets
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 |
More
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Markets
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 |
More
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Investing
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 |
More
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Finology
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 |
More
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Finology
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 |
More
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Markets
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 |
More
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Markets
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 |
More
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Markets
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 |
More
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Finology
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 |
More
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Markets
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 |
More
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