Forum Fodder | Friday 26 October 2018
Any man who reads too much and uses his own brain too little falls into lazy habits of thinking. - Albert Einstein
All the best for another week's continuing education!  
- Graham

LATEST CE...

Markets
America's inflation risks
It was inevitable. Another upturn in the US inflation cycle is at hand. The Fed is entirely correct to send the message that there is considerably more to come in its current tightening cycle.
Stephen Roach, Yale University | More

Markets
Storm clouds for 2020
We give a 20% chance to a US corporate debt bubble burst before end 2020. It's both incredible and unconscionable that massive leverage could once again bring down Main St a mere decade after 2008.
Woody Brock, SED | More

Strategies | Investing
Using Australian Asset Backed Loans in portfolios
Potential returns on traditional assets are falling and the search is on for different sources of attractive returns. The Australian Asset Backed Loans asset class deserves a place in many portfolios.
Tim Farrelly, farrelly's Investment Strategy | 1.00 CE | More

Philosophy | Strategies
Impact investing is the way of the future for fixed income
It is a common misconception that profit and impact are mutually exclusive. In fact, managing for mainstream risk-adjusted returns and creating a positive environmental or social impact can be achieved in parallel.
Affirmative Investment Management | More

Markets | Strategies
Valuation mistakes will prove very costly in a post QE world
Future proofing portfolios is a difficult task, due to today’s demanding valuations and because the future is intrinsically unknowable. There are no set-and-forget strategies in a world of ever-changing prices.
Philipp Hofflin, Lazard Asset Management | 0.25 CE | More

Philosophy | Markets | Strategies | Investing | Finology
Attend online now! Conference 2018 - "Future-proof portfolios?"
All of the presentations (sync'd video and slides) from our recent Strategies Conference 2018 (Future-proof portfolios?) are now available online.  "Attend" online with our compliments and earn up to 16.50 CE hours.
Earn up to 16.50 CE Hours | More

Great stuff
Spot on Annika... designing the "optimal" portfolio is structure dependent.
Michael Furey, Delta Research & Advisory | More

RECENT CE...

Philosophy | Markets
Self-fulfilling financial crises
Since the global financial crisis, people have searched in vain for a more productive integration of finance, behavioral economics, and macroeconomics. The publication of a new book gives hope yet.
J. Bradford DeLong, University of California | More

Markets | Strategies
In this tug-of-war market, you need a bet each way
The world is getting very interesting. Two strong forces - the US economy accelerating vs tariffs getting bigger - are creating a tug of war that means you need to have a bet each way.
Brett Gillespie, Ellerston Capital | More

Investing
5 essential issues - managed account vs managed fund
There is no silver bullet to portfolio implementation. Both managed funds and managed accounts can provide a more streamlined and sophisticated portfolio implementation solution – and both have pros and cons.
Annika Bradley, Lodrino | 1 comment | More

Investing | Finology
Research Review: Asset management, overconfidence and market discipline
Two recent research papers on investment management look firstly at the implications of overconfident managers and, secondly, at career risk associated with poor investment performance.
Ron Bird, University of Technology Sydney | 1.00 CE | More

Investing
Capturing future earnings upgrades leads to outperformance
Businesses adapting successfully to disruption exist across all industries and can be identified irrespective of prevailing market conditions. Finding those with improving earnings outlooks can deliver a future proofed portfolio.
Nikki Thomas, Alphinity Investment Management | 0.50 CE | More

Yes but...
The risk reward payoff for being long US bonds doesn't seem attractive to my way of thinking, it's how this plays out and the impact of the US 10 year on most asset classes that does warrant some attention and potential action in my view...
David Lunn, Lifestyle Wealth Partners | More

Finology
Building future-proof portfolios requires emotional agility
The future is, by definition, uncertain, as are financial markets. To prosper in such an environment, we need to be emotionally agile in order to align our values and actions and, in turn, help investors achieve their financial goals.
Susan David, Harvard Medical School | 0.75 CE | More

Investing
Owner-managed companies are the backbone of a good portfolio
Research shows that owner-manager businesses reward their long-term (non-family) investors because they instill a stability, a culture, and a focus that is geared towards the long term.
Matt Williams & Emma Goodsell, Airlie Funds Management | 0.50 CE | More

Philosophy | Strategies
Impact investing is the way of the future for fixed income
The impact investment market is growing. There is growing evidence that investing for return while generating a positive impact is a holistic way to create portfolios that are fit for the future.
Stephen Fitzgerald, Affirmative Investment Management | 0.50 CE | More

Markets
Cyber conflict is a threat (to future-proof portfolios)
In the cyber world today, we are somewhere around World War I. There are more than 30 nations with effective cyber forces. Practitioners need to understand the threat cyber weapons pose to markets and investments.
David Sanger, The New York Times | 1.00 CE | More

Markets | Strategies
Valuation mistakes will prove very costly in a post QE world
Future proofing portfolios is a difficult task, due to today’s demanding valuations and because the future is intrinsically unknowable. There are no set-and-forget strategies in a world of ever-changing prices.
Philipp Hofflin, Lazard Asset Management | 0.25 CE | More

Philosophy | Markets
The tech revolution will radically change how the economy works
The Australian (and global economy) is facing decades of significant technological change that will reshape how we work, where we work, and how we relate to each other economically and politically.
Chris Berg, RMIT University | 0.25 CE | More

Markets | Finology
Why we get it wrong - culture not companies dictate trends
Investors need to entirely rethink their processes, assumptions and research approach, to focus on the cultures of consumers in different markets. Only by thinking like new brands themselves, can investors identify and invest in the next powerful trend.
Tassos Stassopoulos, Trinetra Investment Management | 0.50 CE | More

Markets | Investing
A borderless approach delivers better EM investment outcomes
The investment opportunity in EM is greater than just the companies domiciled there. In essence, investing in global growth should not simply be defined or determined by where a company receives its mail.
Andy Budden, Capital Group | 0.50 CE | More

Markets | Strategies
Future proofed portfolios need growth equities
Investors should learn the lessons of history. Looking beyond near-term valuation multiples can help identify the next great winners and also help avoid the losers. Without growth investing, a portfolio is only focusing on only one side of the equation.
Nick Griffin, Munro Partners | 0.50 CE | More

Small portfolios are beautiful
As Warren Buffett said, “Wide diversification is only required when investors do not understand what they are doing. Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.” The question then comes to who in this industry knows what they are doing and therein lies the problem...
Ron Bird, University of Technology Sydney | More

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