Forum Fodder | Friday 21 June 2019
Wisdom… comes not from age, but from education and learning.
- Anton Chekhov (1860-1904)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
Unconventional thinking about unconventional monetary policy
The critics of QE are right to warn of unintended consequences. But shunning QE may also have unintended consequences. The critics should be careful what they wish for.
Barry Eichengreen, University of California, Berkeley | More

Markets | Investing
Research Review: SRI, ESG and controversial investing
SRI funds perform as well as conventional funds; ESG equity investing has outperformed in the US; and, controversial stocks do best in economic crises.
Ron Bird, Investment Management Research Program |1.00 CE| More

Finology
The Big Five: A new path to improving client service
Five major personality traits explain much of the behavioural differences between individuals - linking to financial outcomes, and preferences for advice.
Herman Brodie, Prospecta Limited | 0.50 CE | More

Markets
Emerging market investing requires patience to succeed
While EM equities returns have been disappointing in recent years, but the stark rise of populism in the west may be an opportunity for many emerging economies.
Thomas Vester, LGM Investments | 0.25 CE | More

Markets | Investing
Climate change - Business transition risk and opportunities
Much of the discussion around climate change and transition risks is focused on negative impacts, but these changes offer significant opportunities for some businesses.
Colonial First State Global Asset Management | More

Are rate rises the problem to focus on?
I think a more serious risk in corporate bonds is a deterioration in credit conditions amid slowing economic conditions and with high corporate indebtedness...
Julian McCormack, Platinum Asset Management | More

UPCOMING FACE-TO-FACE CE...

Certified Investment Management Analyst^® (CIMA^®)
Are you involved in any aspect of constructing multi-manager portfolios?
CIMA certification is the peak, international technical portfolio construction certification program designed for investment management analysts – that is, those involved in any aspect of constructing multi-manager portfolios, whether practitioner or advocate. Stand for more - more knowledge, skill and expertise - with CIMA certification.
Enrolment closes 30 June - find out more

Strategies
Strategies Conference 2019 - 20/20 vision
Wed-Thu 21-22 Aug 2019 | 13 CE hrs
Great eyesight depends on more than just clarity of vision – peripheral awareness, depth perception, focusing ability and colour sensitivity all play a crucial role in determining our visual ability. And, the same is true of quality investment portfolio construction. To design, build and implement portfolios capable of meeting the long-term objectives of end investors, practitioners need clear vision across a range of issues. Strategies Conference 2019 will facilitate debate on a selection of contemporary and emerging portfolio construction strategies, with particular emphasis on looking ahead at the issues that will dominate the 2020s and beyond, to give greater insight and clarity to building quality investor portfolios.
Registration opens soon - meanwhile mark your diary! Wed-Thu 21-22 Aug 2019.

RECENT ONLINE CE...

Markets
Has a no-deal Brexit become more likely?
If you believe the UK is turning into populist Zimbabwe or Venezuela, you should expect a no-deal Brexit. Otherwise, forget about it.
Anatole Kaletsky, Gavekal Dragonomics | More | 1 comment

Markets | Investing
Corporate debt the next bubble to pop?
Investment grade debt has become much riskier, default rates will rise when interest rates begin the inevitable normalisation, and credit spreads are too low – it’s a bubble waiting to burst. Actually, no.
Tim Farrelly, farrelly's Investment Strategy | More | 3 comments

Philosophy | Strategies | Finology
Segment retirement expenses to create retirement buckets
Retirement bucket strategies tie specific expenses to specific portfolios. But looking at categories of spending doesn't necessarily work. A better approach is to segment spending within each category.
Michael Kitces, Pinnacle Advisory Group | More

Strategies | Finology
Beliefs, biases and behaviours drive retirement solutions
A myriad of factors - psychological, emotional, cognitive and behavioural - impact a client’s financial independence during decumulation, demanding different investment solutions.
Robert DeChellis, Allianz Retire+ Powered by PIMCO | 0.50 CE | More

Markets
The New Neutral is a long-term global reality
Recent central bank decisions have strengthened the conviction that the New Neutral is a global reality which will have long-term implications on investment decisions.
Rob Mead, PIMCO | 0.25 CE | More

Population growth
So much for doing anything about housing affordability. And it will also add substantial volatility to housing prices. Property investors may cheer in the short-term, but just wait until the RBA next need to tighten interest rates...
Tim Farrelly, farrelly's | More

Markets
How inflation could return
The inflation outlook is subject to far wider possibilities than policymakers have considered. Too little focus on structural factors could pose serious risks to economic wellbeing and financial stability.
Mohamed El-Erian, Allianz | More

Markets
Rethinking inflation targets
The Federal Reserve is contemplating changing its framework for targeting inflation. It should conclude that the FOMC needs more patience with the current neutral stance rather than a new target.
Robert Gay, Fenwick Advisers | More

Markets
The corporate bond outlook is more risk for less return
The easy money in credit markets is now gone, leaving corporate bonds facing more risk for less return. Additionally, structural liquidity deterioration raises the black swan risk of a disorderly sell-off spilling over into other markets.
Gopi Karunakaran, Ardea Investment Management | 0.25 CE | More

Finology
Fund brands and trust
A new study shows that retirement savers demonstrate a strong preference for trusted managed fund brands over unbranded funds - but unbranded funds are strongly favoured over poorly trusted fund brands.
Susan Thorp, University of Sydney | 0.50 CE | More

Finology
Applying behavioural finance in practice - part 2
Helping clients is about more than just educating them as to the right decision, it's also about helping them to actually take action.
Michael Kitces, Pinnacle Advisory Group | 0.75 CE | More

Think less crystal and more sign posts....
If we are going to commit capital to the markets, we need a framework which is centered around expectations...
Bob Michele, JP Morgan Asset Management | More

But can you trust real estate stats?
I do not think one can believe vacancy rates...We know real estate agents and they all say that there is a gross under-reporting of vacancy rates...
Fergus Hardingham, FM Financial Solutions | More

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