Forum Fodder | Friday 20 September 2019
Education is an ornament in prosperity and a refuge in adversity - Aristotle (384 BC - 322 BC)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
The return of fiscal policy
Policymakers are coming to realise that it is neither wise nor feasible to rely constantly on central banks for economic-policy support. The case for shifting the burden from monetary to fiscal policy is becoming more apparent.
Jim O'Neill, Chatham House | More

Markets
A tug of war is underway
On the positive side - still - is the US consumer. On the negative side is synchronised global industrial deceleration, and markets underestimating the negative trajectory of the US/China relationship.
Ron Temple, Lazard Asset Management | More

Philosophy | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
The case for a barbell investment strategy
What strategy should a rational investor, completely free of constraints, take to preserve wealth while making modest long-term gains? To do so will not be easy over the next two decades.
Woody Brock, SED |1.00 CE | More

Straegies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
In a world of low-interest rates, megatrends matter even more
An antidote for a low-rate environment is investing in companies enjoying the benefits of mega-trends, global shifts that are likely to boost demand for the products of a firm over the long term.
Rosie Malcolm, Magellan Asset Management | 0.50 CE | More

Strategies | Finology | As seen at Portfolio Construction Forum Strategies Conference 2019
Seeking alpha in a VUCA world requires whole brain approach
Although influenced by logical factors, changes in investment markets are often irrational and illogical. A whole-brain approach to seeking alpha is necessary to win in the investment game.
Philipp Hensler, Epoch Investment Partners | 0.50 CE | More

The grand shell game
My question is whether there is truly that much that a (relatively) small, open economy such as Australia can do to manage these global powers and if the game is rigged, what should be done about it?
James Marriott, SALA Financial Services | 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.
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20-21 November | 13 CE/CPD hours
Investment Management Research Symposium 2019
The annual IMR Symposium presents investment management research. Presented in collaboration with Macquarie University, it brings together the full spectrum of investment management analysts - academic faculty from leading university business schools, public sector members, central bankers, professional investors, consultants and experienced practitioners and advocates.
Mark Your Diary! 20-21 November 2019

RECENT ONLINE CE...

Markets
Flailing at China
Trump's administration is flailing at antiquated perceptions of the Old China that only compound the problems it claims to be addressing. Financial markets are starting to get a sense that something is awry.
Stephen Roach, Yale University | More

Markets | As seen at Portfolio Construction Forum Strategies Conference 2019
When navigating uncertainty, breadth trumps depth
To succeed within the ever-shifting context in which investment decisions are made, investors should adopt a multi-lens approach. Context matters, and siloed thinking can be detrimental.
Vikram Mansharamani, Harvard University | 1.00 CE | More

Markets
Bonds & Kindleberger's framework for bubbles
With bond prices going parabolic in the past few weeks, once again market participants are wondering whether the bond market is in a bubble.
Chris Watling, Longview Economics | More

Finology
Five industry trends are reshaping financial advice
Every financial adviser has access to the same products and portfolios – we must differentiate our advice value and specialisation, innovate new business models, and focus on the client experience.
Michael Kitces, Pinnacle Advisory Group | 0.75 CE | More

Markets | Investing | Finology
Research Review: Punishment and self control
Financial regulators have been reluctant to dish out jail terms. A new research paper finds that prison terms can be a cost-effective governance mechanism. A second paper gauges the impact of self-control on investment behaviour.
Ron Bird, Investment Management Research Program| 1.00 CE | More

Safe Haven 101
Basic assumptions of safe havens are now more about timeframes, one month, one year but 5-10-20 years out the geopolitical landscape looks very fragile...
Chris Selby, Escala Partners | More

Markets
The anatomy of the coming recession
There are three negative supply shocks that could trigger a global recession by 2020. None of them are amenable to the traditional tools of countercyclical macroeconomic policy.
Nouriel Roubini, Roubini Macro Associates | More

Markets
Trade disruption a symptom of deeper malaise
Many economists argue that resolving US-China trade tensions is the best way to avoid significant global economic and financial disruption. Yet, while necessary, this would be far from sufficient.
Mohamed El-Erian, Allianz | More

Markets
Three economic and market scenarios for 2020 portfolios
A disciplined, scenarios-based approach to determining your views on the outlook for markets is vital for building 20/20 portfolios. Determining investment strategy by analysing issues from a number of viewpoints allows you to arrive at plausible scenarios for how the future may unfold.
Robert Gay, Fenwick Advisors| 1 comment | More

Philosophy | Markets | Strategies | Investing | Finology
Philosophy Lecture: Value investing (Updated)
The decade since the Global Financial Crisis has been a challenging period for value style equity investing. Growth equities have outperformed value stocks in the US market for more than 12 years, the longest period in living memory. Is the value anomaly dead?
Philipp Hofflin, Lazard Asset Management  | 5.00 CE | More

Finology
Without trust, the future is intervention and self-help
More than one third of Australians think there is widespread corruption in the banking and finance sector.
Rebecca Huntley, Vox Populi Research | 0.25 CE | More

The need for flexible retirement spending rules
The problem with the FIRE concept is that if everyone does, no one can do it. It's what economists refer to as the paradox of thrift. You can't save without an income which flows from consumption.
Alex Waschka, QSuper | More

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