Forum Fodder | Friday 27 September 2019
The idea of education has been so tied to schools, universities, and professors that many assume there is no other way, but education is available to anyone within reach of a library, a post office, or even a newsstand. - Louis L'Amour (1908-1988)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
Four collision courses for the global economy
There are several geo-economic games of chicken playing out. In each case, failure to compromise would lead to a collision, most likely followed by a global recession and financial crisis.
Nouriel Roubini, Roubini Macro Associates | More

Markets
The post GFC 'cheap money' bubbles are popping
For most of the last 10 years, the world's major central banks have been creating significant amounts of cheap money, inflating several bubbles. Those bubbles are beginning to burst.
Chris Watling, Longview Economics | 0.25 CE | More

Markets | Strategies
The race of our lives revisited (in a nutshell)
Climate change has moved faster than most thought possible. There will be exciting investment opportunities in companies focused on climate change mitigation and adaptation.
Jeremy Grantham, GMO | 1.00 CE | More

Markets | Investing | Philosophy
The heat is on - where investing meets investors
Human beliefs, biases and behaviours are central to the behaviour of financial markets, causing financial and economic instability to persist.
Pippa Malmgren, DRPM Group | 0.50 CE | More

Markets | Strategies
Uncertainty requires more dynamism in delivering outcomes
Few clients have the 20-year horizon required for today’s strategically-oriented models to become consistent with suggested outcomes, such as CPI+4%. This builds in a structural mismatch.
Michael Kelly, PineBridge Investments | 0.25 CE | More

Pascal's Wager
If you follow Woody's advice and a transition occurs, you will be prepared to benefit. If he is wrong, you will still do OK. On the other hand, if indexing remains your mantra, and he turns out to be correct, the impairment could be severe and long lasting.
Ray Benton, Lincoln Financial Advisors | 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.
Find out more and enrol now!

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
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 comment |1.00 CE | More

Strategies | 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

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

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