Forum Fodder | Friday 15 November 2019
Education is a progressive discovery of our own ignorance - Will Durrant (1885-1981)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
The monetarist era is over
Central bankers and senior economic officials now almost unanimously believe that monetary policy has reached its limits.
Anatole Kaletsky, Gavekal Dragonomics | More

Investing
Is active investing doomed as a negative sum game?
Sharpe proposed that active investing must be a losing pursuit in aggregate. This paper takes a critical look at that proposition, and whether it is worthwhile considering using active fund managers.
Geoff Warren, PhD, Australian National University| 1.00 CE | More

Markets | Strategies |As seen at Portfolio Construction Forum Strategies Conference 2019
The current credit cycle is set to endure
The diverse characteristics of credit markets provides investors the ability to construct robust portfolios, offering investment opportunities suitable for all potential market environments.
Michael Buchanan, Western Asset Management | 0.50 CE | More

Markets | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Private markets hold the answer to infrastructure alpha
The significant valuation gap between listed and direct infrastructure markets presents an opportunity to arbitrage value from the two as the gap closes. Understanding the weight of this change into 2020 and beyond is key.
Daniel Foley, CBRE Clarion Securities| 0.50 CE | More

Strategies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
The way risk is managed in concentrated portfolios matters
Limiting overlapping economic exposures more effectively creates concentrated yet diversified portfolios capable of meeting investors’ long-term objectives into the 2020s, while better managing risk.
Donald Huber, Franklin Templeton Investments| 0.25 CE | 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 | 12 CE/CPD hours
Investment Management Research Symposium 2019 (20-21 Nov 2019)
Established in 2007, the annual Investment Management Research Program Symposium presents contemporary investment research. Presented in collaboration with Macquarie University and supported by CIMA Society of Australia, it features an exceptional Faculty - academics from leading university business schools, independent consultants, central bankers, regulators and professional investors - presenting research related to this year's theme, "We are living in exceptional times".
Register now!

RECENT ONLINE CE...

Investing
The allure and limits of monetised fiscal deficits
It is only a matter of time before some shock triggers a new recession. Because policymakers will be pressured to do something, "crazy" policy responses will become a foregone conclusion.
Nouriel Roubini, Roubini Macro Associates | More

Markets | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
After value’s tough ‘10s, we must stick to our guns for ‘20s
The 2010s challenged value investors as, paradoxically, cheap stocks became cheaper and expensive stocks grew more expensive. For those holding their nerve, the inconsistency sets up a good 2020s.
Andrew Clifford, Platinum Asset Management| 0.50 CE | More

Strategies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Machine learning gives great flexibility – and responsibility
Artificial Intelligence, Machine Learning (ML), and Deep Learning represent an important expansion of the quantitative investors' analytical toolkit, providing substantial new flexibility.
Joanna Nash, Acadian Asset Management| 0.50 CE | More

Strategies |As seen at Portfolio Construction Forum Strategies Conference 2019
True diversification is not about portfolio insurance
Investors want it all from alternatives - keep up with equities in bull markets, and give insurance when markets fall. But true diversification adds independent sources of return to portfolios.
Jason Koo, Macquarie Investment Management | 0.25 CE | More

Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Income investors should look beyond just yield
A broader approach to retirement income, looking beyond yield and incorporating expected return and risk, means some income-generating assets should be excluded from retirement portfolios.
Michael Martel, State Street Global Advisors| 0.50 CE | More

Markets
Can the US and China make a deal?
The Sino-American trade war may well be about to enter its endgame. The next round of negotiations could be the last real chance to find a way through the trade, technology, and wider economic imbroglio that has been engulfing both countries.
Kevin Rudd, Asia Society Policy Institute | More

Markets
Investors need a new measure of economic growth
Much macroeconomic analysis is very narrow in scope. ESG factors are ignored all together. A new indicator of national progress measures economic dynamism and progress on meeting ESG goals.
Stephanie Kelly, Aberdeen Standard Investments| 0.25 CE | More

Strategies
Retirement spending and biological age
There is a growing body of evidence suggesting that chronological (C) age is dominated by biological (B) age as a better proxy for longevity risk. Practitioners must consider both ages when building portfolios and structuring retirement spending strategies.
Moshe Milevsky, York University| 1.00 CE | More

Finology
The Big Five: A new path to improving client service
There is scientific consensus that 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

Investing
Research Review: The investment behaviour of hedge funds
Two papers looking at hedge funds provide further evidence that the more proactive managers are the best performers.
Ron Bird, Investment Management Research Program | 1.00 CE | More  

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