Forum Fodder | Friday 22 November 2019
The great aim of education is not knowledge but action - Herbert Spencer (1820-1903)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
Why financial markets' new exuberance is irrational
The disconnect between financial markets and the real economy is becoming more pronounced, as investors focus on the attenuation of some short-term tail risks, and on central banks' return to monetary-policy easing.
Nouriel Roubini, Roubini Macro Associates | More

Philosophy | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Systematic ESG integration is simply smart investing
Focusing on financially material ESG data and systematically including them into investment analysis facilitates 20/20 vision of a company’s risk-return profile..
Masja Zandbergen, Robeco | 0.50 CE | More

Markets | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Designing portfolios for scenarios is critical for 20/20 portfolios
This hypothetical Investment Committee considers three relevant, forward-looking economic and market scenarios which have a reasonable probability of occurring during the next two to three years.
Expert Panel | 1.00 CE | More

Markets | Strategies| As seen at Portfolio Construction Forum Strategies Conference 2019
Equity markets' rosy forecasts have left benchmarks broken
To achieve a satisfactory return from equities, you must identify high quality forecastable businesses, apply a strict valuation discipline and have the conviction to be different from the herd.
Warryn Robertson, Lazard Asset Management | 0.25 CE | More

Markets | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Pro-active investors can manage infrastructure disruption
Future returns from infrastructure portfolios are less clear due to disruptive forces. Managing these risks requires an unrelenting focus on improving efficiency and customer service.
Peter Meany, First Sentier Investors| 0.50 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.
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RECENT 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

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

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