Forum Fodder | Friday 07 February 2020
A well-educated mind will always have more questions than answers
- Helen Keller (1880-1968)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
A global economy without a cushion
The world economy is operating dangerously close to stall speed. Ever-present shocks and a sharply diminished trade cushion raise serious questions about financial markets' optimistic view of global economic prospects.
Stephen Roach, Yale University | More

Markets | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Global equities' risk requires a different perspective
Moving into the 2020s, global equity portfolios should be concentrated and highly selective, positioned to address both fundamental changes in the global backdrop and vulnerabilities in the successful styles of recent years.
Ashley Pittard, Pendal Group | 0.25 CE | More

Markets | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Vision matters – but so does implementation
Portfolio managers don't have perfect vision. Better prediction accuracy results in more concentrated portfolios, higher turnover, higher position limits and higher returns and information ratios.
Jim Creighton, Ironbark Longreach HQI | 0.50 CE | More

Strategies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Volatility is a source of income
In times of lower growth and falling interest rates, volatility strategies can be used to produce a steady stream of income to complement other sources of returns.
Nick Seeto, Regal Funds Management | 0.50 CE | More

Finology
Research Review: Financial self-awareness and decision making
Financial decisions are among the most important life-shaping decisions we make. Two recent research papers provide further evidence as to how practitioners can help improve clients' financial decisions.
Ron Bird, Investment Management Research Program | 1.00 CE | More

UPCOMING FACE-TO-FACE CE...

Markets
Markets Summit 2020 - Be alert! High VUCA ahead!
Tue 18 Feb 2020 | 7.0 to 11.5 CE hrs
The current high VUCA - volatility, uncertainty, complexity and ambiguity - market environment carries many risks, of course. But with those risks come opportunities, too.
Markets Summit is THE investment markets scene setter of the year. Featuring a Faculty of 20+ leading investment thinkers from around the world, it facilitates debate on the key drivers of and outlook for the markets (on a three- to five-year view) – with particular emphasis on being alert to high VUCA risks and opportunities ahead - to aid your search for return, and to help you build better quality investor portfolios.
Registration closes in 1 week!

Finology
Finology Summit 2020 - Investing beliefs, biases & behaviours
Wed-Thu 19-20 February 2020, Sydney | 11.0 to 23.0 CE hrs
Finology Summit is THE behavioural finance ("fin") and investment psychology ("ology") program of the year. Featuring an exceptional Faculty, it will help you better identify and understand how your own and other people's different investing biases, beliefs and behaviours impact investment markets and portfolio construction practices - and therefore, investment outcomes - to help you build better quality investor portfolios.
Registration closes in 1 week!

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!

Save the Date!
Mark Your Diary now for the following continuing education programs
March 2020
- farrelly's User Group (18 Mar, Melbourne)
- farrelly's User Group (19 Mar, Brisbane)
- farrelly's User Group (24 Mar, Sydney)
May 2020
- Investment Management Research Symposium (07-08 May, Sydney)
August 2020
- Strategies Conference (19-20 Aug, Sydney)
We'll email you when registration opens...

RECENT ONLINE CE...

Markets
What could spoil 2020?
Ten risks could cause the most economic and financial trouble in 2020. But these are not predictions - continuing global expansion is more probable than any combination of these setbacks.
Anatole Kaletsky, Gavekal Dragonomics| More

Markets | As seen at Portfolio Construction Forum Strategies Conference 2019
Australia must make 5 core shifts to reach its full potential
Australia has enjoyed nearly three decades of uninterrupted economic growth, but there are sound reasons to question whether this will continue in the future. Five core shifts – industry, urban, energy, land and culture – are needed for Australia to reach its full potential.
Katherine Wynn, CSIRO Futures | 0.50 CE | More

Markets | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Alternative income streams are essential in times of change
A deliberate blend of emerging market debt and high yield opens up another universe of liquid, high income opportunities which can offer relative stability in returns and deliver the potential of higher income.
James Blair, Capital Group | 0.25 CE | More

Strategies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Lagging in rising markets can benefit portfolio outcomes
Trailing a rising market can feel like missing out - but pure pursuit of highest returns can have unintended consequences. Protecting capital on the downside has a material impact on total returns.
Benjamin Treacy, Fidelity International | 0.25 CE | More

Strategies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Retirement portfolios are riskier today than before the GFC
Prior to the GFC, you could build a retirement portfolio on the back of a 7% yield, virtually risk free. Today, without that free kick, a 7% yield is a much harder job, especially from a risk-budgeting perspective.
Jason Teh, Vertium Asset Management | 0.50 CE | More

Markets
20 global developments to watch over the next five years
I believe time allows signals to surface amidst the ubiquitous noise. In the spirit of the hit Fleetwood Mac song "Don't Stop" that urges a future focus, I offer this year's set of five-year-forward global predictions.
Vikram Mansharamani, Harvard University | More

Markets
Central banks face a year of mounting challenges
Central banks have proved willing and able to keep stock and bond prices elevated. For long-term economic well-being and financial stability, a policy response is needed that extends well beyond their traditional remit.
Mohamed El-Erian, Allianz | More

Philosophy | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
A 60/40 "balanced" split will fail superannuants of the 2020s
Somehow the optimal growth/defensive asset split from the 1980s is still considered "balanced" today - never mind that for the first time since the 1930s, the cost of capital is stubbornly static at a negative real return.
Robert Prugue, Callidum Investment Research | 1 comment | 0.25 CE | More

Markets | Strategies |As seen at Portfolio Construction Forum Strategies Conference 2019
Global SMID Caps - 2020 alpha is hiding in plain sight
One of the best performing equity sub-asset classes over 20 years is seemingly being ignored. Investors should seriously consider an allocation to Global SMID equities in their portfolios.
Ned Bell, Bell Asset Management | 0.25 CE | More

Strategies | Investing | As seen at Portfolio Construction Forum Strategies Conference 2019
Investing in earnings leadership adds foresight to a portfolio
We can never know for certain how the macro backdrop will change or which investment style will dominate. But focusing on uncovering fundamental earnings leadership tunes out market noise, and enhances returns.
Jonas Palmqvist, Alphinity Investment Management | 0.25 CE | More

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