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Forum Fodder | Friday 20 March 2020
Hour after relentless hour, the grim Coronavirus Black Swan continues to fly, seemingly undeterred. It's not hyperbole to say these are unique and challenging times for us all - there's nothing I can add to what is being said by the so-called coronavirus experts.
At times like these, credible, competent and relevant insights from the Forum's extensive faculty of subject matter experts become especially important to those committed to better quality portfolio construction practice through exceptional continuing education.
The show must go on - albeit with appropriate social distancing! 
In fact, it's business as usual for the Forum. We've operated as both a face-to-face and online continuing education platform for over 18 years (we launched as an online-only service back in 2002 so that actually came first). And, we've been using Zoom for our video conferencing and webinar/meeting needs since 2018.
We've published over 1,500 online resources in the past five years alone, over 500 of which are CE/CPD accredited. And over the past week, we've reformed our scheduled face-to-face programs as live webinars - and we'll continue to do so, so you'll be able to meet your ongoing CE/CPD obligations either through live attendance online, or at your leisure afterwards. We look forward to continuing to have you as part of our community.
All the best for another week's continuing education! - Graham


Averting economic disaster is the easy part
COVID-19 threatens both medical and economic disaster. While it may be too late to avert a public-health crisis, unlike the medical effects of the virus, the economic impact is easy to predict and overcome.
Anatole Kaletsky, Gavekal Dragonomics |

Markets | Strategies
Extraordinary times in markets
This is a time to be buying not selling. Question marks remain as to how far this market will fall before it bottoms out. But what we do know is that valuations are attractive. The chances of long-term investors earning returns well in excess of Term Deposits over the next five to 10 years are very, very high.
Tim Farrelly, farrelly’s Investment Strategy |

Markets | Strategies
Be alert! High VUCA ahead!
This time a month ago, Markets Summit 2020 facilitated 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 the high VUCA - volatility, uncertainty, complexity and ambiguity - risks and opportunities ahead. Watch 20+ leading investment thinkers from around the world.
Graham Rich, Portfolio Construction Forum |

Strategies | Finology
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 |

Applying behavioural finance in practice
Helping clients is about more than just educating them as to the right decision, it's also about helping them to actually take action.
Michael Kitces | 1.50 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!

Save the Date!
Mark Your Diary now for the following continuing education programs
March 2020
- farrelly's User Group (24 Mar - Webinar)
August 2020
- Strategies Conference (19-20 Aug, Sydney)
We'll email you when registration opens...


A short story about black swans at dawn
The market has now woken up to the size of the traumatic shock to the global economy, which just hit a massive air pocket. In the next few weeks, financial markets and the broad capital markets will come under severe stress. How does this end?
Jonathan Pain, The Pain Report
| 1 comment | More

More on the coronavirus crisis and the markets
Two weeks ago as the coronavirus crisis began to unfold, I warned that the market could soon drop to 17,500 on the Dow. One very important form of investor ignorance today concerns the market's view that it is prospects for corporate earnings that will matter most. This is wrong.
Woody Brock, SED |

Coronanomics 101
The G7 has vowed to use "all appropriate policy tools" to contain the economic threat posed by the COVID-19 coronavirus. That should include those wielded by medical practitioners and epidemiologists.
Barry Eichengreen, University of California |

Super Tuesday - what happened, what’s next
Joe Biden had a fantastic night on Super Tuesday and he could be the Democratic Nominee - but a lot can change over the next month. Meanwhile, trade relations between the US and China may falter if China struggles to honour its commitments due to a weak economy.
Libby Cantrill, PIMCO |

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 |

When China sneezes
The world economy was weak, and getting weaker, when COVID-19 struck - and it has brought the Chinese economy to a virtual standstill. China's sneeze may prove to be especially vexing for long-complacent financial markets.
Stephen Roach, Yale University |

Markets | As seen at Portfolio Construction Forum Markets Summit 2020
The black swan VUCA has arrived
Coronavirus represents a Black Swan event, the economic shock of which to China will reverberate around the world, thereby amplifying and exposing global economic weaknesses.
Jonathan Pain, The Pain Report | 0.25 CE |

The impact of the C-virus
The new virus is an "unknowable unknown" of the first order. Should the virus turn into an epidemic, all Americans will alter their behavior, such that an outright recession could result.
Woody Brock, SED |

Philosophy | Markets | Finology
Economics has come full circle
Classical economists often incorporated human behaviour into their thinking. But in the 1960s and 1970s, homo economicus - the great rational agent of economic theory - was born. It was not until the 1990s that the link between human behaviour and economics began to be re-established.
Herman Brodie, Prospecta |

Markets | Strategies | As seen at Portfolio Construction Forum Strategies Conference 2019
Complacency kills - the party is over for growth investing
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.
Charles Dalziell, Orbis Investment Advisory | 0.50 CE |

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