Forum Fodder | Thursday 09 April 2020
The capacity to learn is a gift; the ability to learn is a skill; the willingness to learn is a choice - Brian Herbert (1947-)
All the best for another week's continuing education! - Graham

LATEST ONLINE CE...

Markets
Mapping the COVID-19 recession
Even with all-out efforts by central banks and fiscal authorities to soften the blow, a deep economic slump and financial crisis are unavoidable. How bad will the COVID-19 recession be and how long it will last?
Kenneth Rogoff, Harvard University | More

Markets | Strategies
Expect stock markets to rally in Q2
With crisis comes opportunity. Much of the bad news is now reflected in stock prices and, while stock markets will re-test their lows in coming weeks, expect a rally during Q2 2020.
Chris Watling, Longview Economics in association with Fidante Partners | 0.50 CE | More

Markets | As seen at Portfolio Construction Forum Markets Summit 2020 
Bond-like equities will drown in a fiscal wave
Practitioners should examine portfolios for slow or no growth equities, priced like bonds, whose attractions may be inundated by a wave of fiscal stimulus.
Julian McCormack, Platinum Asset Management | 0.25 CE | More

Markets | As seen at Portfolio Construction Forum Markets Summit 2020
Quality is the best haven in uncertain times
The best response for investors pondering a future that is always VUCA is to ground their decisions in investment basics. In short, look for mispriced quality companies.
Vihari Ross, Magellan Asset Management | 0.25 CE | More

Finology
Research Review: How effective is financial education?
The move to compulsory superannuation placed huge responsibility on individuals to manage their portfolios. A regular response is to educate people to a higher level of financial literacy.
Ron Bird, Investment Management Research Program | 1.00 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!

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

RECENT ONLINE CE...

Markets | Finology
The two pandemics
We are feeling the anxiety effects of not one pandemic but two - the COVID-19 pandemic and a pandemic of anxiety about its economic consequences. The two are different, but inseparable.
Robert J. Shiller, Yale University | 2 comments | More

Markets | Strategies | As seen at Portfolio Construction Forum Markets Summit 2020
Be alert! High VUCA ahead! - key takeouts
Our diverse panel of experts debated which of the high-conviction propositions they heard during Markets Summit 2020 resonated most strongly, and which they disagreed with most, along with the portfolio construction implications.
Expert Panel | 1.00 CE | More

Markets | As seen at Portfolio Construction Forum Markets Summit 2020
Pendulum of investment opportunity swings to emerging markets
US/China trade tensions and the coronavirus outbreak highlight that a VUCA world abounds. But this does not change long-term trends that make emerging markets ripe for investment.
Geoffrey Wong, UBS Asset Management | 0.50 CE | More

Markets | Strategies | As seen at Portfolio Construction Forum Markets Summit 2020
Don’t fight the central banks – own bonds
After a blockbuster 2019 for bond returns, investors should moderate their return expectations while watching for VUCA events and tail risks, especially trade, Brexit and the US elections.
Bob Michele, JP Morgan Asset Management | 0.25 CE | More

Markets | Strategies | As seen at Portfolio Construction Forum Markets Summit 2020 
Volatility is dead - long live volatility
VUCA is alive and well, requiring a disciplined, risk-based approach that considers the direction of market risk appetite to identify the right assets at the right time.
Dan Farley, State Street Global Advisors | 0.25 CE | More

Markets
This time truly is different
While pandemics are comparatively rare, and severe ones rarer still, I am not aware of a historical episode that can provide any insight as to the likely economic consequences of the unfolding global coronavirus crisis. This time truly is different.
Carmen Reinhart, Harvard University | More

Markets | Strategies 
Q&A: The economic impact of coronavirus
Coronavirus has put an end to the longest post-war US expansion, and is all but certain to cause a recession that will be wholly different from any other in economic history. Robert Huebscher speaks with renowned economist, Dr Woody Brock, about why.
Woody Brock, SED | 1 comment | More

Markets
Are we out of the woods?
On Monday, the US central bank acted with stunning shock and awe. Then, government after government announced the biggest fiscal support packages ever seen in history. All of which begs the billion dollar question - sorry, multi, multi trillion dollar question. Are we out of the woods?
Jonathan Pain, The Pain Report | More

Markets | Strategies
You’re a braver man than I
For active fund managers, the coronavirus pandemic is unlike any other crisis in modern times. In this podcast, Jonathan Ramsay of InvestSense speaks with emerging market equities portfolio manager, Tassos Stassopoulos, about the impact of values on responses to COVID-19 around the world, and the art of contrarian stock picking and managing client monies in these challenging times.
Tassos Stassopoulos & Jonathan Ramsay | More

Markets | Strategies
Investing in the 2020s will mean more risk, for less reward
In the decade ahead, ageing demographics, income inequality, market share concentration and climate change will reshape the economy, elevating VUCA and requiring deep fundamental research to determine where best to invest.
Ronald Temple, Lazard Asset Management | 0.25 CE | More

Markets
We need to deliver better TSR - total social returns
Market capitalism has survived many rotations of the political cycle over generations. But there is nothing certain or given about capitalism – and today, its future is being called into question, with growing calls to fundamentally change the system.
Paras Anand, Fidelity International | 0.50 CE | More

KEEP IN TOUCH

Coronavirus plans (released 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 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). We've published over 1,500 online resources in the past five years alone, over 500 of which are CE/CPD accredited. And we've been using Zoom for our video conferencing and webinar/meeting needs since 2018.
For as long as lock down continues, our scheduled face-to-face programs continue as live webinars, 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.

Keep up to date - follow us @PortfolioForum
There's no need to wait until our weekly Forum Fodder email to know what's new with Portfolio Construction Forum. Just follow us on Twitter to hear as soon as we release new articles on portfolioconstructionforum.edu.au and when registration opens for our onstage programs.

Connect with me on LinkedIn
We also let my LinkedIn network know as soon as we release new articles on portfolioconstructionforum.edu.au and when registration opens for our face-to-face CE programs. If LinkedIn is more your thing than Twitter, I'd welcome you connecting. And of course, I'd welcome having an offline direct conversation with you any time.