Forum Fodder | Friday 24 April 2020
Blind faith in the relevance of past patterns makes no more sense than completely ignoring them... There's no "informed" way to choose between the positive and negative scenarios we face today... most people decide in a way that reflects their biases. - Howard Marks (1946-)
All the best for another week's continuing education! - Graham
P.S. Covid19 lockdown escape hatch! Visit Sydney's famous Taronga Zoo via live webcam. If the wild is more your thing, check out Africam.

LATEST ONLINE CE...

Markets
The EU should issue perpetual bonds
Europe needs about €1 trillion to fight the COVID-19 pandemic. Financing the EU Recovery Fund with perpetual bonds is the easiest, fastest, and least costly way to establish it.
George Soros, Open Society Foundations | More

Markets
Suspend emerging and developing economies’ debt payments
As the COVID-19 virus spreads globally, many emerging and developing economies will stop paying their debts. The world needs to get in front of the problem.
Carmen Reinhart and Kenneth Rogoff, Harvard University | More

Philosophy | Finology | As seen at Portfolio Construction Forum Finology Summit 2020
Giving Voice to Values is the “how” of values-driven professional practice
Most of us want to act on our values, but we also need to feel that we have a reasonable chance of doing so effectively and successfully. Rather than focus on ethical analysis, focus on ethical implementation.
Mary Gentile, University of Virginia | 0.50 CE | More

Markets | As seen at Portfolio Construction Forum Markets Summit 2020
Phase 1 won’t do, global trade pain will continue in the 20s
The US-China trade deal was supposed to settle global trade uncertainty in 2020. Nothing could be further from the truth. Diversified supply chains are vital to minimising VUCA risks into the 2020s.
Chris Rogers, Panjiva Research | 0.25 CE | More

Finology | As seen at Portfolio Construction Forum Finology Summit 2020
Knowing your client requires a commitment to data
Behaviour biases determine that performance drives managed fund flows. By examining managed fund transactions, we can confirm that investment adviser engagement with investors is critical, and ascribe a value to it.
Douglas Isles, Platinum Investment Management | 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!

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
A question of war and peace
To paraphrase Churchill, will those who can end a pandemic well also allow a good recovery? It depends on their understanding of history.
Oliver Hartwich, The New Zealand Initiative | More

Philosophy | Markets | Strategies | Investing
Philosophy Lecture: Fixed Income Investing
This lecture argues that a diversified portfolio of core fixed income securities is an essential component of an optimal multi-asset portfolio. What's your philosophy?
Anne Anderson, UBS Asset Management | 5.00 CE | More

Markets | Investing
Impact bonds are becoming mainstream
The impact fixed income market is becoming more diverse in terms of currencies, issuers and ratings, delivering mainstream returns but with impact.
Stephen Fitzgerald, Affirmative Investment Management | More

Finology | As seen at Portfolio Construction Forum Finology Summit 2020
You can identify and compensate for your own cognitive biases
By identifying their own systematic patterns of departure from "rational" behaviour, practitioners can compensate for their effects, and improve the quality of their day-to-day investment decision-making.
Andrew Inwood, CoreData | 0.50 CE | More

Markets | As seen at Portfolio Construction Forum Markets Summit 2020
Infrastructure is a bull – long live VUCA!
With an ageing demographic seeking more stable outcomes, many investors have been steadily increasing allocations to infrastructure securities, to capture the attractive relative income and low volatility.
Charles Hamieh, RARE Infrastructure | 0.25 CE | More

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

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 | 3 comments | More

PLUS MORE ONLINE CE...

Forum CE Library - over 530 CE/CPD hours
Complimentary for all Forum members, the Forum's online CE Library offers over 530 CE/CPD hours of accredited learning resources, to help members meet the CE/CPD requirements of 16 governing bodies (regulators, associations, and institutes) - including ASIC, APRA, FASEA, AFA, and FPA and CIMA CE/CPD requirements, to name a few.
More

CIMA CE Library - over 70 CE hours
This subset of the full Forum CE Library features just those learning resources that are accredited for CIMA CE hours, so CIMA certificants can more easily find learning resources to meet their recertification obligation (at the same time as the CE/CPD requirements of other governing bodies e.g. ASIC, APRA, FASEA, etc).
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.