Forum Fodder | Friday 19 June 2020
"My confidence is rising quite rapidly that this is the fourth 'Real McCoy' bubble of my investment career. The great bubbles can go on a long time and inflict a lot of pain but at least, I think, we know now that we're in one." - Jeremy Grantham (in a CNBC interview 17 Jun 2020)
All the best for another week's continuing education! - Graham
P.S. Short on CE/CPD hours for 30 June? There are over 540 hours in the Forum CE Library - and it's complimentary for all Forum members.

LATEST ON-DEMAND CE...

Markets
Deglobalisation will hurt growth everywhere
The risk today of a debilitating 1930s-style overshoot in deglobalisation is massive, particularly if the US-China relationship continues to fray. And it is folly to think a retreat from globalisation will not introduce more, vastly more serious, problems.
Kenneth Rogoff, Harvard University | More

Markets | Strategies | Editor's Pick!
The race of our lives revisited (in a nutshell)
Climate change has moved faster than most thought possible. There will be exciting investment opportunities in companies focused on climate change mitigation and adaptation.
Jeremy Grantham, GMO | 1.00 CE | More

Strategies | Investing
Research Review: More about momentum
Despite difficult times in recent years, momentum has been the factor that has generated the highest returns over the past 50 years. Three new papers on the topic take us into largely new territory and improve our understanding on how markets operate.
Ron Bird, Investment Management Research Program | 1.00 CE | | More

Philosophy | Markets | Finology | Editor's Pick!
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 | More

Finology
Research Review: Confirmation bias
The line between "error" and "reasonable human functioning" is remarkably vague. This Research Review focuses on a widely-cited paper that thoroughly unpacks the various concepts under the umbrella of confirmation bias.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | More

Finology | Invitation to investment advisers
Complimentary survey to benchmark your Client Care & Practice knowledge and skills
FASEA requires that financial advisers continually improve their client care and practice knowledge and skills - doing so makes obvious business sense, as well. Our new Finology Benchmarking Indices (FBI) is the only benchmarking tool for this area of knowledge and skill - and it's complimentary to our investment adviser members while we continue to develop the service.
Take the Finology Benchmarking Indices survey

UPCOMING FACE-TO-FACE CE...

Strategies
Strategies Conference 2020 "All things considered... it's a whole new world"
We are looking forward to presenting Strategies Conference 2020 as a unique, live face-to-face and live online "hybrid" program, including at our Carriageworks campus. Mark your diary! 30 Sep to 01 Oct 2020.
Meanwhile "attend" Strategies Conference 2019 "20/20 vision" on-demand

UPCOMING CERTIFICATION...

Free webinar
Stand For More with CIMA certification
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.
Registration for the current intake closes 30 June. Join us for a free info webinar to find out more | 26 June 2020
Find out more

RECENT ON-DEMAND CE...

Markets
Which economic stimulus works?
Governments are responding forcefully to the COVID-19 crisis with a combined fiscal and monetary response that has already reached 10% of global GDP. The key now is to increase incentives to spend.
Joseph Stiglitz & Hamid Rashid | More

Markets
The Covid-19 virus and the incipient euphoric recovery
After the easy gains over the next two or three years from reopening the service sector, the US economy faces a slow decade-long recovery. US equities remain overvalued.
Woody Brock, SED | More

Strategies | Investing
Crockpot: Hedge funds are an attractive diversifier
One of the touted benefits of hedge funds is that they provide returns that are largely uncorrelated with other risky assets. In practice, hedge funds returns are highly correlated to equity markets during downturns - when it matters.
Tim Farrelly, farrelly’s Investment Strategy | More

Philosophy | Strategies | Editor's Pick!
5 essential portfolio construction components
Portfolio construction is multi-faceted and should be iterative. Five key components provide a framework to design quality portfolios to meet clients' objectives.
Annika Bradley, Lodrino | 1 comment | More

Strategies | Finology | Editor's Pick!
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 | More

Markets
Who has the world's largest economy?
According to a new World Bank report, China’s total income has now surpassed the US's on a PPP-basis. But on a GDP basis, the US economy is still far ahead of China's. Both measures have distinct implications for geopolitics, and must be considered.
Jeffrey Frankel, Harvard University | More

Strategies | Finology | As seen at Portfolio Construction Forum Finology Summit 2020
Goals-based planning defeats behavioural biases
Behavioural biases get in the way of good investment decision-making. A well-structured approach to goals-based planning can go a long way to defeating the worst impacts of many of these biases.
Tim Farrelly, farrelly’s Investment Strategy | 0.25 CE | More

Finology
Research Review:  Memory and the investment implications
Memory is often both selective and distorted. This Research Review focuses on a seminal paper published in 1999 on "the seven sins of memory", and a recent 2019 paper on how memory errors impact investment decisions.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | More

Finology | As seen at Portfolio Construction Forum Finology Summit 2020
Emotions engendered in media impact investor decision-making
New research shows that media sources generate emotions that transmit to individuals and so influence their investment decisions, resulting in a departure from so-called efficient markets.
Ron Bird, Investment Management Research Program | 0.25 CE | More

Philosophy | Finology | Editor's Pick!
Philosophy Lecture:  Ethics matters and ethical awareness
This lecture explores the concept of ethics, contemporary issues in financial services as they relate to ethics, and the relevancy and application of ethics in our everyday lives.
Clare Payne | 2.50 CE | 1 comment | More

Ethics
It is great to hear the confirmation of this ground swell which started many years ago taking momentum globally...
Isaac Kuruvilla, Sydney Diocesan Secretariat | Comment

PLUS MORE ON-DEMAND CE...

Forum CE Library - over 540 CE/CPD hours
Complimentary for all Forum members, the Forum's online on-demand 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, FMA, AFA, FPA and CIMA CE/CPD CE/CPD requirements, to name a few.
More

Forum CIMA CE Library - over 75 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, FMA, etc). 
More

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