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Forum Fodder | Friday 26 June 2020
"By preventing a financial crisis, policy
support has helped avert worse real outcomes. At the
same time, the disconnect between real and financial
markets raises concerns of excessive risk-taking and
this is a significant vulnerability."
- Gita Gopinath, Chief Economist, IMF (24 Jun 2020)
All the best for another week's continuing
education! - Graham
P.S. Are you involved in any aspect of
constructing multi-manager portfolios? Stand For
MoreTM - more knowledge, skill and
expertise - with CIMA®
certification.
Enrolment closes 30 June! |
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LATEST ON-DEMAND CE...
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Markets
The Covid-19 shock to the
dollar
I foresee a 35% drop in the broad dollar index over
the next two to three years. Covid-19 may have
spread from China, but the Covid currency shock
looks like it will be made in America.
Stephen Roach, Yale University
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More
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Markets
Post-pandemic economic leadership begins in America
No matter how big an economy, it is likely to be
influenced by US economic growth, international
financial stability, and monetary policy spillovers.
The challenge for other countries now is to reduce
America's "execution risk".
Mohamed El-Erian,
Allianz |
More
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Markets | Strategies
Should we be worried about
inflation?
The impact of Covid-19 and the resulting massive
worldwide government fiscal response to the crisis
has sparked new discussion about the risk of an
upsurge in inflation - or deflation. This is not a
trivial debate.
Tim Farrelly, farrelly’s Investment Strategy |
More
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Markets |
Editor's
Pick!
We will have to choose between the US and China in
the 2020s
In the increasingly intense strategic and economic
competition between Washington and Beijing, it's
naive to think Australia can just sit on the
sidelines.
Expert Panel | 0.75 CE
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More
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Markets |
Strategies
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Editor's
Pick!
Value investing will triumph
over growth in the 2020s
The decade since the GFC has been a challenging
period for value style equity investing. Not
surprisingly, investors are questioning the value of
value investing.
Expert Panel
| 1.00 CE
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More
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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
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UPCOMING FACE-TO-FACE CE...
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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
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UPCOMING CERTIFICATION...
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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.
Enrolment for the next intake closes 30 June 2020
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RECENT ON-DEMAND CE...
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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
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More
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Markets |
Strategies
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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
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1.00 CE
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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
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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
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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
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1.00 CE |
More
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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
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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
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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
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More
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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
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1 comment
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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
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PLUS MORE ON-DEMAND CE...
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Forum CE Library - over 540 CE/CPD hours
Complimentary for all Forum members, the Forum's online
on-demand CE Library
offers
over 540 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 requirements, to name a few.
More
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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 meeting the CE/CPD requirements of other governing bodies
e.g. ASIC, APRA, FASEA, FMA, etc).
More
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KEEP IN TOUCH
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Construction Forum.
Just follow us on Twitter to hear as soon as we
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portfolioconstructionforum.edu.au
and when registration opens for our onstage
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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.
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