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Forum Fodder | Friday 07 August 2020
"We reach our conclusions, limited by the inadequacy
of our foresight and influenced by our optimistic or
pessimistic biases. And we learn from our experience
how hard it is to get the answer right." - Howard
Marks, Oaktree Capital Management (5 August 2020)
All the best for another week's continuing
education! - Graham
P.S.
"All things considered... the next big shock"
zoominar
3 Friday 14 August 2020
Who would have thought that a health crisis would
create such a significant financial and economic
crisis? To properly manage systemic risk in our
portfolios, we need to ask ourselves, where is the
next big shock coming from?
More
info & register |
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LATEST ON-DEMAND CE...
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Markets
Are financial markets none the wiser?
In April, I argued equity markets might continue to
rally despite the collapse of the world economy. And
so they have. But in my 40 years of observing and
participating in financial markets, I've learned
that August is always a month to watch.
Jim O’Neill, Chatham House |
More
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Markets
Right for the right reasons
In the last two weeks, very important data on the US
economy and corporate earnings have been released.
These depressing data are as we had predicted. It
remains true that the S&P 500 should drop by 35%
from its 1 January level.
Woody Brock, SED |
More
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Markets | Investing
The state of play
One of the most important tasks for any
decision-maker is to continuously stress-test
assumptions and mark-to-market their hypotheses as
to how the future will unfold. Let's "nowcast" a
little.
Christopher Joye, Coolabah Capital |
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Philosophy
All things considered... We
don't know what we don't know
Our first All Things Considered zoominar was
foundational. Our panel of expert portfolio
construction practitioners and academics made the
case for questioning our investing activities, and
identified some “sacred cows” that are most
consequential to investment outcomes AND in greatest
need of revision.
Joe Fernandes, Maroš Servátka & Robert Prugue
| 1.00 CE
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More
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Philosophy | Investing |
Editor's
Pick!
Is active investing doomed as a negative sum game?
Sharpe proposed that active investing must be a
losing pursuit in aggregate. This paper takes a
critical look at that proposition, and whether it is
worthwhile considering using active fund managers.
Geoff Warren, Australian National University | 1.00 CE
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More
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Stop calling product recommendations advice
Poignant words from Jim Stackpool. An especially
good call out in regard to the 'Awards Bubble'...
David Graham, Story Wealth Management
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Comment
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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 LIVE CE...
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Philosophy
"All things considered... the next big shock"
zoominar, Friday
14 August 2020 | 1 CE/CPD hour
Who would have thought that a health crisis would
create such a significant financial and economic
crisis? To properly manage systemic risk in our
portfolios, we need to ask ourselves, where is the
next big shock coming from? Responsibility and
sustainability have been subsumed by the current
crisis. But the impact of not addressing them will
be the cause of the next.
More
info & register
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Strategies
Strategies Conference 2020 "It's a whole new world"
We are looking forward to presenting Strategies
Conference 2020 as a live online "hybrid" program.
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.
Enrolments are now open for the next intake
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RECENT ON-DEMAND CE...
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Markets
Revisiting the white swans of 2020
In February, I warned any number of foreseeable
crises - "white swans" - including Covid-19, could
trigger a massive global disturbance in 2020. Many
are now in play. Why are financial markets ignoring
these risks?
Nouriel Roubini, PhD, New York University
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1 comment
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Finology
Stop calling product recommendations advice
Regardless of how QSuper justifies their focus on
limited advice, they cannot justify calling it
advice. It is a product recommendation.
Jim Stackpool, Certainty Advice Group
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1 comment
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Philosophy |
Markets | Investing |
Editor's
Pick!
Research Review: SRI, ESG and controversial
investing
Research finds that SRI funds perform as well as
conventional funds, ESG equity investing has
outperformed in the US, and controversial stocks do
best in crises.
Ron Bird, Investment Management Research Program | 1.00 CE
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More
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Finology
Research Review:
Mental Accounting
Humans categorise and form stories about their world
- including their financial lives. Two recent papers
emphasise the implications of mental accounting,
particularly for any investment professional in a
client-facing role.
Rob Hamshar,
Portfolio Construction Forum
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1.00 CE |
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Finology
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Editor's
Pick!
New Word Order - It’s not what
you say, it’s what they hear
The way investors respond to the language of
financial services can be influenced by using the
right words, avoiding others, and structuring
messages to overcome skepticism.
Gary DeMoss, Invesco Consulting
| 0.50 CE
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More
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Every fibre of my being
Based on the US 10-year real yield versus gold
chart, an investor needs to be thinking about where
real yields are headed. Do you have any favoured
indicators?...
Peter Eichmann, Park Street Group
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Comment
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Markets
China as economic bogeyman
Much of the new push for industrial policy in the US
and Europe is motivated by the perceived Chinese
"threat". But economic considerations suggest this
is the wrong focus.
Dani Rodrik, Harvard University |
More
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Finology
Research Review: Regret
Two research papers exploring regret can help us
improve how investment decision-making and outcomes
are framed with clients and offer deeper insight
into clients' personal and financial goals and
priorities.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE
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More
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Philosophy | Strategies
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Editor's
Pick!
The case for a barbell investment strategy
What strategy should a rational investor, completely
free of constraints, take to preserve wealth while
making modest long-term gains? To do so will not be
easy over the next two decades.
Dr Woody Brock, SED | 1.00 CE
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1 comment |
More
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Markets
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Strategies
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Editor's Pick!
When navigating uncertainty,
breadth trumps depth
To succeed within the ever-shifting context in which
investment decisions are made, investors should
adopt a multi-lens approach. Context matters, and
siloed thinking can be detrimental.
Vikram Mansharamani, Harvard University
| 1.00 CE
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More
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Finology
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Editor's
Pick!
Move over risk/return
profiles: Values define client’s needs
Only by making the effort to understand and align
investment beliefs with values can we get a sharper
understanding of our clients' true objectives and
provide solutions that will really meet their needs.
Tassos Stassopoulos, Trinetra Investment Management
| 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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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.
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release new articles on
portfolioconstructionforum.edu.au
and when registration opens for our live
programs.
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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.
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