Forum Fodder | Friday 06 November 2020
"If you feel like you’ve missed the boat on US equities, I’m going to say that you’re wrong – there’s a lot more upside to go." - Jeff Schulze at Portfolio Construction Forum Strategies Conference 2020
All the best for another week's continuing education! - Graham

LATEST ON-DEMAND CE...

Markets
China leads again
Just as China led the world in economic recovery in the aftermath of the Global Financial Crisis of 2008, it is playing a similar role today. It is a bitter pill for many to swallow.
Stephen Roach, Yale University | More

Markets | Strategies
Traditional valuation methods are broken
In a world where interest rates are zero or negative, we need new ways of valuing assets. This is a very common refrain and it drives me nuts. It is almost all wrong - and on so many different levels!
Tim Farrelly, farrelly’s Investment Strategy | More

Philosophy | Investing | As seen at Strategies Conference 2020
ESG fixed income investing is not enough
Unlike ESG investing, impact investing accelerates the allocation of capital to solve the world’s climate and social challenges.
Stephen Fitzgerald, Affirmative Investment Management | 0.50 CE | More

Markets | As seen at Strategies Conference 2020
Globalisation is dead - It IS a whole new world
The Covid-19 crisis has triggered a step change in policy, accelerated trends and transformed investment frameworks. Opportunities will arise out of dislocation – but a more regional view is required.
Paras Anand, Fidelity International | 0.50 CE | More

Markets | Strategies | As seen at Strategies Conference 2020
Markets are underestimating medium-term inflation risks
Post GFC, inflation risk skewed to the downside with central banks fighting against disinflation and deflation – and the market is potentially under-pricing inflation risks going forward.
Mark Kiely, Antares Capital | 0.50 CE | More

Finology | Invitation to those who give investment advice
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) self assessment tool helps you benchmark your investing biases, beliefs and behaviours versus peers, to further empower your “client care and practice” knowledge and skills. It's complimentary to our members who give investment advice, while we continue to develop it.
Take the Finology Benchmarking Indices self assessment

UPCOMING LIVE CE...

Finology
Certainty Adviser Conference "2021 - How financial advice will grow & adapt"
Presenting a unique, innovative, focussed and unsponsored event for the stakeholders in advisory firms seeking to build beyond FASEA, grow through Covid and capture the mindsets, steps and direction to spread valuable financial advice for more Australians! 11am - 2.15pm Thursday 12 November 2020 | Forum members can register for $89+GST - quote this coupon code: PORTFOLIO
More info and to register

Markets
Markets Summit 2021 - Mark your Diary!
Established in 2009, Markets Summit is THE investment markets scene setter of the year. Presented in Sydney each February, the face-to-face and online learning program features 20+ leading investment thinkers - geopolitical specialists, economists, market/asset class experts, and investment strategists - from around the world, offering their best high conviction ideas on the drivers of and outlook for the markets (on a three- to five-year view) in the context of the theme - and the implications for portfolios. Mark your diary! Wednesday 17 February 2021
Meanwhile "attend" Markets Summit 2020 "Be Alert! High VUCA ahead" on-demand.

UPCOMING CERTIFICATION...

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

RECENT ON-DEMAND CE...

Markets
Biden’s economic edge
Post-war Democratic presidents have been significantly better for the US economy than Republicans have. There is every reason to believe that trend will continue if Biden wins on 3 November.
Jeffrey Frankel, Harvard University | More

Markets | As seen at Strategies Conference 2020
Washington has changed forever
On 3 November, US voters go to the polls. The presidency will be determined once again by 14 swing states and six of them really matter.
Libby Cantrill, PIMCO | 0.50 CE | More

Markets | As seen at Strategies Conference 2020
We’re at the beginnings of an epic but nominal global bull market
We are at the threshold of an epic bull market buoyed by the emerging Buenos Aires Consensus and desensitisation to Covid-19. But beware, inflation will eventual re-emerge.
Marko Papic, Clocktower Group | 0.50 CE | More

Markets | As seen at Strategies Conference 2020
It’s not a whole new recession in the US
In the US, a durable and economic bottom has formed, and global investors are well-served to re-frame their mindset towards the incipient economic expansion now underway.
Jeff Schulze, ClearBridge Investments | 0.50 CE | More

Finology
Research Review: Cultural distance and investing behaviour
Culture explains much about how we think, feel, and behave. These two papers explore the influence of culture and cultural distance in a financial context.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | More

Markets
What’s next for the global economy?
This crisis may morph over time. The second quarter of 2020 looked like an I, free fall. Quarter three looked like a V, as any rebound from very low levels of activity initially does. My baseline scenario is an anaemic U-shaped recovery.
Nouriel Roubini, Roubini Macro Associates | More

Markets | Strategies | Investing | As seen at Strategies Conference 2020
This is not a tech bubble… (yet!)
Covid has accelerated tech adoption on an unprecedented scale and while the winners have been broad, not all are equal. Short-term investors with simple valuation techniques are missing the bigger picture.
Scott Berg, T. Rowe Price | 0.50 CE | More

Finology
Research Review: Time preferences, present bias and financial behaviour
These two papers provide a more sophisticated, behavioural understanding of time discounting, to enable more nuanced conversations with clients about current and future consumption, and help mitigate the potentially negative impacts of present bias..
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | More

Right for the right reasons
Should jobs in the services sector be able to rebound much more rapidly than in manufacturing sector.
John Hingher, Meyer Handelman | Comment

Research Review: Helping clients achieve their goals
I think having non-specific goals to do with family members under your duty of care would have a meaningful impact.
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 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

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

KEEP IN TOUCH

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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.