Forum Fodder

Portfolio Construction Forum | 27 November 2020

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The Portfolio Construction Forum team



Forum Fodder | Friday 27 November 2020
“Over two decades, the tech sector has quadrupled in index weight. It’s now so significant a part of Australia’s stock market that it can’t be ignored in your portfolios.” - Dushko Bajic at Portfolio Construction Forum Strategies Conference 2020
All the best for another week’s continuing education!



A tale of two economies
As financial markets celebrate the coming vaccine-led boom, the confluence of epidemiological and political aftershocks has pushed us back into a quagmire of heightened economic vulnerability.
Stephen Roach, Yale University | Read


5 essential components of private equity fees
Private Equity is becoming a more widely available asset class. However, like any asset class, it has its nuances and risks. A key area of complexity is fees. Some seemingly minor differences in fee structure can make a material difference to total fees paid.
Annika Bradley, Lodrino | Read

Markets | Strategies | Investing | As seen at Strategies Conference 2020

Australia’s tech sector has been unfairly maligned
The tech-wreck of the early 2000s was ground zero for the birth of a succession of Australian technology companies that have disrupted markets and established themselves as global leaders.
Dushko Bajic, First Sentier Investors | 0.50 CE | Watch, Listen

Philosophy | Markets | Investing| As seen at Strategies Conference 2020

We are all sustainable investors now
In the past, ESG considerations were seen as a choice or a preference but, going forward, they are increasingly becoming a necessity in the evaluation of investment opportunities in a whole new world!
Michael LaBella, QS Investors | 0.50 CE | Read, Watch, Listen


Research Review: The impact of investor beliefs
Beliefs interact with investors’ biases and preferences to ultimately influence their behaviour. Two recent papers highlight the impact of individual investors’ beliefs about the future and the impact on portfolio behaviour and composition, as well as market returns.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read


The Democrats’ four-year reprieve
Regardless of who wins, it won’t stop the tech wreck or the Davos 2021 Great Reset and 30m people in the US will still be unemployed…
Debbie Whiting, Utopia Financial Partners | Have your say!

Finology | Invitation to investment advisers

Complimentary self-assessment 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.
Portfolio Construction Forum | 0.50 CE | Take the FBI self-assessment



Markets Summit 2021 “Back to the drawing board” | Mark your Diary - Wed 17 Feb 2021
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.
Meanwhile “attend” Markets Summit 2020 “Be Alert! High VUCA ahead” on-demand


Certified Investment Management Analyst® (CIMA®)

Stand for More in 2021! 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.
Join us for a free info webinar | 9.00am-9.45am Friday 04 December | Register now



The calm before the exchange-rate storm?
There is a fundamental inconsistency over the long run between an ever-rising share of US debt in world markets and an ever-falling share of US output in the global economy.
Kenneth Rogoff, Harvard University | Read

Markets | Joining us for Markets Summit 2021, Wednesday 17 February 2021

Back to the drawing board
To say a lot has changed since I spoke to you back in February at Markets Summit 2020 is an incredible understatement. Between now and Markets Summit in February 2021, I’m going to be watching three things.
Ron Temple, Lazard Asset Management | Read, Watch

Strategies | Finology | As seen at Strategies Conference 2020

It’s time to retire retirement
It turns out that 'retiring’ and withdrawing from productive life actually conflicts with our own natural drivers of well-being. The concept of ‘retirement’ is an obsolescent by-product of the industrial era that needs to be retired.
Michael Kitces, Buckingham Wealth Partners | 0.50 CE | Read, Watch, Listen

Markets | Strategies | Investing | As seen at Strategies Conference 2020

Convertible bonds must play a dedicated role in portfolios
For investors needing more from their fixed income allocation, global convertible bonds offer a whole new world of opportunity.
Arnaud Brillois, Lazard Asset Management | 0.50 CE | Read, Watch, Listen

Philosophy | Investing| As seen at Strategies Conference 2020

Believe it or not, you’ve always been an ESG investor
While it may not be a new approach, ESG investing creates risk-aware portfolios that are more likely to outperform over the long term.
Dom Giuliano, Magellan Asset Management | 0.50 CE | Watch, Listen

Markets | Strategies

Traditional valuation methods are broken
One of the smartest fund managers I know likens the assumptions made in a DCF calculation to the Hubble telescope: you only need to move it a millimetre and you’re looking at a whole new galaxy.
James Weir, Steward Wealth | Have your say!


The Democrats’ four-year reprieve
As Joe Biden eked out a victory in the US presidential election, observers of American democracy were left scratching their heads. How did Donald Trump manage to retain the support of so many Americans?
Dani Rodrik, Harvard University | 2 comments | Read

Markets | Strategies | As seen at Strategies Conference 2020

It’s an acceleration of the pre-Covid world, not a whole new world
The world today is an acceleration and escalation of the world that existed before Covid-19, rather than a whole new world. Broad, multidisciplinary thinking is essential.
Vikram Mansharamani, Harvard University | 0.50 CE | Watch, Listen

Markets | Investing | As seen at Strategies Conference 2020

There is no “new” normal for investing
Driven by Covid-19, 2020 saw economics 101 meet market psychology. Today, fear and greed set up a rich opportunity set on long and short sides.
Andrew Clifford, Platinum Asset Management | 0.50 CE | Watch, Listen

Strategies | Investing | As seen at Strategies Conference 2020

The holy grail of factor timing is a poisoned chalice
Investors should not attempt to time, but rather allocate to well-diversified and balanced multi-factor portfolios and provide consistent exposure to targeted factors.
Simon Lansdorp, Robeco | 0.50 CE | Read, Watch, Listen


Greed, investing and ethical behaviour
Relatively little is known about what greed is and does. These two papers highlight the importance of greed in economic behaviour, and to a greater chance of engaging in ethically questionable behaviour.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read


Traditional valuation methods are broken
One question, that I will put some thought into, considers whether comparisons via an IRR are better than via a DCF.
Mark Hayden, Hayden Financial Services | Have your say!


Traditional valuation methods are broken
I will use a somewhat extreme (and geeky) example to illustrate why IRR is better than DCF… There are ways of improving DCF models but the bottom line is that IRR is more workable in practice.
Tim Farrelly, farrelly’s Investment Strategy | Have your say!


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 20 governing bodies (regulators, associations, and institutes)
including ASIC, APRA, FASEA, FMA, AFA, FPA and CIMA® CE/CPD requirements, to name a few.
Earn CE/CPD hours

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).
Earn CIMA CE hours


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What's new with our live and on-demand continuing education, accreditation and certification programs.