Forum Fodder

Portfolio Construction Forum | 22 January 2021

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The Portfolio Construction Forum team



Forum Fodder | Friday 22 January 2021
"We have two classes of forecasters: those who don’t know and those who don’t know they don’t know.” - John Kenneth Galbraith (as quoted by Vikram Mansharamani in his 2021 five-year predictions in this week’s Fodder).
All the best for another week’s continuing education!



The BRICs at 20
November 2021 will mark the 20th anniversary of the BRIC acronym that I coined to capture the economic potential of Brazil, Russia, India, and China. Many commentators will be revisiting the concept - so here are my own thoughts on the matter.
Jim O’Neill, Chatham House | Read

Markets | Investing

21 global developments to watch over the next five years
I believe time allows signals to surface amidst the ubiquitous noise. In the spirit of Annie’s “just thinking about tomorrow…” in which she pleads for us to “hang on 'til tomorrow, come what may,” I present my 2021 predictions for the coming five years.
Vikram Mansharamani, Harvard University | Read


The Long View: Follow the herd?
In the early and middle stages of an economic expansion, running with the herd can be a beneficial and safe proposition. As this recovery unfolds, should investors break off, worried about the formation of a bubble?
Jeff Schulze, ClearBridge Investments | 0.50 CE | Read


Finance for normal people - how investors and markets behave
The first generation of behavioural finance described people as “irrational”, fooled into cognitive and emotional errors that diminish wealth. The second generation of behavioural finance describes people as “normal” - we use shortcuts and sometimes commit errors on the way to satisfying our wants.
Meir Statman, Santa Clara University | 0.50 CE | Read, Watch, Listen


Backgrounder: Finology
Finology - behavioural FINance and investor psychOLOGY - knowledge and skills substantially enhance practitioners’ ability to communicate with clients and manage portfolios more effectively. This Backgrounder seeks to foster a greater understanding of and interest in finology.
Portfolio Construction Forum | 2.25 CE | Read

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 03 Mar 2021
Established in 2009, Markets Summit is THE investment markets scene setter of the year. The face-to-face and livestream 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.
Registration opens Monday! 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.
Enrolment for the 2021 intake closes Sunday 31 Jan 2021 | Find out more


Philosophy | Markets

What Yellen must do
US President-elect Biden’s appointment of Janet Yellen as the next Secretary of the Treasury is good news for the US and the world. No one is better equipped to deal with today’s economic challenges.
Joseph-Stiglitz, Columbia University | Read


We need growth!
The fact is that we don’t NEED growth. We need high after-tax returns. High growth at a reasonable price will always be attractive. But so too will no-growth at a high risk-adjusted yield.
Tim Farrelly, farrelly’s Investment Strategy | Read

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

More stocks and styles will fail in the new world
Incumbent investment frameworks such as Value, Shorting, Passive and Index Aware strategies are failing. Going forward, successful investors will need to be extremely selective when allocating capital.
Mark Arnold & Jason Orthman, Hyperion Asset Management | 0.50 CE | Read, Watch, Listen

Markets | Strategies | As seen at Strategies Conference 2020

The death of government bonds has been greatly exaggerated
Since the early 1980s, developed market government bond yields have broadly been falling, with investors voicing concerns that the asset class offered little or no value. Continually, they have been proven wrong.
Martyn Simpson, Colchester Global Investors | 0.50 CE | Read, Watch, Listen

Markets | Investing| As seen at Strategies Conference 2020

Stop looking for labels and start buying the real assets
Decarbonisation and data growth will dominate every aspect of our lives for decades to come. If your infrastructure manager isn’t leveraging off these themes then you need to find a new one.
Jeremy Anagnos, CBRE Clarion | 0.50 CE | Read, Watch, Listen


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


Forum CE Library - over 575CE/CPD accredited learning resources
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.