Forum Fodder

Portfolio Construction Forum | 12 February 2021

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Best wishes
The Portfolio Construction Forum team



Forum Fodder | Friday 12 February 2021
“We may be heading towards two global economies – a Chinese-led ecosystem and a US-led or western ecosystem. That has huge implications for the investment world” - Vikram Mansharamani at Portfolio Construction Forum Strategies Conference 2020
All the best for another week’s continuing education!



The perils of an uneven global recovery
Economic recovery, like Covid-19 vaccines, will not be evenly distributed around the world over the coming two years. A rising tide of recovery is inevitable, but it will not lift all boats.
Kenneth Rogoff, Harvard University | Read

Markets | See more from Ngaire at Markets Summit 2021 in March

The brutal governance lessons of 2020
Covid-19 has offered some tough but useful lessons about governance. Many wealthy countries have not managed the crisis as well as many poorer and vulnerable countries.
Ngaire Woods, Oxford University | Read

Markets | Finology

5 reasons explaining recent market madness
The madness at the end of January around a few now-famous stocks can largely be explained by the fact that all of five conditions for market madness were met.
Woody Brock, SED | Read

Markets | Editor’s Pick! - As seen at Markets Summit 2020 last February

The black swan VUCA has arrived
Coronavirus represents a Black Swan event, the economic shock of which to China will reverberate around the world, thereby amplifying and exposing global economic weaknesses.
Jonathan Pain, The Pain Report | 0.25 CE | 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” | AEDT Wed 03 Mar 2021
As a tumultuous 2020 neared its end, the clouds of uncertainty appeared to be parting. Successful vaccine trials raised hopes that the Covid-19 pandemic would soon be over, the US election result promised a more geopolitical- and market-friendly presidency and government, and rebounding investor confidence fuelled a dramatic rotation into value stocks.
Yet that confidence is already being tested in 2021 as new Covid variants take hold, doubts emerge about the efficacy of vaccinations, and the Democrats’ Senate win stirs fears of an aggressive spending, taxation, and regulatory agenda that’s not favourable to business. The geopolitical, macroeconomic and corporate outlook remains unclear, yet stock markets continue to climb this wall of worry. It is time to pause, reflect and go back to the drawing board!
Register now!


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 next week! | Find out more



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

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


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


Keep up to date - follow us @PortfolioForum
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Connect with me on LinkedIn
We also let my LinkedIn network know as soon as we release new articles on 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.