Forum Fodder

Portfolio Construction Forum | 23 April 2021

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The Portfolio Construction Forum team



Forum Fodder | Friday 23 April 2021
“However strong it may grow, China will never seek hegemony, expansion, or a sphere of influence.” - Chinese president Xi Jinping, in a speech to the Boao Forum for Asia conference (20 April 2021).
All the best for another week’s continuing education!


Philosophy | Markets

What three economists taught us about currency regimes
A generation of great international economists is passing from the scene. Richard Cooper, Robert Mundell and John Williamson each made important contributions on a variety of topics including to the ongoing debate about optimal currency arrangements.
Jeffrey Frankel, Harvard University | Read

Markets | Rated #1 seen at Markets Summit 2021

Risk must beat reward in post-pandemic supply chains
Supply chain decision makers must continue to focus on mitigating risk in 2021, not maximising growth. Political risks outbalance opportunities.
Chris Rogers, Panjiva Research | 0.50 CE | Read, Watch, Listen


The Long View: Inflationary riptide or reflationary current?
With a healthy consumer, accommodative policy, accelerating GDP and the potential for herd immunity from Covid-19, the risk of a US inflationary overshoot has increased. We believe any inflation scare, however, will be short-lived.
Jeff Schulze, ClearBridge Investments | 0.50 CE | Read

Markets | Strategies | As seen at Markets Summit 2021

The time is right for non-daily liquid credit strategies
Rather than accepting lower returns for liquidity, investors should go back to the drawing board and re-assess their need for daily liquidity.
Peter Robinson, CIP Asset Management | 0.50 CE | Watch, Listen


Research Review: How investors’ beliefs are shaped by experience
These two papers provide useful insights into how investors’ attitudes and behaviours evolve over time, and how our beliefs are distorted if we experience positive or negative prior returns.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read

Portfolio Construction Forum proudly supports The Wayside Chapel

The power of not now
Every time you set a goal, you create a judge. When you set a goal, you give yourself a mechanism to judge your failure toward a goal. Perhaps that’s why so many people just live for the moment…
Jon Owen, Wayside Chapel | 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



Finology Summit 2021 “Behavioural FINance and investor psychOLOGY” | AEST Wed 19 May 2021
Established in 2016, Finology Summit is THE behavioural finance (“fin”) and investment psychology (“ology”) program of the year. The program features an exceptional Faculty of experts from around the world, each offering their best high conviction ideas on behavioural finance and/or investor psychology, and the investment implications. Finology knowledge and skills help us better identify and understand how our own and other people’s different investing biases, beliefs and behaviours impact investment markets and portfolio construction practices - and therefore, investment outcomes - to enable better quality investor portfolios.
Attend live in-studio or via livestream! | 7-11 CE | Register now!



Is stagflation coming?
There is a growing debate about whether the inflation that will arise over the next few months will be temporary, reflecting the sharp bounce-back from the Covid-19 recession, or persistent, reflecting both demand-pull and cost-push factors.
Nouriel Roubini, Roubini Macro Associates | Read

Philosophy | Markets | Strategies | Investing | As seen at Markets Summit 2021

Back to the drawing board! - Key takeouts
Our diverse panel debated which of the high-conviction propositions they heard at Markets Summit 2021 resonated most strongly, which they disagreed with most - and the portfolio construction implications.
Markets Summit 2021 Expert Panel | 0.75 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

US equities valuations are not in a bubble
The consensus view that US equities are in a bubble is overblown. Go back to the drawing board when it comes to your views on US valuations - because this time IS different.
Jeff Schulze, ClearBridge Investments | 0.50 CE | Watch, Listen

Markets | As seen at Markets Summit 2021

Secular stagnation is the wrong narrative
Those who cling to yesterday’s narrative may forego one of the great trades of recent decades as the world shifts to a “global reopening” narrative and away from one of “secular stagnation”.
Julian McCormack, Platinum Asset Management | 0.50 CE | Watch, Listen


Research Roundtable - Colchester Global Government Bonds
This Research Roundtable focused on the Colchester Global Government Bonds strategy, with senior practitioners deciding, after briefings, Q&A and debate, their individual rating for the strategy and whether to include it on a hypothetical APL and/or multi-manager portfolios. Afterwards, the meeting is synthesised and published for on-demand viewing by all members.
Portfolio Construction Forum | 1.50 CE | Read, Watch


The dollar’s fragile hegemony
The greenback’s dominance may well be more fragile than it appears, because expected future changes in China’s exchange-rate regime are likely to trigger a significant shift in the international monetary order.
Kenneth Rogoff, Harvard University | Read

Markets | As seen at Markets Summit 2021

China will set the rules of the game; we all must accept that
The US, Australia and their allies have long depended on global “rules of the game” for their major companies and sectors to flourish. Australia and the US will have to accept that China will play an ever greater role shaping these rules.
Ngaire Woods, Oxford University | 0.50 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

Be optimistic, but beware - big risks lie ahead
A herculean tug of war between stronger economic growth and higher bond yields will be the defining battleground of 2021 and will be accompanied by violent and rapid-fire recalibrations of relative valuations.
Jonathan Pain, The Pain Report | 0.50 CE | Watch, Listen


Research Review: Probability weighting and investor behaviour
Even armed with objective probabilities to help decision-making, people often add their own subjective “weights”. Two papers explain this “probability weighting” and how it affects investment decisions.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read

Philosophy | Markets | Finology | See more from Herman at Finology Summit on 19 May 2021

Economics has come full circle
Classical economists often incorporated human behaviour into their thinking. But in the 1960s and 1970s, homo economicus - the great rational agent of economic theory - was born. It was not until the 1990s that the link between human behaviour and economics began to be re-established.
Herman Brodie, Prospecta | 0.25 CE | Watch, Listen


Forum CE Library - over 575 CE/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.