Forum Fodder

Portfolio Construction Forum | 21 May 2021

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The Portfolio Construction Forum team



Forum Fodder | Friday 21 May 2021
“I can’t find any period in history where monetary and fiscal policy was this out of step with the economic circumstances. Not one.” - Stanley Druckenmiller, founder of Duquesne Capital, in an interview with CNBC (11 May 2021)
All the best for another week’s continuing education!



Reinflation in the longer run
Charles Goodhart, perhaps Britain’s most distinguished economic commentator, has just co-authored a book arguing that longer-term inflation will be much higher than the past 35 years. The reason for his view is highly unorthodox - and, in our opinion, correct.
Woody Brock, SED | Read

Markets | Strategies | As seen at Markets Summit 2021

Relevance & resilience - post-COVID portfolios need G-REITs
During 2020, G-REITs experienced a once in a generation demand shock. With new building supply and REIT balance sheets in good shape, G-REITs are well positioned as economies reopen and demand returns. Now is the time for G-REITs.
Julian Campbell-Wood, Resolution Capital | 0.50 CE | Watch, Listen

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

Responsible Investing is the future of financial markets
It’s time to construct portfolios with investment strategies designed to advance humankind towards a global sustainable economy, a just society, and a better world.
John Quealy, Trillium Asset Management | 0.50 CE | Watch, Listen

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

Lower carbon will mean more growth
The energy transition has the potential to be as transformative for the world economy and geopolitical landscape as the digital revolution has been since the 1980s.
Chris Iggo, AXA Investment Managers | 0.50 CE | Watch, Listen


Research Review: Emotional regulation and financial success
Emotions are an important influence on financial decision-making and investing. These three papers explore how emotional regulation strategies influence decision-making under risk and uncertainty, and the link to financial success.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read

Portfolio Construction Forum proudly supports The Wayside Chapel

As if they were her own
Aboriginal activist Lila Watson once wrote, "If you have come here because you have come to help me, you are wasting your time, but if you have come here because somehow your liberation is tied up in mine, then let’s walk together.”
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” | AEDT Wed 13 October 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 the US economy recovering or overheating?
Will inflation in the US this year represent “overheating” of the economy as a whole? Most likely, it will not. And while some worry that we may be returning to the 1970s, this is highly unlikely.
J. Bradford DeLong, University of California, Berkeley | 1 comment | Read


Words become actions, threats going nowhere
Tough conditions in global supply chains in Q1 2021 - congested logistics networks, continued demand growth and cost inflation - will take much of Q2 2021 to unwind.
Chris Rogers, Panjiva Research | Read, Watch

Markets | Strategies | As seen at Markets Summit 2021

Equities to rise as we right the wrongs of the post- GFC era
Covid-accelerated trends - including digitalisation, geopolitical tension and the impact of ESG on the cost of capital - are structural and divergence within equity markets could increase.
Crispin Murray, Pendal Group | 0.50 CE | Watch, Listen

Markets | As seen at Markets Summit 2021

The resource sector has yet to peak
De-carbonisation, company management and ESG scrutiny are diminishing the influence of commodity prices on resources alpha generation. If long term sentiment begins to turn, there is significantly more value to be found in the resources sector.
Nick Pashias, Antares Capital | 0.50 CE | Watch, Listen


Research Review: The mother of all biases
Investors rely on both their competence and confidence to make investment decisions. The overconfidence effect is sometimes dubbed the “mother of all biases”.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read


My worst forecasting mistake
I should have known better when I came off the bench as a retired forecaster last summer and penned a piece with the now memorable title of “America’s Coming Double Dip”.
Stephen Roach, Yale University | Read

Markets | Strategies | As seen at Markets Summit 2021

Don’t be complacent, take advantage of the illiquidity premium
The illiquidity premium offers strong value over the cyclical horizon. A combination of interest rate, credit and illiquidity risks provide diversified fixed income exposures with attractive return potential.
Rob Mead, PIMCO | 0.50 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

A portfolio’s cash allocation is dead
Structural factors will ensure that the cash rate cannot rise over the medium term, resulting in negligible cash returns. A core fixed income exposure consisting of Australian government bonds will outperform cash over the long term.
Chris Rands, Nikko Asset Management | 0.50 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

The world has entered a new investment order
The Covid-19 pandemic has accelerated profound shifts in how economies and societies operate and is transforming macroeconomic policy, geopolitics and sustainability.
Ben Powell, BlackRock | 0.50 CE | Watch, Listen

Markets | As seen at Markets Summit 2021

High equity valuations are not due to irrational exuberance
Fiscal stimulus and the vaccine have fuelled an extraordinary rally in equities - but, ultimately, stocks are at record highs because of extraordinarily low market interest rates. Investors should be wary of inflation, but also of being underweight equities.
Arvid Streimann, Magellan Asset Management | 0.50 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.