Forum Fodder

Forum Fodder | Friday 02 July 2021
“[US retail trading platform, Robinhood]'s a gambling parlour masquerading as a respectable business.” - Charlie Munger, vice-chairman of Berkshire Hathaway in an interview with CNBC (29 June 2021)
All the best for another week’s continuing education!
Graham

Markets

The looming stagflationary debt crisis
The stagflation of the 1970s will soon meet the debt crises of the post-2008 period. The question is not if but when.
Nouriel Roubini, Roubini Macro Associates | Read

Strategies

A few ES(G) investment thoughts
When constructing investment portfolios, one of the first questions is the objective - generally, the desired return. But ES investors have a dual investment objective. So which takes precedence?
Michael Furey, Delta Research & Advisory | Read

Investing

Research Review: Who wins from alternative investing?
High allocations to alternatives are often justified on the basis of return and diversification advantages. Two recent papers show that with private equity and hedge fund, it’s the managers who are the real winners.
Ron Bird, Australian National University & Portfolio Construction Forum | 1.00 CE | Read

Finology | As seen at last week’s All Things Considered Zoominar

A guide to manipulation (for honest people!)
Many investment professionals are typically quite skilled at manipulation, so those researching their funds need to protect themselves against manipulation as they conduct their due diligence.
Herman Brodie, Prospecta | 1.00 CE | Watch, Listen

Finology | Editor’s Pick!

Building future-proof portfolios requires emotional agility
The future is, by definition, uncertain, as are financial markets. To prosper in such an environment, we need to be emotionally agile in order to align our values and actions and, in turn, help investors achieve their financial goals.
Susan David, Harvard Medical School | 0.75 CE | Read, Watch, Listen

Markets | Strategies | Finology

Australian version
The data is available for 12,000 companies across 75 countries. In Australia, the data is available for something like 500 companies…
Ron Bird, Australian National University & Portfolio Construction Forum | Read

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

A lighthouse for the heart
As we retreat to the comfort of our homes to lockdown with loved ones, it’s so easy to forget that there are people in our city who literally have nowhere to go and no one to turn to…
Jon Owen, Wayside Chapel | Read

Did you know? You can find ethics hours using our advanced Search
You can use our advanced Search function to find the continuing education learning activities that most interest you, suit your learning style, and/or meet the requirements of your licensee. You can search by CE competency (e.g. Ethics hours), by the type of CE regime (ASIC, FASEA, FPA, CIMA, etc), by author, by knowledge domain (Philosophy, Markets, Strategies, Investing, Finology), by way of learning (read, watch, or listen), year or program (e.g. Strategies Conference, Markets Summit). Just click on the Search icon at the top of any page, and click the “More” button to bring up the search fields. Get searching for CE

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

Strategies

Portfolio Construction Forum Strategies Conference 2021 “The end justifies the means!”
AEST Wed-Thu 25-26 Aug 2021
Portfolio construction is only “successful” when it helps clients achieve their financial goals. Yet delivering on those goals – be it financial independence or, at the very least, a reasonable standard of living in retirement – is more challenging than ever. Our 20th annual Strategies Conference will challenge and refresh your portfolio construction thinking, as we debate strategies to help build better quality investor portfolios, capable of achieving client goals out into the future.
Attend live in-studio, at a hosted live-site, or via livestream | 12-20 CE | Register now!

Finology

Finology Summit 2021 “Behavioural FINance and investor psychOLOGY”
AEDT Wed 13 Oct 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, at a hosted live-site, or via livestream | 7-11 CE | Register now!

Markets

Crockpot: The inflation genie is about to leave the bottle
A large and growing body of commentators is warning about the very real possibility - if not outright likelihood - of policymakers unwittingly letting the inflation genie out of the bottle.
Tim Farrelly, farrelly’s Investment Strategy | Read

Markets | Strategies | Finology | As seen at our All Things Considered Zoominar in June

Do emotions impact on investor decision-making?
Emotions generated in the media by way of the words used in turn influence investors decisions, providing the foundation for a highly profitable investment process.
Ron Bird, Australian National University & Portfolio Construction Forum | 2 comments | Read, Watch, Listen

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.
Expert Panel | 0.75 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

Private debt is a low risk means to attractive income
With the official cash rate near zero, it’s time to head back to the drawing board to find a more consistent source of income. Private debt provides a compelling alternative source of income in a portfolio.
Andrew Lockhart, Metrics Credit Partners | 0.50 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

It’s back to the drawing board on bonds in a 60/40 portfolio
The 60/40 balanced portfolio needs to be “stretched” or redesigned, to mitigate the impact of low yields on overall portfolio risk and return. Investors need to make their equity allocation work harder and consider new diversifiers.
Thomas Poullaouec, T. Rowe Price | 0.50 CE | Watch, Listen

Markets

The ghost of Arthur Burns
I have long been haunted by the inflation of the 1970s. Fifty years ago, I was witness to the birth of the Great Inflation as a Fed insider. This isn’t the 1970s, but today’s Fed waxes far too confidently about inflation.
Stephen Roach, Yale University | 1 comment | Read

Markets

Supply chain inflation worries rising
Supply chain inflation has become an increasing preoccupation for economists, corporations and governments, as freight costs have accelerated, commodity prices increased and import prices returned to inflation.
Chris Rogers, Panjiva Research | Read, Watch

Markets | Investing | Finology

Research Review: The impact of a global pandemic on stock markets
Global financial markets have been reacting to the Covid-19 pandemic since early 2020, providing a unique opportunity for researchers to examine the impact of a global pandemic on uncertainty, investor reactions, and stock prices.
Ron Bird, Australian National University & Portfolio Construction Forum | 2 comments | 1.50 CE | Read

Philosophy | Markets | As seen at Markets Summit 2021

Sustainability is transforming the investment landscape
Believe in sustainable investing or not, investors need to understand its impact on investment returns and portfolio construction as capital markets stand on the cusp of a transformation to an ESG world.
Suni Harford, UBS Asset Management | 0.50 CE | Watch, Listen

Markets | Strategies | As seen at Markets Summit 2021

Private Equity maximises alpha generating opportunities
Often underrepresented in investor portfolios due to concerns around liquidity, private equity investing with a truly hands-on approach allows active investors to maximise their capital growth potential.
David Leslie, Ellerston Capital | 0.50 CE | Watch, Listen

Forum CE Library - over 620 CE/CPD accredited learning resources
Complimentary for all Forum members, the Forum’s online on-demand CE Library offers over 620 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 96 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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We also let my LinkedIn network know as soon as we release new articles on portfolioconstructionforum.edu.au 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.