Forum Fodder

Portfolio Construction Forum | 01 October 2021

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Best wishes
The Portfolio Construction Forum team



Forum Fodder | Friday 01 October 2021
From Saturday 02 October through until Friday 08 October 2021, I will once again be standing with Wayside Chapel and walking at least 28km as part of their Long Walk Home. In an average week, a person experiencing homelessness walks 28km to receive help, find shelter or a safe place to sleep. As someone privileged to have a roof over their head, this is an opportunity to stand in solidarity with 116,000 people across Australia who face this reality every night. Every step we take and every dollar we raise will help Wayside Chapel continue to deliver love and assistance to the most vulnerable members of our community. If you are in a position to help me reach my goal, please visit my Long Walk Home page.
All the best for another week’s continuing education!
P.S. Register now for the Finology Summit 2021 (AEDT Wed 13 Oct 2021, 6.5-10.5 CE/CPD hrs incl 1.75 ethics hrs) “Behavioural FINance & investor psychOLOGY”. We have an absolutely cracking faculty including Professor Meir Statman, Herman Brodie, Dafna Eylon, Adam Ferrier and another 15 leading investment professionals. More info & to register



Goldilocks is dying
How will the global economy and markets evolve over the next year? There are four scenarios that could follow the mild stagflation of the last few months.
Nouriel Roubini, Roubini Macro Associates | Read

Markets | See more from Tim at Finology Summit 2021 - register below

Crockpot: Japan is different!
Japan is too different from the rest of the world to be used as a road map? Acutally, more often than not, the lessons we can learn from Japan’s experience are completely valid in other, very different, economies.
Tim Farrelly, farrelly’s Investment Strategy | Read

Markets | As seen at Strategies Conference 2021

Inflation Roundtable: Inflation is the means - but to what end?
Uncertainty around the inflation outlook is at an extreme – yet a view on inflation is a critical input to building portfolios capable of achieving client goals out into the future.
Hayden Briscoe, Joachim Fels, Jonathan Pain | 1.00 CE | Read, Watch, Listen

Markets | Strategies As seen at Strategies Conference 2021

Now is the time for a dedicated EMD allocation
With attractive valuations and global investors underweight the asset class, the case for a dedicated Emerging Market Debt allocation is growing ever stronger.
Arif Joshi, Lazard Asset Management | 0.50 CE | Watch, Listen

Philosophy | Investing

Research Review: A closer look at value investing
Value investing proved to be successful strategy for nearly a century, before experiencing one of its worst performance periods in the last few years. These two papers examine whether implementation or low interest rates are the culprit.
Ron Bird, ANU & Portfolio Construction Forum | 1.00 CE | Read

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

Upside down values
I had a mate who was once fired for being “unproductive” at work. Even when he was on his last warning and his boss asked him what he had accomplished that day, he was able, with his head held high, to say, “Today I did nothing that you would count as useful”.
Jon Owen, Wayside Chapel | Read

Did you know? You can find ethics hours using our Search tool
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



Finology Summit 2021 “Behavioural FINance and investor psychOLOGY”
AEDT Wed 13 Oct 2021 | Supported by FPA Australia & CIMA Society of Australia
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 at a live-site, or via livestream | 6.5-10.5 CE | Register now!

Philosophy | Strategies

Portfolio Construction Forum All Things Considered Zoominar
AEDT 10am-12pm, Fri 29 Oct 2021
Curated by Portfolio Construction Forum’s Investment Management Program and supported by CIMA Society of Australia, All Things Considered aims to challenge your beliefs to inform better quality portfolios. All Things Considered is complimentary to all Forum members. Join us as we ask “What is our purpose as an industry, and why should we care?”
Attend via livestream | 2.00 CE | Mark Your Diary! | Find out more



Back to the seventies?
With the US’s disastrous exit from Afghanistan, the parallels between the 2020s and the 1970s just keep growing. Has a sustained period of high inflation just become much more likely?
Kenneth Rogoff, Harvard University | Read


The stagflation threat is real
Demand and supply dynamics could lead to 1970s-style stagflation (rising inflation amid a recession) and eventually even to a severe debt crisis.
Nouriel Roubini, Roubini Macro Associates | Read

Philosophy | Markets | As seen at Strategies Conference 2021

Markets are the means, not the end
All markets are embedded in a web of human relations, values and norms. We must rethink the relationship between market and civil society to return to a more secure and stable economic plane.
Raghuram Rajan, The University of Chicago | 1.00 CE | Read, Watch, Listen

Philosophy | Markets | Strategies | Finology | As seen at Strategies Conference 2021

Macro matters: In the end, the macro matters for portfolios
In the 1990s and 2000s, investors were largely able to ignore the macro picture. But macro forces have reawakened and matter more than ever for portfolios to succeed in meeting client goals in the years ahead.
Pippa Malmgren, Alva Devoy, Magatte Wade, Ruth Richardson | 1.00 CE | Watch, Listen


Research Review: An analysis of target date funds
Target date funds first became popular as a MySuper option. Leaving aside whether target date funds are a good idea in the first place, what these two papers highlight is a lack of thought in their design.
Ron Bird, Australian National University & Portfolio Construction Forum | 1.00 CE | Read


Article hypothesis unclear
Raghuram’s observations and comments summarise the scenario we are facing, but do not conclude with a clear direction as to what the impact of a reduction in QE support within any specific timeframe might be…
Eric Walters, Continuum Financial Planners | Read

Markets | As seen at Strategies Conference 2021

The dangers of endless quantitative easing
Inflation readings in the US have shot up in recent months. At the same time, stock markets are flirting with all-time highs. Something in all this does not add up.
Raghuram Rajan, University of Chicago Booth School of Business | 1 comment | Read

Markets | As seen at Strategies Conference 2021

Five reasons inflation will be permanently higher
Starting in mid to late 2022, five structural changes will begin to kick in that will drive inflation to between 4% and 6% in the years following 2022. These changes will impact inflation for decades.
Woody Brock, SED | Read

Philosophy | Strategies | As seen at July’s All Things Considered Zoominar

Portfolio control is shifting back to a centralised model
With several catalysts impacting on the Australian advice landscape, we are seeing a resurgence back to centrally developed investment portfolio construction solutions - but the approach differs to history.
David Hutchison, NMG Consulting | 0.75 CE | Watch, Listen


Research Review: Does SRI do good?
Many research papers address the investment performance of sustainable investing - few have investigated whether this form of investing actually achieves the intended good. Two papers address that gap.
Ron Bird, Australian National University & Portfolio Construction Forum | 1.00 CE | Read

Finology | As seen at July’s All Things Considered Zoominar

To improve client discovery, we must focus more on self-awareness
Self-awareness has been hailed as one of the most important meta-skills of the 21st century. In an investment advice context, both advisers and clients benefit from engaging in activities that promote its development.
Rob Hamshar, Portfolio Construction Forum | 0.50 CE | Watch, Listen

Markets | Investing

The latest attestation from Circle (USDC) shows they hold 61% in cash and breaks down the remainder…
Hadley Rich, Portfolio Construction Forum | Read


Forum CE Library - over 630 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.
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Forum CIMA CE Library - over 115 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).
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What's new with our live and on-demand continuing education, accreditation and certification programs.