Forum Fodder

Portfolio Construction Forum | 22 October 2021

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The Portfolio Construction Forum team



Forum Fodder | Friday 22 October 2021
“Better retirement outcomes are achievable if we stop treating the family home as a sacred cow.” - Professor Susan Thorp, University of Sydney at Strategies Conference 2021.
All the best for another week’s continuing education!
P.S. Join us for an All Things Considered Zoominar “Purpose in principle and in practice” AEDT 10am-12.00pm Fri 29 Oct and earn 2.0 CE/CPD hours as we ask “What is our purpose as an industry, and why should we care?”. Register now



The inflation catch-up game
After initially and persistently misreading US inflation dynamics, more Fed officials are now starting to come to grips with the situation. The Fed would be well advised to catch up even faster.
Mohamed El-Erian, Allianz | Read

Markets | As seen at Strategies Conference 2021

The inflation bubble will be deflated
Will current elevated levels be sustained? Not likely. Post Covid-19, secular factors such as debt levels and demographics provide even stronger headwinds against inflation than the preceding decade ever did.
Chris Siniakov, Franklin Templeton | 0.50 CE | Watch, Listen

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

Better retirement solutions are the means to the end
As the Baby Boomer generation continues to transition to retirement and life expectancies rise, portfolio construction practitioners must ensure retirement solutions meet client goals right to the end of their days.
Adrian Stewart, David Richardson, Iain McCombie, Richard Dinham, Susan Thorp | 1.00 CE | Watch, Listen

Philosophy | Strategies | As seen at Strategies Conference 2021

The future of investing is in creating wealth and well-being
Investors should consider the real-world impact of their investments and build portfolios aligned with the UN Sustainable Development Goals as a means to building clients’ wealth, and improving well-being.
Erik Keller, Robeco | 0.50 CE | Read, Watch, Listen


Research Review: The adequacy of retirement income systems
While the retirement income system is designed to accommodate all individuals, the real test is its adequacy for the poor. These two papers address this issue for both Australia and the US.
Ron Bird, Australian National University & Portfolio Construction Forum | 1.00 CE | Read


Crockpot: Japan is different!
Thanks Tim, this really addresses the elephant in the room when considering macro matters…
Mark Hayden, Hayden Financial Services | Read

Philosophy | Markets | Strategies | Finology

Macro matters: In the end, the macro matters for portfolios
Loved this discussion. Some interesting points which will dictate investment decisions and ESG investing considerations.
Binesh Seetanah, Future Super | Read

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

From the inside out
I think that there is perhaps no greater feeling of loss than that of being forgotten or overlooked. The isolated heart can seek comfort in dangerous pursuits and places…
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



Portfolio Construction Forum All Things Considered “Purpose in principle and in practice”
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. Why is it that some people are extraordinarily well-paid but feel empty, while others working in seemingly menial and low-paid jobs feel fulfilled? Part of the answer is purpose. For most of us, purpose in our work is built not found. Working with a sense of purpose day-in and day-out is an act of will that takes thoughtfulness and practice. Does the wealth management industry serve a collective purpose or are we merely a collection of purposes?
Attend via livestream | 2.00 CE | Register now



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 |

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 | 2 comments | 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 | 1 comment | 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


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 | 1 comment 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


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.
Earn CE/CPD hours

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).
Earn CIMA CE hours


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What's new with our live and on-demand continuing education, accreditation and certification programs.