Forum Fodder

Portfolio Construction Forum | 04 February 2022

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The Portfolio Construction Forum team



Forum Fodder | Friday 04 February 2022

“We’ve had 40 years of interconnected global markets, assets rising in tandem… But we are headed into turbulence. And in turbulence is both challenge and opportunity.” - Financial Times global business columnist and CNN global economic analyst, Rana Foroohar (02 Feb 2022).

For 20 years, Portfolio Construction Forum has been working to bring you specialist, independent investment continuing education, accreditation and certification - and we’re as committed as ever. For an update on what’s ahead in 2022 for you with the Forum, see Forum Future.

All the best for another week’s continuing education!
P.S. Every year at Markets Summit, we release a retrospective video of the key events of the prior year - here’s a sneak preview of our 2021 retrospective video. Earn 7-11 CE/CPD hours by joining us for Portfolio Construction Forum Markets Summit 2022 - The best offence is a great defence! Wednesday 23 Feb 2022.
P.P.S. Are you involved in any aspect of constructing multi-manager, multi-asset portfolios? Enrolment closes 28 Feb for our 2022 intake for the Certified Investment Management Analyst® program.


Markets | See Rana Foroohar live at Markets Summit 2022 - register now!

We must prepare for a more fractured world
The past half-century brought about a world that’s globalised, centralised, and stratified. Now, the pendulum is swinging the other way. Everywhere, a new economic order is taking shape as we enter an era of more inclusive and sustainable localisation, bringing wealth back home. As we shift to a bipolar or tripolar world, in which the US and China decouple more rapidly and Europe lives somewhere in the middle, practitioners must understand the implications for different asset classes, sectors and geographies.
Rana Foroohar, Financial Times | Watch


The end of free lunch economics
If everyone wants a free lunch, the bill eventually will be paid by those least able to afford it. Emerging-market economies have had to learn this the hard way. Developed countries may have to learn it again.
Raghuram Rajan, The University of Chicago Booth School of Business | Read

Markets | Strategies | See more from Ronald at Markets Summit 2022 - register now!

Investors need a great defence and offence in a high growth world
Fiscal stimulus will help boost US growth to its strongest levels in decades in 2022 and European economies are poised to rebound. However, inflationary pressures will persist. Portfolios will need assets that provide downside protection, as well as strategies to capitalise on the growth ahead.
Ronald Temple, Lazard Asset Management | Watch, Listen


Design and distribution obligations (DDO)
DDO fundamentally changes how financial products are distributed to retail consumers, requiring issuers and distributors to have a consumer-centric approach to the design and distribution of products.
Portfolio Construction Forum | 2.00 CE | Read


Showcase your skills at the inaugural S&P Global Marketplace Hackathon for the Pacific region
The Hackathon is an annual skill-based competition that challenges you to answer one of our industry’s most pressing questions - Decarbonisation, the decade of opportunity or a new set of financial risks? You’ll be given access to S&P Global’s rich suite of leading data sets to demonstrate your case through a portfolio analysis. A panel of industry experts will judge your submission, with awards for the top three teams. The Hackathon starts at Portfolio Construction Forum Markets Summit (23 February 2022).
Discover more and register your interest

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

One and free
F. Scott Fitzgerald famously wrote: “The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function. One should, for example, be able to see that things are hopeless yet be determined to make them otherwise.”
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



Markets Summit 2022 “The best offence is a great defence!”
AEDT Wed 23 Feb 2022
With interest rates near historical lows and asset prices around all-time highs, practitioners are grappling with the defensive side of multi-asset portfolios. Downside protection is essential in such an uncertain environment. Arguably, the best offence is a great defence! Established in 2009, Markets Summit is THE investment markets scene setter of the year. The one-day program features 20+ leading investment thinkers - geopolitical specialists, economists, market/asset class experts, and investment strategists - from around the world, offering their best high conviction ideas on the drivers of and outlook for the markets (on a three- to five-year view) in the context of the theme - and the implications for portfolios.
Join us in person at our live studio, a live site, or via live stream | 7-11 CE | Register now!

Certified Investment Management Analyst® (CIMA®)

Stand for More in 2022! Are you involved in any aspect of constructing multi-manager portfolios?
CIMA certification is the peak, international technical portfolio construction certification program designed for investment management analysts – that is, those involved in any aspect of constructing multi-manager portfolios, whether practitioner or advocate. Stand For More - more knowledge, skill and expertise - with CIMA certification.
Enrolment is now open for the 2022 intake | Find out more and enrol



Clouds Over 2022
2021 turned out to be a relatively positive year for economies and markets in most parts of the world. But investors are likely to remain on the edge of their seats for most of 2022.
Nouriel Roubini, Roubini Macro Associates | Read


22 global developments to watch over the next five years
2021 is a year that reminded me of the song “If You’re Going Through Hell”. In the spirit of productive thinking and consideration of potential futures, I offer you my 2022 predictions for the next five years.
Vikram Mansharamani, Harvard University | Read


The Long View: 2022 - the year of transition
The investment community’s word of 2020 was undoubtedly “unprecedented”. “Transitory” is our submission for 2021. “Transition” may best encapsulate 2022.
Jeff Schulze, ClearBridge Investments | 0.50 CE | Read

Markets | Strategies | Investing | Finology

Q&A: Higher inflation is here to stay
As governments become accustomed to spending vast sums of money and workers regain their bargaining power, the short-term inflationary pressures attributed to Covid-19 will bleed into a longer period of higher inflation.
Woody Brock, SED | Watch, Listen

Strategies | As seen at Strategies Conference 2021

Total return beats income investing in the retirement race
Total return portfolios can support retiree spending strategies while removing the temptation to increase risk - in the end, producing better outcomes for retirees.
Aidan Geysen, Vanguard Investments | 0.50 CE | Watch, Listen

Markets | Strategies

Market timing?
Hi Tim, I am just wondering how it is not “market timing” to buy/remain long bonds when breakevens are for materially higher inflation than risk free nominal interest rates can provide compensation for?
Julian McCormack, Platinum Asset Management | Read

Markets | Strategies

Crockpot: Cash rates will rise. Beware duration!
The idea that duration is to be avoided at this stage of the cycle? It’s bad economics, bad market timing, and bad risk management. It’s nuts and you can clearly see it’s nuts!
Tim Farrelly, farrelly’s Investment Strategy | 2 comments | Read

Philosophy | Finology

Rich Pickings - Andrew Clifford
Rich Pickings explores the investment beliefs and philosophies of prominent professional investors. In this episode, I’m in conversation with Andrew Clifford, co-founder, co-CIO and CEO of international equities manager, Platinum Asset Management.
Graham Rich, Portfolio Construction Forum | Watch, Listen

Philosophy | Markets | Strategies

The world can’t “cop-out” of COP26
Scientific studies suggest the world is still on track to exceed the 1.5 degrees Celsius increase in temperature relative to pre-industrial times, by 2050. We collectively need to do more - and the power of private capital has a key role to play.
Chris Iggo, AXA Investment Managers | Read

Finology | As seen at Finology Summit 2021

The financial services industry has made money boring
The financial services industry has done the impossible and made money boring, opaque and difficult to understand. If we better understand the psychology of money, we can better help our clients.
Adam Ferrier, Thinkerbell | 0.50 CE | Watch, Listen


Forum CE Library - over 660 CE/CPD hours
Complimentary for all Forum members, the Forum’s online on-demand CE Library offers over 660 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 125 CE hours
This subset of our full 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 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.

Led by behavioural finance expert, Herman Brodie, the Behavioural Finance - Investment Decision-Making course will help you identify, analyse and evaluate the principal human preferences that influence decision-making in situations of uncertainty, so you can recognise and identify these preferences in others, to improve investment decision-making.

Established in 2009, Markets Summit is THE investment markets scene setter of the year. For the first time in decades, an inflationary gale is rattling financial markets. Many post-GFC tailwinds have gone into reverse. This once-in-a-career regime shift poses many challenges for portfolio construction practitioners. The high VUCA (Volatility, Uncertainty, Complexity, Ambiguity) market environment continues! Yet, opportunities abound for who reorientate portfolios accordingly. Every VUCA cloud has a silver lining! Markets Summit 2023 will help you better understand the key drivers of and outlook for the markets, and the opportunities and risks ahead on a three- to five-year view, to aid your search for return and to help you build better quality investor portfolios.

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