Forum Fodder

Forum Fodder | Friday 25 February 2022

“The Ukrainians up against the Russians are like Bambi versus Godzilla. We can’t give the Ukrainians enough weapons, to give them a fighting chance.” - John Mearsheimer, Professor of Political Science at the University of Chicago at Markets Summit 2022 (23 February 2022).

Earlier this week, we hosted Markets Summit 2022 - our first full hybrid program since last year’s Markets Summit in 2021. Over 1,350 delegates registered to attend at the live studio, at a live site around Australia, or via the live stream. Established in 2009, Markets Summit is THE investment markets scene setter of the year. This year’s program featured 25 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. If you were one of the 1,350+ registered delegates, you already have access to all of the content on-demand. And if you weren’t registered to attend the live program, you can access all of the content over coming weeks, starting with this week’s Fodder in which we feature three of the most highly rated sessions.

All the best for another week’s continuing education!
Graham
P.S. Showcase your skills at the inaugural S&P Global Marketplace Hackathon for the Pacific region and answer one of our industry’s most pressing questions - Decarbonisation, the decade of opportunity or a new set of financial risks? A short intro. Find out more
P.P.S. Every year at Markets Summit, we release a retrospective video of the key events of the prior year - check out our 2021 retrospective video.

Markets

Fighting the last inflation war
The tendency to fight the last war stems from human nature. Recent events are most salient in shaping people’s perceptions of how the world works. As central banks are now realising, a longer-term historical perspective offers wisdom derived from a wider variety of circumstances.
Jeffrey Frankel, Harvard University | Read

Markets | As seen at Markets Summit 2022

The days of abnormal monetary policy are over
With US inflation at a 40-year high, and the housing and labour markets red hot, the US Fed has finally taken a distinct and meaningful step forward on the path back to normal. Investors need to accept that the days of abnormal monetary policy are over.
Jonathan Pain, The Pain Report | 0.50 CE | Watch, Listen

Markets | As seen at Markets Summit 2022

We must prepare for a more fractured world
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, we must seek to understand the implications for asset classes, sectors and geographies.
John Mearsheimer, University of Chicago | Watch, Listen

Markets | As seen at Markets Summit 2022

Wheat and gold can help defend portfolios against a Russian invasion
Unlike the annexation of Crimea in 2014, the 2022 Russia-Ukraine crisis is occurring in an inflationary macro context. As in 2014, increasing exposures to wheat and gold to hedge against the risk of higher inflation is a strategy that should perform strongly.
Marko Papic, Clocktower Group | Watch, Listen

Markets

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 launched at Portfolio Construction Forum Markets Summit (23 February 2022).
A short intro | Find out more

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

Saying yes
It is my view that success has little to teach us beyond the age of 30, and that any lesson worth learning is hidden in grief, loss and pain – all the things we try to run from…
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

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 closes Monday 28 February 2022 | Find out more and enrol

Markets

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

Investing

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

Markets

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

Markets

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

Markets

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

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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