Forum Fodder

Forum Fodder | Monday 04 April 2022

“History will look back on the events of the past four weeks (and probably next four) as a case study in moral cowardice, reflecting a pathological degree of risk aversion for all the wrong reasons. The behavior of the West has been a disgrace.” – Dr Woody Brock (29 March 2022).

All the best for another week’s continuing education!
Graham

Markets

Is the new stagflation policy-proof?
The global economy has suffered two large negative supply-side shocks - first from the Covid-19 pandemic and now from Russian President Vladimir Putin’s invasion of Ukraine - exacerbating stagflationary conditions.
Nouriel Roubini & Brunello Rosa | Read

Markets

The moral turpitude of the West
President Zelensky of Ukraine finally called a spade a spade by designating the NATO allies as cowards. The winner in all this is President Zi of China, reinforcing his view that the West is spineless and in decline.
Dr Woody Brock, SED | Read

Markets | Rated in the top 5 sessions at Markets Summit 2022

A reckoning approaches, the outlook for many markets is poor
All the indicia of a colossal equities bubble are in place. But there is a lot to own for the next five years if you are prepared to go where the crowd is thinnest, allowing you to be on offense as you defend your clients’ portfolios.
Julian McCormack, Platinum Asset Management | 0.50 CE | Watch, Listen

Markets | Rated in the top 5 sessions at Markets Summit 2022

It’s time for a new investing playbook
Investing over the next several years is going to be unlike anything we’ve experienced in decades. It’s time to go back to the drawing board to reassess the best approach to both defence and offence in a more volatile, changing market.
Ronald Temple, Lazard Asset Management | 0.50 CE | Watch, Listen

Markets | Rated in the top 5 sessions at Markets Summit 2022

The best offence is a great defence! Key takeouts
Our diverse panel of experts debated which of the high conviction propositions they heard during Markets Summit 2022 resonated most strongly, and which they disagreed with most - and the portfolio construction implications.
Alex Lennard, Chris Iggo, Daniela Jaramillo, Jacob Mitchell, Jonathan Armitage, Tim Farrrelly | 0.50 CE | Watch, Listen

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

Lost without you
Should we be surprised to discover that we are a society struggling with loneliness?” asks Hugh Mackay in his book ‘The Kindness Revolution’. He observes that those of us who live in “western societies” are suffering from a self-inflicted wound, having somehow permitted a culture of radical individualism to reign.
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

The other side of the mountain - Protecting capital in a new economic regime
AEST 4.45pm-5.30pm, Tue 17 May 2022
Economic conditions of the last few decades have supported a long ascent in the majority of asset prices. Investors must now confront conditions alien to most, potentially leading to a more painful descent. In this webinar, Ruffer’s economist, Jamie Dannhauser will discuss the apparent “Sophie’s choice” facing central banks – recession or stagflation – and how the economy is evolving in the midst of renewed geopolitical crises. The other side of the market mountain is fraught with risk and prone to avalanches. As we pass the peak in asset prices, we’ll consider how investors can prepare portfolios for the descent.
Ruffer | 0.50 CE | Mark your diary!

Markets

Q&A: Understanding changes in real interest reates is crucial
Real US Treasury yields collapsed from 7% to -6% between 1981 and 2021, yet most people fail to understand why. Understanding changes in real rates is crucial to forecasting nominal interest rates, and the outlook for asset prices.
Dr Woody Brock, SED | Watch, Listen

Markets

Economic weapons of mass destruction
The unprecedented economic weapons that have been deployed against Russia will be unquestionably painful. But the risks must not be underplayed. When fully unleashed, sanctions, too, are weapons of mass destruction.
Raghuram Rajan, The University of Chicago Booth School of Business | Read

Markets

Spotlight on inflation
The hottest investment topic of the day is inflation and its possible impact on investment markets. In farrelly’s view, it is a storm in a teacup. This sanguine view is very much an outworking of our core philosophy that the long-term is much easier to forecast than the short-term.
Tim Farrelly, farrelly’s Investment Strategy | Read

Markets

Rich Pickings: Hari Balkrishna
Rich Pickings explores the investment beliefs and philosophies of prominent professional investors. In this episode, I’m in conversation with Hari Balkrishna, Portfolio Manager - Global Impact Equity Strategy, T. Rowe Price…
Graham Rich, Portfolio Construction Forum | Watch, Listen

Markets

In today’s world, a dedicated allocation to EM Debt is even more important
In 2022, emerging markets are poised to outperform the developed world, as Western policymakers tighten monetary policy and withdraw fiscal stimulus. Portfolios should be reallocated to those parts of the world that are beneficiaries of this macroeconomic backdrop.
Arif Joshi, Lazard Asset Management | Watch, Listen

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

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

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.
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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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