Forum Fodder

Portfolio Construction Forum | 08 April 2022

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Forum Fodder | Friday 08 April 2022

“The story of this hiking cycle continues to be the utter disbelief that the Fed will get very aggressive… The bond market gets it. The carnage is epic.” – Jim Bianco, president, Bianco Research on CNBC (07 April 2022).

All the best for another week’s continuing education!



Crockpot: Property and infrastructure are inflation hedges
As inflation fears increase, we are seeing property and infrastructure fund managers saying their favourite asset class is a wonderful inflation hedge. There is more than a grain of truth here, but it is only half of the story.
Tim Farrelly, farrelly’s Investment Strategy | Read

Markets | Strategies | Rated in the top 10 sessions at Markets Summit 2022

The crowded equity trade won’t save investors
Global microcaps offer investors an unparalleled opportunity to invest in economic or market recoveries. Global microcaps’ asymmetry around large market events provides investors with a powerful offence that is a great portfolio defence.
Gino Rossi, Spheria Asset Management | 0.50 CE | Watch, Listen

Markets | Strategies | Rated in the top 10 sessions at Markets Summit 2022

The best form of defence in fixed income is a strong offence
In a world of rising yields, fixed income investors must know that what’s worked in the past might not work going forward. A braver and broader approach is required, by going on the offensive in fixed income.
Joran Laird, T. Rowe Price | 0.50 CE | Watch, Listen

Philosophy | Markets | Rated in the top 10 sessions at Markets Summit 2022

DIG in! Stakeholder capitalism will boost shareholder value
The game has changed - the 2010s is the wrong analogue for the 2020s. DIG in for an important era, when stakeholder capitalism displaces shareholder capitalism and becomes the main route to boosting shareholder value.
Tony Crescenzi, PIMCO | 0.50 CE | Watch, Listen

Markets | Rated in the top 10 sessions at Markets Summit 2022

Right now, it makes sense to sit on the credit fence
Investors may be facing a regime shift in markets that changes the traditional relationship between growth and defensive allocations. In a low conviction world, an allocation to a blend of public and private credit makes sense.
Pete Robinson, CIP Asset Management | 0.50 CE | Watch, Listen

Philosophy | Portfolio Construction Forum proudly supports The Wayside Chapel

Disrupting history
Anyone can be very busy running an ambulance service at the bottom of a cliff and you will get a lot of adulation for doing so, but the moment you stop and head to the top of the cliff to ask why people are falling off it in the first place you cause a commotion…
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



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!



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


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


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


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


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


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


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


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