Forum Fodder

Forum Fodder | Friday 05 May 2023

“I do not think that we can take it as a given that American democracy will prosper and flourish forever. But I think we’ll stumble through pretty well for quite a while yet.” - Charlie Munger, vice-chair of Berkshire Hathaway, in an interview with the Financial Times (30 April 2023)

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

Markets

No respite from the slow-motion US-China collision
Fragmentation and decoupling are becoming the new normal - US and China remain on a collision course, and a dangerous deepening of the ongoing “geopolitical depression” is all but inevitable.
Nouriel Roubini, Roubini Macro Associates | Read

Markets | As seen at Markets Summit 2023

A return to progress is a silver lining of Covid-19
As economies continue to recover from the catastrophe of Covid-19 lockdowns, we must re-embrace the pursuit of progress, an idea that is central to science, freedom, and a thriving society.
Gigi Foster, University of New South Wales | 0.25 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

Secular growth opportunities can be identified in a VUCA World
After a chaotic period, across most asset classes, silver linings are emerging. Global equity investors can capture these by identifying companies best placed to benefit from shifts in energy and technology.
Nikki Thomas, Magellan Financial Group | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

For global smalls, the macro doesn’t matter - cash flow is King
Once the decision has been made to invest in global small caps, fundamentals return to the fore. Limited research coverage and inefficiencies in the market are the opportunity.
Marcus Burns, Spheria Asset Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

Markets Summit 2023 - Scene setter & key takeouts
Established in 2009, Markets Summit is THE investment markets scene setter of the year, focusing on the key drivers and outlook for the markets. As usual, 2023 Faculty were each challenged to offer their best high conviction proposition in the context of the program theme - this year, “Every VUCA cloud has a silver lining!” Their high-conviction faculty propositions can be distilled into three key discussion threads, supporting the case that, for portfolios, every VUCA cloud has a silver lining! Watch the highlights video, read the key takeouts - and then delve into the high conviction presentations that most interest you.
Portfolio Construction Forum | Read, Listen, Watch

Finology | Philosophy

Behavioural Finance: Investment decision-making short course
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.
Herman Brodie | 8.00 CE | Enrol

Markets

The economic costs of America’s conflict with China
In a wide-ranging speech last week, Janel Yellen reversed the terms of US engagement with China, prioritising national-security concerns over economic considerations.
Stephen Roach, Yale University | Read

Markets | As seen at Markets Summit 2023

Private debt is your safe port in any storm
In these unsettled VUCA conditions, private debt can offer short duration with a focus on capital preservation, a silver lining for investors in the form of consistent, risk-adjusted returns and income.
Andrew Lockhart, Metrics Credit Partners | 0.50 CE | Listen, Watch

Markets | Philosophy | As seen at Markets Summit 2023

Sustainable investing (done right) is capitalism at its best
ESG analysis advances and drives sustainable investing by helping investment practitioners develop a clearer view of a company’s true market value, consistent with their fiduciary duty.
David Blood, Generation Investment Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

G-REITs are the liquid real estate value play
Although the consequential volatility casts a VUCA cloud over global REIT performance, the silver lining is that this is transitory, in part reflecting a number of the sector’s key attributes.
Andrew Parsons, Resolution Capital | 0.50 CE | Listen, Watch

Investing

Research Roundtable: Ruffer Total Return International Australia
This Research Roundtable focused on the Ruffer Total Return International (Australia) strategy, with senior practitioners deciding, after briefings, Q&A and debate, their individual rating for the strategy and whether to include it on a hypothetical APL and/or multi-manager portfolios. Afterwards, the meeting is truncated and published for on-demand viewing by all Forum members.
Portfolio Construction Forum | 2.00 CE | Read, Watch

Markets

A BRICS threat to the US dollar?
Until the BRICS countries can find a credible alternative for their own savings, the greenback’s dominance will not really be in doubt.
Jim O’Neill | Read

Markets | As seen at Markets Summit 2023

The RBA is crashing the party
The RBA is set to continue rate hikes that will bring on an earnings recession in 2023. Use Australian equity market weakness later in this year as the silver lining to position for an improved long-term outlook for Australian equities.
William Curtayne, Milford Asset Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

We live in a multi-polar world and ought to invest like it
Investors will have to work harder to make money than just owning US beta. The silver lining is that there are large equity markets and sectors that are cheap with significant growth drivers.
Julian McCormack, Platinum Asset Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2023

Portfolios need to embrace secular trends
Sustainability is at the core of future societies. By channelling investments in companies with sustainable practices, heightened by environmental and social conscience, investors can seize opportunities in transitioning economies.
Ecaterina Bigos, AXA Investment Managers | 0.50 CE | Listen, Watch

Markets | Strategies | As seen at Markets Summit 2023

Private equity is no longer an alternative asset class
Inclusion of private equity as an alternative asset in portfolios is an out-of-date approach that does not consider secular trends in companies staying private and the unfolding democratisation of PE.
David Chan, MLC Asset Management | 0.50 CE | Listen, Watch

Forum CE Library - over 700 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, Legislated, FAAA, FMA and CIMA^® CE/CPD requirements, to name just a few.
Earn CE/CPD hours

Forum CIMA CE Library - over 140 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, Legislated, FAAA, FMA etc).
Earn CIMA CE hours

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