Forum Fodder

Forum Fodder | Friday 12 May 2023

“The ‘peace interest’ anchored in the investment and trading connections of US big business with China has been expelled from centre stage… The era of ‘Davos man’ is over.” - Adam Tooze, professor of history at Columbia University (06 May 2023)
Today’s Fodder features the two opening keynotes from last week’s Finology Summit 2023 - and all of the sessions will be available to all members over the coming weeks. Meanwhile, if you were one of the 750+ delegates who registered to attend Finology Summit, you’ve been able to watch all the sessions on-demand since an hour or so after they were each broadcast. So if you didn’t get to all the sessions, want to rewatch some - or even chromecast them for your colleagues to watch - go for it.

All the best for another week’s continuing education!
Graham
P.S. Mark Your Diary! Strategies Conference 2023 (23-24 August 2023). Join us in person at our live studio, a live site, or via live stream and earn 14+ CE hours. Registration opens soon.

Markets

Winners and Losers in the AI Arms Race
Throughout history, technological change has created both winners and losers. There is no reason why AI, like previous technologies, shouldn’t produce more of the former than the latter.
Barry Eichengreen, University of California | Read

Strategies | Markets

Crockpot: Don’t buy High Yield Debt until it is very, very cheap
Only buy High Yield Debt when it is super cheap? It’s nuts and you can clearly see it’s nuts.
Tim Farrelly, farrelly’s Investment Strategy | Read

Finology | Philosophy | Rated in the top 3 at Finology Summit 2023

I believe our brains can beat uncertainty
Confidence in a sea of confusion is key to success. Using three tools of persuasion, we can create a sense of certainty even when who knows what is just around the corner.
Adam Ferrier, Thinkerbell | 0.50 CE | Listen, Watch

Finology | Philosophy | Rated in the top 10 at Finology Summit 2023

Analysing decisions not results is essential for better alpha
Decision attribution analysis provides a crucial lens on equity manager skill, benefiting asset owners and fund buyers as they select and monitor managers.
Clare Flynn Levy, Essentia Analytics | 0.50 CE | Read, Listen, Watch

Strategies | Markets | Investing | Finology | Philosophy

Research Review: The adaptive markets hypothesis
Despite widespread criticism of the efficient markets hypothesis, development of comparably broad alternatives has been lacking. One promising direction is the adaptive markets hypothesis which seeks apply the concepts and methods of ecology and evolutionary biology to financial market dynamics.
Rob Hamshar, Portfolio Construction Forum | 2.50 CE | Read

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

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

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

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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We let my LinkedIn network know as soon as we release new articles on portfolioconstructionforum.edu.au and when registration opens for our face-to-face CE programs. And of course, I’d welcome having an offline direct conversation with you any time.