Forum Fodder

Forum Fodder | Friday 14 July 2023

“Which is worse, buying at the top or selling at the bottom? For me the answer is easy: the latter.” - Howard Marks, co-founder of Oaktree Capital Management, in a memo to clients (10 July 2023)

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

Strategies

Strategies Conference 2023 “You can do anything, but not everything!”
AEST Wed-Thu 23-24 August 2023
Strategies Conference will challenge and refresh your portfolio construction thinking by debating contemporary and emerging portfolio construction strategies, to help you build better quality portfolios.
Today, as we continue to navigate the structural shift to an inflationary, higher interest rate investment regime in a volatile, uncertain, complex and ambiguous world, it stands to reason that portfolio strategies must continue to evolve from what worked in the prior “lower for longer” regime.
But, common wisdom warns us against throwing the baby out with the bathwater. Prioritising the most important changes to make to investment objectives, asset allocation, currency management, manager selection and blending, and portfolio risk management is key – because you can do anything, just not everything!
Live studio, live site, or live stream | A$395+GST for Practitioners | 12+ CE | Register now!

Markets

A mild global contraction is coming
While a severe hurricane for the global economy looks less likely than it did a few months ago, we are still likely to encounter a tropical storm that could cause significant economic and financial damage.
Nouriel Roubini, Roubini Macro Associates | Read

Markets

Q&A: US dollar will remain the world’s reserve currency
While the US dollar’s share of global foreign exchange reserves is in long-term decline, the currency’s dominance will continue despite the rising risk of embedded inflation.
Woody Brock, SED | 1.00 CE | Read, Listen, Watch

Strategies | Markets

You can’t do everything, but you can focus on trends
As economies slow, fixed income will once again provide portfolio diversification, allowing practitioners to focus on capturing long-term trends such as climate change and artificial intelligence.
Chris Iggo, AXA Investment Managers | 0.25 CE | Listen, Watch

Finology

Motivating clients to be more active in the financial planning process
Advice Engagement is a framework that helps advisers focus on understanding their clients’ needs and improving their outcomes, by improving the likelihood that the client will accept and follow the advice.
Michael Lecours, fpPathfinder, courtesy of Kitces.com | Read

Finology | Philosophy

Philosophy Lecture: Ethics matters and ethical awareness
This lecture explores the concept of ethics, contemporary issues in financial services as they relate to ethics, and the relevancy and application of ethics in our everyday lives.
Clare Payne, EY | 2.50 CE | Read, 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

Strategies | Markets | Investing

Harry Markowitz (28 August 1927 – 22 June 2023)
Until the early 1950s, investing was an art. Then, along came the publication of work undertaken by Harry Markowitz (1952). Over a 20-year period, this played the primary role in moving investing from an art to a science.
Ron Bird, ANU & Portfolio Construction Forum | Read

Strategies | Markets

Inflation volatility demands investors think differently about how to invest
As we move into an era which is both more inflationary and more volatile, asset allocators will need to adapt in order to deliver returns. A dynamic and unconstrained approach to asset allocation will become essential.
Fiona Ker, Ruffer | 0.25 CE | Listen, Watch

Strategies | Finology | Philosophy | As seen at Finology Summit 2023

A good spending plan is essential for a good financial plan
A critical part of any retirement plan is a spending plan (which is not the same as a budget). Ultimately, a good spending plan helps keep clients’ investments on track.
Tim Farrelly, farrelly’s Investment Strategy | 0.25 CE | Listen, Watch

Finology

Research Review: A closer look at fundamental beliefs
The authors of this paper propose that it’s not just confirmation bias, but the way it interacts with a specific set of fundamental beliefs that generates a surprisingly wide array of bias effects.
Rob Hamshar, Portfolio Construction Forum | 1.00 CE | Read

Markets | Investing | Philosophy

Focus on quality companies for superior risk-adjusted returns
Protecting capital in down markets is the foundation for superior returns – and quality investing, with a long-term investment horizon, protects shareholder wealth on the downside, while capturing steady capital growth.
Craig McCourtie, Northcape Capital | Listen, Watch

Markets

Strengthening the global balance sheet
In recent decades, the world’s wealth soared as low interest rates drove up asset prices. But the global balance sheet is rife with fragilities. How the world borrows, lends, and creates wealth may change fundamentally.
Olivia White, Jonathan Woetzel and Jan Mischke, McKinsey & Company | Read

Finology | Philosophy | As seen at Finology Summit 2023

I believe in building justified trust
To earn justified trust from clients and deliver consistently good outcomes for them year after year requires globally recognised fiduciary standards of care.
Aaron Drew, MyFiduciary | 0.25 CE | Listen, Watch

Finology | Philosophy | As seen at Finology Summit 2023

Investors should listen to their gut feelings when taking risk…
…though not unconditionally. The nascent field of Neurofinance suggests that investors attuned to their emotions can make better decisions during critical market events.
Elise Payzan-Le Nestour, UNSW Business School | 0.50 CE | Listen, Watch

Strategies | Philosophy | As seen at Finology Summit 2023

I believe every balanced portfolio should include CRE debt
CRE debt provides dependable returns, backed by real property first mortgages. On a risk-adjusted return basis, every balanced portfolio should include an allocation to CRE debt.
Patrick Keenan, Pallas Capital | 0.50 CE | Listen, Watch

Investing | Finology | Philosophy

Research Review: Beyond sustainable investing returns
The bulk of the research on sustainable investing has concentrated on returns. These two papers look beyond that to whether investors are so committed to sustainability that they will continue to invest irrespective of returns or fees.
Ron Bird, ANU and Portfolio Construction Forum | 2.00 CE | Read

Investing

Volatility of illiquid assets
Thanks, Tim, excellent points showing that the lower volatility of illiquid assets provides the opportunity for industry funds to a have higher exposure to assets that generate the best long-term returns…
Mark Hayden, Hayden Financial Services | Read

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 150 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

Connect with us on LinkedIn
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.