Forum Fodder

Forum Fodder | Friday 24 May 2024

“The world is at a startling demographic milestone. Sometime soon, the global fertility rate will drop below the point needed to keep population constant. It may have already happened.” - Greg Ip and Janet Adamy, journalists at The Wall Street Journal (13 May 2024)

All the best for another week’s continuing education!
Graham
P.S. Registration opens next week!. Join us for the 23rd annual Portfolio Construction Forum Strategies Summit 2024 (Wednesday & Thursday 21-22 August), at our live studio in Sydney, as part of a group at a live site, or via live stream. Early Bird registration opens next week! Meanwhile, watch the highlights from past programs

Markets

The myth of central bank independence
If governments are to be held responsible for investment and unemployment, they must control monetary policy. And, while central banks strive to maintain the appearance of independence, they often do what governments want.
Robert Skidelsky, Warwick University | Read

Markets

Decarbonisation happens regardless of Trump
Equity investors should set aside their fears of a second Trump presidency and focus instead on the structural opportunities presented by decarbonisation.
Mike Harut, Munro Partners | Listen, Watch

Markets | As seen at Markets Summit 2024

GREITs - not drowning, waving!
For the last two decades, private equity has consistently outperformed the public market, through market cycles and with less volatility. In 2023, private equity continued to show superior returns in the mid-market. Looking forward, the outlook for is stronger.
Andrew Parsons, Resolution Capital | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2024

Private equity outperforms, with less volatility
Global REITs have been overwhelmed by the rapid rise in interest rates, headlines about the demise of the office, and concerns over bank lending to commercial real estate. However, history is not repeating. The industry is in strong shape.
Justin England, Five V Capital | 0.50 CE | Listen, Watch

Finology | Ethics hours!

Research Review: Moral luck and investment
When evaluating investment performance, we generally acknowledge a fundamental distinction between skill and luck. This research paper looks at the concept of “moral luck” and finds that the outcome of an investment recommendation may shape others’ evaluations of both the skill and the morality of the investment adviser.
Rob Hamshar, Portfolio Construction Forum | 1.50 CE | Read

Finology | Philosophy

On The Hunt: Ethical behaviour profiling
On the Hunt is a monthly lecture series focused on the human factors in investment portfolio construction, including the ethical implications. It will help you better identify and understand how investing biases, beliefs and behaviours impact portfolio construction practices - and therefore, investment outcomes - to help you build better quality investor portfolios.
Katherine Hunt, Ardentura Consulting | 1.00 CE (Ethics) | Read, Watch

Finology | Philosophy

Behavioural Finance: Investment decision-making short course
Led by behavioural finance expert, Herman Brodie, this online, on-demand course completed at your own pace 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 dilemmas of the dollar
The dollar has strengthened sharply in recent months and a rising crescendo of apocalyptic financial talk threatens to spook markets. Can - and should - anything be done to head off the dollar’s strength?
Barry Eichengreen, University of California | Read

Investing | Philosophy

Bird’s Eye View: Measuring investment performance
We appoint active fund managers because we believe they will add value by outperforming the index, and we try to measure that value add as an indication of the manager’s investment skill. But how good are the measures we use?
Ron Bird, ANU & Portfolio Construction Forum | Read

Markets | As seen at Markets Summit 2024

Use Australian Equities to hedge this 1970s-like cycle
Higher than desired inflation is now structurally embedded in the global economy. The boom-bust inflation cycle of the 1970s gives a useful historical parallel, providing investors insight into the coming decade.
William Curtayne, Milford Asset Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2024

The Magnificent 7 is not driving a tech wreck repeat
The technology sector has now eclipsed its all-time high relative to the S&P 500, exceeding its dot.com bubble highs. So this begs the question – is this a bubble and what is the risk of another tech wreck?
Alan Pullen, Magellan Asset Management | 0.50 CE | Listen, Watch

Markets | As seen at Markets Summit 2024

Not to harp, but senior loans deliver a higher Sharpe!
Market cycles show there is a clear anomaly in the Senior Secured Loans space with record setting yields and compelling risk-adjusted returns.
Gerard Fogarty, Invesco | 0.50 CE | Read, Listen, Watch

Markets

What’s driving the global gold rush?
Gold has returned to the international monetary system. Over 50 years ago, US President Richard Nixon “closed the gold window”. But now, fiat money is being challenged and the price of gold has reached all-time highs.
Harold James, Princeton University | Read

Strategies | Markets | Investing | As seen at Markets Summit 2024

History doesn’t repeat, but it rhymes! Key takeouts
Our diverse panel of experts debated the high conviction propositions they heard during Markets Summit 2024 and the portfolio construction implications.
Vihari Ross, Marisa Broome, Adam Bowe, Dan Farmer, Tim Farrelly | 0.75 CE | Listen, Watch

Markets | As seen at Markets Summit 2024

GEM is offering one of the biggest opportunities in a lifetime
Equity valuations are at attractive levels for most emerging markets but the lack of interest in emerging markets in general has led to extraordinarily attractive valuations.
Joseph Lai, Ox Capital Management | 0.50 CE | Listen, Watch

Markets | Investing | As seen at Markets Summit 2024

Ignore macro forecasts to enhance global equity returns
While investors need to be mindful of the potential risks posed by different stress events, they should largely ignore macro and geopolitical predictions when it comes to selecting companies to invest in.
David Allen, Plato Investment Management | 0.50 CE | Listen, Watch

Finology

Research Review: Reconsidering loss aversion
The idea that individuals are more sensitive to losses than to equivalent gains is critical in investment decision-making. Two recent papers highlight that loss aversion/tolerance is a more nuanced phenomenon than is commonly recognised.
Rob Hamshar, Portfolio Construction Forum | 1.50 CE | Read

Forum CE Library - over 800 CE/CPD hours
Complimentary for all Forum members, the Forum’s online on-demand CE Library offers over 800 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 (AU)/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 (AU)/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.ac.nz 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.