Forum Fodder

Forum Fodder | 08 November 2024

“I will not rest until we have delivered the strong, safe and prosperous America that our children deserve and that you deserve. This will truly be the golden age of America.” - President-elect Donald Trump, following his US election win (06 November 2024)

All the best for another week’s continuing education!
Graham
P.S. Stand for More!  Enrol by 30 November for the 2025 CIMA program.
Certified Investment Management Analyst^® (CIMA^®) certification is the peak, international technical portfolio construction certification program designed for investment management analysts - that is, those involved in any aspect of constructing multi-asset, multi-manager portfolios. Find out more and enrol.

Markets

The end of US democracy was all too predictable
Since Plato’s Republic, philosophers have known how demagogues and aspiring tyrants win democratic elections. The process is straightforward, and we have now just watched it play out.
Jason Stanley, Yale University | Read

Markets | Philosophy

Thinking Differently: Steve Keen
Central banks believe that economies tend towards equilibrium. But Professor Steve Keen thinks differently. He argues that central bank models fail to capture the complexity of modern economies while faulty climate change models threaten the capitalist system…
Wayne Fitzgibbon, Thinking Differently | Watch, Listen

Markets | Strategies

Now is the time for resilient, low volatility stocks
While the global economy is on track for a soft landing over the next 12 to 18 months, high stock prices, recession risk, and political uncertainty cloud the outlook for equities.
Ram Rasaratnam, AXA Investment Managers | Watch, Listen

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

Public market alpha is an overlooked opportunity
Investors need to challenge conventional wisdom around investment style, process and active share and focus on durable sources of alpha that will improve total portfolio returns.
David Wanis, Longwave Capital Partners | 0.50 CE | Watch, Listen

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

Infrastructure adds value to your portfolios
With a more benign outlook for interest rates conditions, there is an opportunity to capitalise on the innate earnings power of infrastructure assets.
Gerald Stack and Ben McVicar, Magellan Financial Group | 0.50 CE | Watch, Listen

Strategies | Markets | Investing | Philosophy

Short Course: Mastering private debt investing
Examining the unique characteristics that make private debt a compelling investment. Private debt has grown in popularity as an alternative source of debt financing, with the asset class tripling in size since 2008. Curated and produced by Portfolio Construction Forum, and led by private debt investing subject matter expert, Andrew Lockhart, this self-paced, two-hour online short course equips you with the expertise to navigate private debt investment confidently across diverse market conditions.
Metrics & Portfolio Construction Forum | 2.00 CE | Enrol

Finology | Philosophy | ** Premium **

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) | Premium | Enrol

Finology | Philosophy | ** Premium **

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 (incl 1.00 ethics) | Enrol

Markets

Is capitalism really the cause of global inequality?
In 2014, Thomas Piketty’s book, Capital in the Twenty-First Century, reshaped the inequality debate. However his central argument – that capitalism inevitably leads to growing inequality – falls apart when looking at cross-country inequality.
Kenneth Rogoff, Harvard University | Read

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

Most people don’t understand the drivers of real estate returns
Did you ever wonder why so many pundits got their Australian house price forecasts so wrong? Real estate pricing is not driven by interest rates, population growth, or tax regimes.
Chris Bedingfield, Quay Global Investors | 0.50 CE | Watch, Listen

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

‘Whole’ portfolios need both public AND private debt
Higher rates and structural changes, such as tighter regulation, are reshaping both public and private debt markets, requiring investors to take a multi-sector and relative value approach across both.
Christian Stracke, PIMCO | 0.50 CE | Watch, Listen

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

60/40 should not be what it used to be
The market growth and quality of private market alternatives provides investors an opportunity to meaningfully enhance 60/40 with higher returns and less volatility.
Frank Danieli, MA Financial Group | 0.50 CE | Watch, Listen

Finology

Research Review: Ethical blindness
Ethical blindness is one answer to the question “Why do good people do bad things?” Together, these two papers strongly reinforce the idea that ethical practice requires that we regularly hit the brakes and check our ethical blind spots.
Rob Hamshar, Portfolio Construction Forum | 2.00 CE (Ethics) | Read

Markets | Finology | Philosophy

A Language of Its Own!
Thanks, Wayne. A great response. I have added to my reading list today and look forward to making some more connections with “Narrative Economics”…
Dacian Moses, Waterfall Way Associates | Read

Markets

The rise of big government ruined capitalism - Ruchir Sharma
What went wrong with capitalism? According to Ruchir Sharma, progressives are right, in part, when they mock modern capitalism as “socialism for the rich.”
Tom Switzer, Centre for Independent Studies | Watch, Listen

Strategies | Investing | As seen at Strategies Summit 2024

Passive can beat active in private markets, too
Private Equity pooled returns have been attractive while also less volatile than investing in a single fund or fund-of-funds. Enabling investors to “buy the private market” would complement portfolios just like in public markets.
Edward Talmor-Gera, NewVest | 0.25 CE | Watch, Listen

Strategies | Markets | As seen at Strategies Summit 2024

Optimal portfolios need risk premia
An Alternative Risk Premia (ARP) approach to investing, rooted in academic research, can deliver more stable and resilient performance even in volatile market conditions.
Paul Fraynt, K2 Advisors | 0.50 CE | Watch, Listen

Strategies | Philosophy | As seen at Strategies Summit 2024

You need to combine multiple alts in your portfolios
It is essential that portfolios are exposed to different, uncorrelated alternative risk factors and capture a variety of available risk premia to maximise risk-adjusted returns.
Antonio Ferrer, LGT Capital Partners | 0.25 CE | Watch, Listen

Strategies | Finology

Research Review: AI in investment management and advice
At one extreme, the whole investment decision-making process could be turned over to AI - at the other, it can just be used in data collection. These two papers capture the challenges of integrating AI into funds management and financial advice processes.
Ron Bird, Portfolio Construction Forum | 2.00 CE | Watch, Listen

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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).
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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.