Forum Fodder

Forum Fodder | Friday 17 April 2026

“Australia is a poster child for the benefits of globalisation, and it has gotten rich on the back of it… That also puts us at the front line as those rules of the game, as it were, are changing…” - Andrew Hauser, deputy governor at the Reserve Bank of Australia (14 April 2026)

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

Markets

The decline and fall of the dollar empire
There is angst in the air about the US dollar’s once and future global role. It is not hard to hear echoes of ancient history in current anxiety around the dollar.
Barry Eichengreen, University of California | Read

Investing | Finology | Philosophy

The Inquisitor: Behaviour is key to alpha - Clare Flynn Levy
Behavioural analysis enables a deeper insight into fund performance and the identification of highly skilled managers capable of generating consistent investment alpha.
Robert Huebscher, Portfolio Construction Forum | 0.75 CE | Watch, Listen

Strategies | Markets | Investing | As seen at Markets Summit 2026

It’s a new world of price sensitive demand for fixed income
After more than two decades of an ever-present central bank demand backstop, we’re now entering a global fixed income market devoid of price insensitive demand, challenging the risk/return profile going forward.
James McAlevey, BNP Paribas Asset Management | 0.25 CE | Watch, Listen

Strategies | Markets | As seen at Markets Summit 2026

ABF offers the best risk-adjusted yield in private markets today
Post-GFC, banks trimmed corporate credit risk from their balance sheets, creating a direct lending boom. We are now in the early innings of Asset Backed Finance filling a similar capital void.
Owen Libby, Blue Owl Capital | 0.25 CE | Watch, Listen

Strategies | Markets

Market Signals: Stability priced, risks rising
Markets are currently pricing stability. But the underlying system remains constrained and market structure is becoming more fragile. The gap between pricing and reality is where risk tends to emerge.
Nick Schoenmaker, Portfolio Construction Forum | 0.25 CE | Read

Markets

Is financial deregulation under Trump going too far?
Recent work by Tyler Goodspeed indicates that most recession start because of banking failure and disruption to energy supply chains…
Stephen Maher, Stephen A Maher & Co | Read

Strategies | Markets

Thinking Differently About Markets
Embracing complexity economics to better understand how markets really work
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Strategies

Portfolio Compass
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Portfolio Compass will deepen your understanding and control of one of the most important parts of the investment process – the asset allocation of a portfolio. Find out more!

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 *

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 financial deregulation under Trump going too far?
If you had asked me six months ago about the risks of another massive financial crisis in the US, I would have said it is always possible, but much more likely elsewhere. I seem to have underestimated the deregulatory zeal of Trump’s administration.
Kenneth Rogoff, Harvard University | Read

Strategies | Markets

An asset class for the next portfolio construction cycle?
If asked today whether a high-quality unlisted property fund would outperform the S&P 500 over the next 10 years, most investment advisers would, without hesitation, back the S&P 500. However, they may be wrong.
Justin McLaughlin, Scarcity Partners | Read

Strategies | Markets | Investing | As seen at Markets Summit 2026

A whole new world demands bold, flexible liquid alternatives
Liquid alternatives promise two things - diversification from equities and compelling standalone returns. Yet most fall short. Investors need liquid alternatives to be bold and flexible.
Suhail Shaikh, Fulcrum Asset Management | 0.25 CE | Watch, Listen

Strategies | Markets | Investing | As seen at Markets Summit 2026

US technological dominance is cracking, a new power is rising
The first phase of the AI super cycle was driven by a narrow group of US companies, but the world’s reliance and dependence on US technology and defence has shifted. A new chapter of technological power has begun beyond US borders.
Billy Leung, Global X | 0.25 CE | Watch, Listen

Strategies | Markets

Market Signals: When hedging stops working
A market can absorb volatility for a long time. It can absorb headlines, short-term oil spikes, and contradictory policy signals. What is harder to absorb is a shift from price disruption to actual constraint.
Nick Schoenmaker, Portfolio Construction Forum | 0.25 CE | Read

Markets

America’s war, America’s recession
There is no good time for an economy to face an energy- and food-price shock, but some moments are worse than others. And for the US today – now is about as bad as it gets.
Desmond Lachman, American Enterprise Institute | Read

Markets

We’ve just experienced the mother of all stagflationary shocks
As the conduit for a fifth of daily crude oil and LNG supply, the closure of the Strait of Hormuz represents the most serious global energy shock in history. For Australia, the implications are particularly severe.
Jonathan Pain, The Pain Report | Watch, Listen

Strategies | Markets | Investing | As seen at Markets Summit 2026

Global private credit is tailor-made for a whole new world
As demand for private credit has grown over the past five years, so too has the availability of offerings such as the US Business Development Companies (BDCs). The current balance of risks tilts toward a favourable risk/return profile.
Ji He, Muzinich & Co | 0.25 CE | Watch, Listen

Investing

Research Review: The rise of AI in investment
AI has emerged as one of the most transformative technologies of the 21st century, offering remarkable capabilities in data processing, pattern recognition, and automation. This paper provides a useful discussion of the use of AI by investment funds.
Ron Bird, Australian National University | 1.00 CE | Read

Strategies | Markets

Market Signals:  Structural shift emerging
The shift this week is subtle, but important. Markets are beginning to transition from a world where policy drives outcomes, to a world where physical constraints and geopolitical realities drive outcomes. The distinction matters.
Nick Schoenmaker, Portfolio Construction Forum | 0.25 CE | Read

Markets

What is the gold price telling us?
Jim’s framing captures the tension perfectly: gold can look like a bubble and a structural signal at the same time - and the distinction matters enormously for portfolio construction.
Nick Schoenmaker, Portfolio Construction Forum | Read

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