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Friday 27 April 201

8Specialist, independent, investment
continuing education, accreditation & certification

Forum Fodder | Friday 12 April 2019
It is impossible for a man to learn what he thinks he already knows - Epictetus

All the best for another week's continuing education! 
- Graham


No middle-income trap for China
Yes, the days of 10% Chinese growth are over. That was inevitable. But there are five key reasons to dismiss the now-widespread diagnosis that China is ensnared in the middle-income trap.
Stephen Roach, Yale University |

Research Review: What we need to know about fund managers
Most of us use funds in clients' portfolios. Three new research papers look at what differentiates fund managers, highlighting factors we probably never considered important.
Ron Bird, Investment Management Research Program | 1.00 CE |

Cohesion is critical to investment management success
Stars are celebrated yet funds management is a team pursuit. Behavioural finance tends to focus on individuals' biases, but teams' behaviour determines results.
Douglas Isles, Platinum Asset Management | 0.50 CE |

Stay invested but prepare for volatility
On some measures, global equity valuations are the most attractive in several years. Risks, however, have certainly increased and in many cases are more difficult to frame.
Ron Temple, Lazard Asset Management | 0.25 CE |

Bond returns are competitive again
For the first time in about a decade, bonds can compete against equities on returns. High quality, investment grade corporate bonds can deliver mid-single digit returns for a third of the volatility of equities.
Mark Kiesel, PIMCO |

Pippa Malmgren
30 mins listening to Pippa is priceless! Loved her book...
Steve Blaker, Logical Financial Management |


Markets | Strategies |Investing
Investment Management Research Workshop 2019
Wed 15 May 2019 | 5.5 CE hrs
Now in its 11th year, the annual Investment Management Research Workshop showcases new research in the area of investments. The 2019 IMR Workshop features a faculty of academic and financial services professionals including:  Prof Moshe Milevsky, PhD, presenting "Portfolio longevity - measuring, managing and monitoring"; University of Sydney Business School's Susan Thorp, PhD; Macquarie University's Tim Kyng, PhD; Portfolio Construction Forum's Prof Ron Bird; CIMA Society's Chair Pauline Vamos; Grattan Institute's Brendan Coates; and, ANU's Geoff Warren, PhD.
Program & Faculty     Register now!


Understanding the Fed's dovish turn
The US Federal Reserve surprised markets recently with a large and unexpected policy change. The new normal will be a US policy rate close to or just below 3%.
Nouriel Roubini, Roubini Macro Associates |

China is reforming, not in crisis
Nearly a decade after one of the great debt binges of all time, Chinese economic growth and credit creation have slowed. Today, stimulus is being undertaken. This is not a crisis, this is reform.
Julian McCormack, Platinum Asset Management | 0.25 |

Being the most trusted brand is essential in fiery times
The best chance for survival among what were regarded as the most defensive of stocks is to be the biggest, most revered brand – or at least hold number second spot. Others will struggle and many will disappear.
Vihari Ross, Magellan Asset Management | 0.25 |

New Word Order - It's not what you say, it's what they hear
The way investors respond to the language of financial services can be influenced by using the right words, avoiding others, and structuring messages to overcome skepticism.
Gary DeMoss, Invesco Consulting | 0.50 CE |

Markets | Investing
Climate change-related regulation
Compared to physical risks, investors have a much greater ability to incorporate carbon and related pollution regulations into investment decisions.
Colonial First State Global Asset Management |

Refund of excess franking credits
$5.6bn a year... will make a huge difference to government revenue. Don't think people will suddenly shift their asset allocation strategy, as Tim suggests...
Clinton Clarke, Clarke Advisory Group |

How much really?
Those who don't find a way to get the benefit of imputation should reduce their exposure to Australian equities. As you say - not all will on day one. But many will over time. More of the so called savings gone...
Tim Farrelly, farrelly's Investment Strategy |

Strategies | Investing
Imputation refunds have to go?
The idea that imputation refunds are an unfair, expensive rort is gaining acceptance in the community. The Labor proposal is not fair, nor much of a revenue earner. It's not even nuts. It is just wrong.
Tim Farrelly, farrelly's Investment Strategy |

Modern Monetary Nonsense
The arguments of supporters of Modern Monetary Theory have a grain of truth, but they also rest on some fundamental misconceptions and have unpredictable and potentially serious consequences.
Kenneth Rogoff, Harvard University |

The post GFC 'cheap money' bubbles are popping
For most of the last 10 years, the world's major central banks have been creating significant amounts of cheap money, inflating several bubbles. Those bubbles are beginning to burst.
Chris Watling, Longview Economics | 0.25 CE |

Markets | Strategies
2019 Markets Summit - my key take outs
The key takeout for me was the notion that perhaps markets entered an inflection point through 2018 and, if investors haven't already, they need to think about how they position portfolios in light of this.
Stephen Miller, GSFM |

Move over risk/return profiles - values define clients' needs
Only by making the effort to understand and align investment beliefs with values can we get a sharper understanding of clients' true objectives and provide solutions that will really meet their needs.
Tassos Stassopoulos, Trinetra Investment Management | 0.50 |


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