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Friday 27 April 201

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

Forum Fodder | Friday 16 November 2018
Intellectual growth should commence at birth and cease only at death. - Albert Einstein
All the best for another week's continuing education!  
- Graham


The global economy's three games
Chess masters can play simultaneously against several players. US President Trump's international economic strategy looks like such a match. The problem is that it is still not clear in which game Trump intends to score a victory.
Jean Pisani-Ferry, Hertie School of Governance |

Speed kills - the US economy must slow down
The US economy needs to slow down. The key question is what causes it to slow and which markets fishtail as a result. It is time to be very careful with portfolios.
Brett Gillespie, Ellerston Capital |

Cyber conflict is a threat (to future-proof portfolios)
In the cyber world today, we are somewhere around World War I. There are more than 30 nations with effective cyber forces. Practitioners need to understand the threat cyber weapons pose to markets and investments.
David Sanger, The New York Times | 1.00 CE |

Markets | Strategies
Past performance is not indicative of future performance
The familiar phrase “Past performance is not indicative of future performance” is so common we almost ignore it, but it goes to the heart of how to view and manage risk and return to future-proof portfolios.
Marc Seidner, PIMCO | 0.50 CE |

Foreign currency should be treated as a complex asset class
Investors should treat foreign currency as an asset class in its own right, considering both short- and long-term currency risks, as well as where the best return opportunities lie.
Olivia Engel, State Street Global Advisors | 0.50 CE |

Markets Summit 2019 - The heat is on!
Markets Summit is THE investment markets scene setter of the year. Featuring 20+ international and local experts debating their best ideas on issues related to the medium-term outlook for the markets and implications for portfolios, it will help you understand the key investment market and asset class opportunities (and risks) ahead, to help you build better quality investment portfolios.
Mark your diary! Tue 19 February 2019, Sydney | More

Finology Summit 2019 - Investing beliefs, biases & behaviours
Finology Summit is THE behavioural finance ("fin") and investment psychology ("ology") program of the year. Featuring an exceptional faculty of experts, Finology Summit will help you better understand your own and other people's different beliefs, biases and behaviours around investing - and the impact on investment markets - to help you build better quality investor portfolios.
Mark your diary! Wed-Thu 20-21 February 2019, Sydney | More

Are financial crises unpreventable?
This speaker is comparing apples with rocks! There is no doubt a balance between market and legislative controls are needed, but this presentation was a complete bias joke!...
Craig Offenhauser, Charter Pacific Securities |


The global impact of a Chinese recession
When China finally has its inevitable growth recession, the world is likely to discover that China's economy matters even more than most people thought.
Kenneth Rogoff, Harvard University |

Philosophy | Markets
Ideal money
Buffett called Bitcoin rat poison squared, Schiller called it a financial bubble. We disagree. Bitcoin is perhaps the most important financial innovation ever. And it is one step closer to "ideal money".
Economics Team, Payden & Rygel |

Strategies | Investing
Human + machine in investing is better than either in isolation
To future proof portfolios, you need human skill and judgment to distinguish between the purely random and real investment insights. This is the power of combining machines and humans.
Nick Thomas-Peter, Winton Group | 0.50 CE |

Research Review: The investment behaviour of hedge funds
Two recent papers looking at hedge funds provide further evidence that the more proactive managers are the best performers.
Ron Bird, University of Technology Sydney | 1.00 CE |

Building future-proof portfolios requires emotional agility
The future is, by definition, uncertain, as are financial markets. To prosper in such an environment, we need to be emotionally agile in order to align our values and actions and, in turn, help investors achieve their financial goals.
Susan David, Harvard Medical School | 0.75 CE |

Philosophy | Markets
Are financial crises unpreventable?
Banking and finance are an extreme case of governance and policy failures, where the abuse of power and lack of trust in institutions undermine capitalism and democracy.
Anat Admati, Stanford Graduate School of Business | 1 comment |

Falling share prices and the US economy
It wouldn't be surprising if the 10-year T-bill rises to 5% or more in the next few years, taking real yields back to over 2%, and causing the P/E ratio for US equities to return to its historical benchmark.
Martin Feldstein, Harvard University |

Strategies | Finology
When clients need more risk - adjust portfolios or goals?
Where portfolios are invested to achieve goals, the first step in the process should be to align the investor's goals - not the portfolio - to their risk tolerance. Implementing the optimal portfolio is then remarkably straightforward.
Michael Kitces, Pinnacle Advisory Group | 1 comment |

Owner-managed companies are the backbone of a good portfolio
Research shows that owner-manager businesses reward their long-term (non-family) investors because they instill a stability, a culture, and a focus that is geared towards the long term.
Matt Williams & Emma Goodsell, Airlie Funds Management | 0.50 |

The world economy is facing a geopolitical inflection point
Ex-CIA Acting Director and economist, Morell worked with six US Presidents including directly for Bush and Obama. He explains the current geopolitical inflection point that will affect the world economy for a very long time.
Michael Morell, Beacon Global Strategies |

Draw downs
No investment strategy or portfolio is of course guaranteed... but surely should be aiming (not guarantee'ing) to generate returns closer to your 7%pa return with minimum draw-down risk, rather than allowing markets to dictate if a client can retire...
Fergus Hardingham, FM Financial Solutions |


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