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Friday 27 April 201

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

Forum Fodder | Friday 02 November 2018
Never seem more learned than the people you are with. Wear your learning like a pocket watch and keep it hidden. Do not pull it out to count the hours, but give the time when you are asked. - Lord Chesterfield
All the best for another week's continuing education!  
- Graham


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 |

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 |

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 |

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 investor portfolios.
Mark your diary! Tue 19 February 2019, Sydney | More

Finology Summit 2019 - Behaviours & Investing
Finology Summit is THE behavioural finance (and much, much more) program of the year. Featuring an exceptional faculty of behavioural finance, behavioural economics, and psychology experts, it will help you better understand the preferences, needs and objectives of individual investors, to further improve the way you relate with them and help them achieve their goals.
Mark your diary! Wed-Thu 20-21 February 2019, Sydney | More

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 |


America's inflation risks
It was inevitable. Another upturn in the US inflation cycle is at hand. The Fed is entirely correct to send the message that there is considerably more to come in its current tightening cycle.
Stephen Roach, Yale University |

Storm clouds for 2020
We give a 20% chance to a US corporate debt bubble burst before end 2020. It's both incredible and unconscionable that massive leverage could once again bring down Main St a mere decade after 2008.
Woody Brock, SED |

Strategies | Investing
Using Australian Asset Backed Loans in portfolios
Potential returns on traditional assets are falling and the search is on for different sources of attractive returns. The Australian Asset Backed Loans asset class deserves a place in many portfolios.
Tim Farrelly, farrelly's Investment Strategy | 1.00 CE |

Philosophy | Strategies
Impact investing is the way of the future for fixed income
It is a common misconception that profit and impact are mutually exclusive. In fact, managing for mainstream risk-adjusted returns and creating a positive environmental or social impact can be achieved in parallel.
Affirmative Investment Management |

Markets | Strategies
Valuation mistakes will prove very costly in a post QE world
Future proofing portfolios is a difficult task, due to today’s demanding valuations and because the future is intrinsically unknowable. There are no set-and-forget strategies in a world of ever-changing prices.
Philipp Hofflin, Lazard Asset Management | 0.25 CE |

Great stuff
Spot on Annika... designing the "optimal" portfolio is structure dependent.
Michael Furey, Delta Research & Advisory |

Philosophy | Markets
Self-fulfilling financial crises
Since the global financial crisis, people have searched in vain for a more productive integration of finance, behavioral economics, and macroeconomics. The publication of a new book gives hope yet.
J. Bradford DeLong, University of California |

Markets | Strategies
In this tug-of-war market, you need a bet each way
The world is getting very interesting. Two strong forces - the US economy accelerating vs tariffs getting bigger - are creating a tug of war that means you need to have a bet each way.
Brett Gillespie, Ellerston Capital |

5 essential issues - managed account vs managed fund

There is no silver bullet to portfolio implementation. Both managed funds and managed accounts can provide a more streamlined and sophisticated portfolio implementation solution – and both have pros and cons.
Annika Bradley, Lodrino | 1 comment |

Investing | Finology
Research Review: Asset management, overconfidence and market discipline
Two recent research papers on investment management look firstly at the implications of overconfident managers and, secondly, at career risk associated with poor investment performance.
Ron Bird, University of Technology Sydney | 1.00 CE |

Capturing future earnings upgrades leads to outperformance
Businesses adapting successfully to disruption exist across all industries and can be identified irrespective of prevailing market conditions. Finding those with improving earnings outlooks can deliver a future proofed portfolio.
Nikki Thomas, Alphinity Investment Management | 0.50 CE |


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