Forum Fodder 05 October 2018

Forum Fodder

PortfolioConstruction Forum

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Friday 27 April 2018

Specialist, independent investment continuing education & certification

	Forum Fodder \| Friday 05 October 2018 I never learned from a man who agreed with me. - Robert A. Heinlein Test this out! See if you agree with the top 10 rated presenters from our recent Strategies Conference on "Future-proof portfolios?", featured in this special edition of Forum Fodder. All the best for another week's continuing education! - Graham
LATEST CE... Featuring the top 10 rated presentations from Strategies Conference 2018!
	Markets 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 \| More
	Markets \| Strategies Future proofed portfolios need growth equities Investors should learn the lessons of history. Looking beyond near-term valuation multiples can help identify the next great winners and also help avoid the losers. Without growth investing, a portfolio is only focusing on only one side of the equation. Nick Griffin, Munro Partners \| 0.50 CE \| More
	Finology 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 \| More
	Investing 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 \| More
	Markets \| Finology Why we get it wrong - culture not companies dictate trends Investors need to entirely rethink their processes, assumptions and research approach, to focus on the cultures of consumers in different markets. Only by thinking like new brands themselves, can investors identify and invest in the next powerful trend. Tassos Stassopoulos, Trinetra Investment Management \| 0.50 CE \| More
	Philosophy \| Markets \| Strategies \| Investing \| Finology Attend online! Conference 2018 - "Future-proof portfolios?" All of the presentations (sync'd video and slides) from our recent Strategies Conference 2018 (Future-proof portfolios?)are now available online. "Attend" online with our compliments and earn up to 16.50 CE hours. Earn up to 16.50 CE Hours \| More
	Philosophy \| Strategies Impact investing is the way of the future for fixed income The impact investment market is growing. There is growing evidence that investing for return while generating a positive impact is a holistic way to create portfolios that are fit for the future. Stephen Fitzgerald, Affirmative Investment Management \| 0.50 CE \| More
	Philosophy \| Markets The tech revolution will radically change how the economy works The Australian (and global economy) is facing decades of significant technological change that will reshape how we work, where we work, and how we relate to each other economically and politically. Chris Berg, RMIT University \| 0.25 CE \| More
	Markets \| Investing A borderless approach delivers better EM investment outcomes The investment opportunity in EM is greater than just the companies domiciled there. In essence, investing in global growth should not simply be defined or determined by where a company receives its mail. Andy Budden, Capital Group \| 0.50 CE \| More
	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 \| More
	Investing 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 CE \| More
	Could not be more wrong Stiglitz is the kind of stimulus addict welcomed with open arms by Greece. The stimulus didn't work, so the answer is more stimulus (except when Trump does it)... Andrew Vallner, CPG Research & Advisory \| More Could be slightly right? I am not a massive Stiglitz fan either, to be frank, but he may have a point about well structured, early and prolonged stimulus amidst a collapse in aggregate demand. There is some historical evidence of this in Japan's early exit from the Depression... Julian McCormack, Platinum Asset Management \| More
RECENT CE...
	Markets The myth of secular stagnation There are many lessons to be learned as we reflect on the 2008 crisis, but the most important is that the challenge was – and remains – political, not economic. Secular stagnation was just an excuse for flawed economic policies. Joseph Stiglitz, Columbia University \| More
	Strategies Find me some uncorrelated assets In the 1950s, Markowitz showed that low or negative correlation is the secret sauce that makes diversification work. While his maths stacks up, the way it is often abused, does not. Tim Farrelly, farrelly's Investment Strategy \| More
	Markets Today’s flattening yield curve: what does it imply? The fallacy that an inverted yield curve "predicts" the onset of recessions is alive and well. Many investors believe the curve will invert in 2019, precipitating a recession. But a flattening of the yield curve need not imply a recession. Woody Brock, SED \| More
	Markets \| Strategies Future proofed portfolios need growth equities Investors should learn the lessons of history. Looking beyond near-term valuation multiples can help identify the next great winners and also help avoid the losers. Without growth investing, a portfolio is only focusing on only one side of the equation. Nick Griffin, Munro Partners \| 0.50 CE \| More
	FASEA The issue isn't the additional education. The issue is how many units per year, and over a realistic time frame, given the plethora of regulatory imposts advisers are already required to meet, while some clients expect you to work for next to nothing... Steve Blizard, Roxburgh Securities \| More
	Markets The makings of a 2020 recession and financial crisis As we mark the decennial of the collapse of Lehman Brothers, there are still ongoing debates about the causes and consequences of the GFC. By 2020, conditions will be ripe for a new financial crisis. Nouriel Roubini & Brunello Rosa, Rosa & Roubini Associates \| More
	Markets \| Finology Why we get it wrong - culture not companies dictate trends Investors need to entirely rethink their processes, assumptions and research approach, to focus on the cultures of consumers in different markets. Only by thinking like new brands themselves, can investors identify and invest in the next powerful trend. Tassos Stassopoulos, Trinetra Investment Management \| 0.50 CE \| More
	Philosophy The Forum releases its submission to the FASEA CPD proposal Portfolio Construction Forum's 23-page submission to FASEA in response to its proposed guidance on future CPD explains why the proposal is fundamentally flawed, and falls well short of any reasonable community expectation of FASEA and what drove its formation. Graham Rich, Portfolio Construction Forum \| 1 comment \| More
	Investing Research Review: Small portfolios are beautiful Markowitz informed us of the risk-reduction advantages of diversification. But just how diversified does an investor have to be to realise almost all of the benefits of diversification? Ron Bird, University of Technology Sydney \| 1.00 CE \| More
	Markets Bonds are no longer a reliable risk diversifier Simply holding bonds no longer diversifies an investment portfolio, with genuine risk diversification better achieved by exploiting currently under-priced risk premia in volatility and inflation markets. Gopi Karunakaran, Ardea Investment Management \| 0.25 CE \| More
	Pension Funds the biggest risk Interest rates need to normalise....the market is telling us this....but the economists and money managers have their heads securely in the sand... Roy Todarello, Rocco Financial Planners \| More
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