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Friday 9 March 2018

Specialist, independent investment continuing education & certification

Fodder kicks off with two opposing views on blockchain and cryptoassets. First, Nouriel Roubini argues that blockchain is one of the most overhyped technologies "ever". Then Catherine Wood from investment house, Ark Invest, argues the value of blockchain is profound and practitioners need to understand the resulting wave of cryptoassets. Read both and Join The Debate (vote on who you agree with). In his top 3-rated presentation from Markets Summit, Lazard Asset Management's Ron Temple argues that US growth has years to run and that valuations are warranted. Tim Farrelly puts the "bond-cano" narrative into context. And finally, back on the impact of technology on investing, Michael Kitces' top 3-rated keynote from Finology Summit looks at why the future belongs to financial adviser cyborgs (i.e. human/computer partnerships).
- All the best for another week's continuing education - Graham
P.S. If you attended Markets Summit 2018 and/or Finology Summit 2018 live, your CE accreditation is now available in your MyCE record. (And if you didn't attend, you can "attend" online and earn CE hours.)


A man who asks is a fool for five minutes. A man who never asks is a fool for life. - Eartha Kitt


The blockchain pipe dream
It is high time to end the hype. Bitcoin is a slow, energy-inefficient dinosaur. Most of the coins are little different from railway stocks in the 1840s, which went bust when that bubble – like most bubbles – burst.
Nouriel Roubini, Roubini Global Economics |

Markets | Investing
Cryptoassets is an emerging asset class with huge potential
Technological revolutions often spawn financial booms and busts - but the value proposition of blockchain is profound, and the technology has given rise to cryptoassets. Practitioners will increasingly be required to understand them.
Catherine Wood, Ark Invest | 

Ignore the exit ramp, better conditions ahead
The US might have three to five years of additional growth ahead. Global synchronised growth is likely to drive earnings growth to a higher gear that warrants current elevated valuations.
Ron Temple, Lazard Asset Management | 0.25 CE |

Beware the Bond-cano!
The peddlers of the Bond-cano narrative give very different recommendations. Even if we buy the story, it's just not clear what to do - all of which suggests that it is just a wonderful narrative.
Tim Farrelly, farrelly's |

The finologist of the future is a cyborg
The combination of man and machine - tech-augmented humans or "cyborgs" - can be more effective than either alone, posing the greatest opportunity to human financial advisers in the long run.
Michael Kitces, Nerd's Eye View | 0.50 CE |


Working toward the next economic paradigm
It should come as no surprise that enthusiasm for economic and financial globalisation has faltered. Building consensus around a revised unifying paradigm will not be easy.
Mohamed El-Erian, Allianz |

Rational irrational exuberance?
In my opinion, the asset-price volatility we have been seeing has little or nothing to do with changes in fundamentals. And the widespread use of machine-driven trading is likely making all of this worse.
Andrés Velasco |

Research Review: Everything you need to know and a bit more
In nine pages, this paper says all that needs to be said on the ability of any of us to estimate the true value of financial assets. The next two papers produce conflicting findings on the impact of index investing on markets.
Prof Ron Bird, UTS | 1.00 CE |

The trust mandate is how asset managers win and keep clients
Trust – the belief that those to whom we are vulnerable are both willing and able to act in our interests – is the no.1 factor in the decision to select and retain an asset manager.
Herman Brodie, Prospecta | 1.00 CE |

Is it relevant? Is it understandable? We can all do much better…
Too much of our communication with end investors is either irrelevant, unintelligible to the average investor - or worse still, both.
Tim Farrelly, farrelly's | 0.50 CE |

Cryptocurrencies are a new epoch in monetary history
The Chinese authorities recognise the potential of blockchain technology and are outpacing the US, in the race to develop an "official" cryptocurrency. If the Chinese experiment succeeds, we may witness the start of a new epoch in monetary policy.
Niall Ferguson, Stanford University | 0.50 CE |

Comments on financial market turbulence
Was the recent market volatility predictable? Was the volatility exogenous or endogenous in nature? What lies ahead as regards inflation and interest rates?
Dr Woody Brock, SED |

Brace yourself for a global inflation shock
A combination of factors is set to generate an unexpected inflationary shock to the financial markets, leading to significantly higher bond yields and a recalibration of relative valuations.
Jonathan Pain, The Pain Report | 0.25 CE |

Backgrounder: Finology
Finology knowledge and skills will substantially enhances practitioners' ability to communicate with clients, and to manage portfolios more effectively. This Backgrounder seeks to foster greater understanding and interest in the field of Finology.
Portfolio Construction Forum |

Threat of a wages blow-out is real
With unemployment at 30-year lows in many countries, practitioners should consider the possibility that wage pressures may force policymakers to tighten more aggressively, triggering substantial equity market falls.
Brett Gillespie, Ellerston Capital |


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