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Friday 13 April 2018

Specialist, independent investment continuing education & certification

Fodder kicks off with Mohammed El-Erian warning against using history as a guide to this latest spat of trade wars. Colonial First State Global Asset Management's Rebecca Sherlock makes the case for incorporating ESG factors into infrastructure investing, while Platinum Asset Management's Bianca Ogden explains why advances in genomic medicine are favourable for healthcare stocks. Challenger's Aaron Minney shows that Australian retirees' spending profile changes over time with implications for retirement income planning. And finally, Professor Ron Bird reviews recent research on active investment management, performance, and fees.
All the best for another week's continuing education - Graham


I am always ready to learn although I do not always like being taught. - Winston Churchill


Philosophy | Markets | Strategies | Investing | Finology
Strategies Conference 2018 - "Future-proof portfolios"
Portfolio construction is an exercise in long-term thinking, seeking to meet investors' distant goals. Strategies Conference 2018 will facilitate debate on a selection of contemporary and emerging portfolio construction strategies, with particular emphasis on designing future-proof portfolios.
MARK YOUR DIARY! 22-23 August 2018  | 


The global trade game
The US/China trade confrontation is heating up as market analysts scramble to figure out what will come next. History is likely to be a poor guide.
Mohamed El-Erian, Allianz |

Philosophy | Markets
Sustainability is crucial to infrastructure returns
Infrastructure assets have large environmental footprints. Incorporating ESG factors into the infrastructure investment process can improve risk-adjusted returns.
Rebecca Sherlock, Colonial First State Global Asset Management |

Markets | Investing
Disruptive technologies will revolutionise healthcare
Genomic medicine will radically change how diseases are diagnosed and treated. Healthcare valuations don't currently reflect long-term opportunities in the sector.
Bianca Ogden, Platinum Asset Management |

Strategies | Finology
Understanding how people spend their money in retirement
A retiree's spending profile changes over time. Assuming a constant level spending is like ignoring the topography of a map.
Aaron Minney, Challenger |

Research Review: Performance, fees and active managers
Recent research reviews the performance of active bond managers, and the impact of performance fees on returns of active equity funds and then for private equity funds.
Professor Ron Bird, UTS | 1.00 CE |

Not bonds?
It would be hard to argue with Professor Shiller, however a couple questions come to mind after a cursory read. Is this a bond? It sounds more like an equity investment, rising in value in good times and falling in bad times...
Doug Turek, Professional Wealth
| More


Markets | Investing
Making the case for sovereign GDP-linked bonds
The time has come for national governments around the world to start issuing their debt in a new form, linked to their countries' resources.
Robert J. Shiller, PhD, Yale University |

Things (in the economics world) are broken
The history of the international monetary order is a history of change, occurring on average every 40 years. This current system is, therefore, long in the tooth.
Chris Watling, Longview Economics | 0.50 CE |

Revisiting the importance of investment returns in retirement
About 30 years ago, Don Ezra identified the 10/30/60 rule for what drives retirement income. Does this rule still apply in Australia?
David Knox, PhD, Mercer |

Downsize now and rejoice at leisure.
Government incentives may help to encourage downsizing but the decision itself may not be purely financial as recent research reveals.
Joanne Earl, PhD, Macquarie University | 0.50 CE |

Small caps are thriving in the global upswing
Smaller companies are benefitting from robust economic growth, low base rates and balance sheet flexibility. Investors should focus on Japan and Europe.
Ed Rosenfeld, Lazard Asset Management |

True diversification is key
Well written, Michael - we are often attempting to help advisers understand the importance of combining lowly correlated assets (that have positive long-term drift) to achieve more robust portfolio outcomes...
Andrew Fairweather, Winston Capital Partners
| More

Behavioural biases lead to unrecognised risk-taking
Behavioural biases - substitution, aggregation, and feedback risks, overconfidence, and limited attention and availability bias - distort money managers' perceptions and lead them to take risks they don’t see.
Terrance Odean, University of California, Berkeley | 0.50 CE |

Economists vs scientists on long-term growth
Neither policymakers nor markets should be betting on the slow growth of the past decade carrying over to the next. The best bet is that AI and other new technologies will eventually come to have a much larger impact on growth than they have up to now.
Kenneth Rogoff, Harvard University |

Philosophy | Strategies | Investing
Diversification - what it is and is not
The concept of diversification may seem to be second nature. However, some of its fundamentals are often misused and sometimes misrepresented.
Michael Furey, Delta Research & Advisory |
1 comment | More

Markets | Investing
Investors need growth equities as change accelerates
Structural change and the resulting earnings growth will always outrun interest rates in the long run, so as change continues to accelerate, investors need growth equities in their portfolio.
Nick Griffin, Munro Partners | 0.50 CE |

Latest US stimulus is a red flag
There is now a 50% chance that the US Federal Reserve will hike interest rates more sharply than markets expect, leading to a recession in the next one to two years.
Brett Gillespie, Ellerston Capital | 

Efficiency argument misses some important elements
The characterisation of blockchain as being about technological efficiency is not a sufficient way to think about it...
Julian McCormack, Platinum Asset Management
| More

I'd love to know how the 33.3% intend to do that???
Glynn Phillips, Falconer Advisers
| More


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