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Friday 27 April 2018


Specialist, independent investment continuing education & certification

Forum Fodder | Friday 20 July 2018
The more that you read, the more things you will know. The more that you learn, the more places you’ll go. - Dr. Seuss
All the best for another week's continuing education!
- Graham


5 essential investment committee tools
An Investment Committee is key to a well-constructed portfolio. Your IC's toolbox must contain the appropriate tools, making governance a key pillar of your portfolio construction process.
Annika Bradley, Lodrino |

Philosophy | Markets | Strategies | Investing | Finology
Strategies Conference 2018 - "Future-proof portfolios?"
Portfolio construction is an exercise in long-term thinking, seeking to meet the distant future financial needs of individuals. Strategies Conference 2018 will facilitate debate on contemporary and emerging portfolio construction strategies, with particular emphasis on the challenges of building future-proof portfolios.
22-23 August 2018 | 13 CE Hours |
Register now!

Trump may kill the global recovery
For the first time in a decade, the biggest risks are now stagflationary (slower growth and higher inflation). It would seem that the current risk-off era is here to stay.
Nouriel Roubini, Roubini Global Economics |

Markets | Strategies
Geopolitics to the fore! Do nothing...
There is quite a bit happening on the geopolitical front right now to concern markets. With all this uncertainty, the best thing to do is nothing. Sit tight and enjoy the show.
Tim Farrelly, farrelly's |

Lend your voice to new research on best practices in client understanding
Capital Preferences has initiated research on how advisers go about understanding their clients. Take their survey by 31 July and receive a customised report comparing your approach to your peers'.  
Take the survey

We're on the cusp of an EM crash
For 10 years, the world chased yield - flows into emerging markets were massive. As rates rise, money will move to safer environments. It's time to protect portfolios against major outflows from emerging markets.
Brett Gillepsie, Ellerston Capital |

Markets | Investing
Incorporate tech's impact in your investment choices
Technological change is advancing with unprecedented speed and scale. The early effects on growth, labour, policy and trade should influence investment choices now.
Patrik Schowitz, JP Morgan Asset Management | 0.25 CE |

Investment Management Research Conference 2018
The annual IMR Conference brings together academic faculty from leading university business schools, professional investors, consultants and experienced practitioners and advocates to debate investment management research presentations and papers.
20-21 Sep 2018, Sydney | 13 CE Hours |
Mark Your Diary!

Psychology of retirees
Spending retirement capital is a logical outcome, however so many retirees seem to be conditioned to a cultural norm of leaving their wealth, both their superannuation capital and housing wealth, to their beneficiaries - no matter what the cost.
David Reed, The Retirement Advice Centre | More


When politics trumps economics
Trump and team continue to flaunt virtually every principle of conventional economics. A trade war may well be an early skirmish in a much tougher battle, during which economics ultimately trumps Trump.
Stephen Roach, Yale University |

Strategies | Investing
Passive investing - reshaping the investment landscape
Game changer or new danger? The rise of passive funds throughout this decade is recalibrating the traditional core-satellite portfolio model.
Professor Amin Rajan, CREATE-Research |

Undiscovered Fund: A unique way to access emerging markets
A fundamentally driven and benchmark unaware exposure to smaller companies within the emerging markets sector, this fund represents a unique way for investors to access emerging markets.
Zenith Investment Partners | 1.00 CE |

As we approach peak growth, gear down risk allocation
The global economy is approaching peak growth and investors should prepare for increasing left tail risks. With higher rates than 12 months ago, this may be an opportune time to increase allocation to bonds as an insurance policy.
Rob Mead, PIMCO | 0.50 CE |

China’s Belt and Road Initiative is less than meets the eye
China’s Belt and Road initiative is expected to reshape the global economic landscape. However, the plan is poorly understood. It may generate political "returns" but opportunities for investors will be limited.
Alex Wolf, Aberdeen Standard Investments | 0.25 CE |

Is this about funding sources more than quantities?
How would the data in Figure 1 look if we added in bank loans? In other words, how much of this growth is due to a switch from of funding sources as opposed to growth in borrowing?
Tim Farrelly, farrelly's | More

Are we in a corporate debt bubble?
Since the GFC, the value of non-financial companies' outstanding bonds has nearly tripled. While a correction seems likely, the broad shift toward bond financing is actually a welcome development.
Susan Lund, McKinsey & Company |
1 comment | More

Don't write off America
To paraphrase Mark Twain, reports of America’s retreat are greatly exaggerated. Even if China can sort out its long-term demographic problems, other big challenges loom.
Tom Switzer, The Centre for Independent Studies |

Strategies | Investing
A few investment selection faux pas
Over the years, I've seen countless portfolios. Virtually all have had a pre-defined asset allocation aligned to a risk profile. But occasionally, that's where the alignment ended.
Michael Furey, Delta Research & Advisory |

Most retirees need to eat capital
There is often confusion about income in retirement. In most cases, some income measures won't give retirees enough to spend, resulting in a lower standard of living than they could be enjoying..
Aaron Minney, Challenger |
1 comment | More

Beware the trifecta of desire
Practitioners demand a trifecta from fund managers - performance, simplicity, connection. But many great investments are contrarian and uncomfortable.
Douglas Isles, Platinum Asset Management | 1.00 CE |

Markets | Investing
Netflix will be the next dominant digital business
New means test rules for pooled lifetime income products, together with development of Comprehensive Income Products for Retirement (CIPRs), have the potential to radically alter Australians' views about retirement income products.
Nick Griffin, Munro Partners |

QT - simple!
Tim is guilty of arriving at his preferred destination, on time and all set for the next journey...
Philip Carman, Personal Asset Service
| More

Beware Quantitative Tightening!
Quantitative Tightening is jangling the nerves of investors around the world. It's unprecedented and no-one knows for sure exactly how it will play out. But all the evidence points to QT being a non-event.
Tim Farrelly, farrelly's |
1 comment | More

Can the Euro be saved?
The euro was supposed to bring shared prosperity, which would enhance solidarity and advance the goal of European integration. In fact, it has done just the opposite, slowing growth and sowing discord.
Joseph Stiglitz, Columbia University |

Research Review: Biases in recommendations
Two recent academic papers focus on how advice provided to investors might be distorted. The first relates to the disposition effect; the second looks at the impact compensation on advice given.
Ron Bird, UTS | 1.00 CE |

Italy, tariffs are sideshows – the US is the main story
With US unemployment running at just 3.8% (equal lowest rate since 1969), the Fed will have to hike rates four times this year, with the risk that bond yields go not just to 3.5% but somewhere well north.
Brett Gillespie, Ellerston Capital |

A Contrary View?
There is no price too large for the EU to pay to maintain the status quo, that is, their own survival... We need more populism, not less...
Garry Harradence
| More

From asset allocation to risk allocation
Good topic to cover… thinking about gaps between the asset allocation process and security selection process. Surprised there isn’t more analysis or discussion along these lines...
Peter Eichmann, Park Street Group
| More

Thanks, Peter
...I'm a little surprised myself although there are numerous quant and large asset managers who do produce a fair amount of analysis and publication along the lines of both dimensions.
Michael Furey, Delta Research & Advisory
| More


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