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PortfolioConstruction Forum







Our regular Forum Fodder email alerts Members to what's new on this site and with our live professional development progams. A sample of the Forum Fodder email is below.  Become a Member (with our compliments) to receive Forum Fodder and access our multi-media learning centre, (this site) featuring:
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Friday 27 April 2018


Specialist, independent investment continuing education & certification

Forum Fodder | Monday 22 October 2018
Knowing is not enough. We must apply. - Bruce Lee.

All the best for another week's continuing education!  
- Graham


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 |

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 |

Philosophy | Markets | Strategies | Investing | Finology
Attend online now! 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

Yes but...
The risk reward payoff for being long US bonds doesn't seem attractive to my way of thinking, it's how this plays out and the impact of the US 10 year on most asset classes that does warrant some attention and potential action in my view...
David Lunn, Lifestyle Wealth Partners | More


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 |

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 |

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 |

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 |

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 |

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 |

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 |

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 |

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

Small portfolios are beautiful
As Warren Buffett said, “Wide diversification is only required when investors do not understand what they are doing. Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.” The question then comes to who in this industry knows what they are doing and therein lies the problem...
Ron Bird, University of Technology Sydney | More

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 | 3 comments |

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 | 6 comments |

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 |

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

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


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