Many in the financial markets are expecting a V-shaped recovery starting in the fourth quarter of this year, possibly even in the third quarter. Robert Huebscher speaks with renowned economist, Dr Woody Brock about why Woody disagrees, and instead foresees a slow and uneven recovery with periodic slumps.

A year ago, I showed it's possible to measure prediction accuracy for active managers, and that it influences optimal portfolio construction. Is this still a valid approach to portfolio construction, given today's markets?

The impact fixed income market is becoming more diverse in terms of currencies, issuers and ratings, delivering mainstream returns but with impact.

This lecture argues that a diversified portfolio of core fixed income securities is an essential component of an optimal multi-asset portfolio. What's your philosophy?

With crisis comes opportunity. Much of the bad news is now reflected in stock prices and, while stock markets will re-test their lows in coming weeks, expect a rally during Q2 2020.

Chris Watling | 0.50 CE

For active fund managers, the coronavirus pandemic is unlike any other crisis in modern times. In this podcast, Jonathan Ramsay of InvestSense speaks with emerging market equities portfolio manager, Tassos Stassopoulos, about the impact of values on responses to COVID-19 around the world, and the art of contrarian stock picking and managing client monies in these challenging times.

Coronavirus has put an end to the longest post-war US expansion, and is all but certain to cause a recession that will be wholly different from any other in economic history. In this podcast, Robert Huebscher speaks with renowned economist, Dr Woody Brock, about how and why.

Joe Biden had a fantastic night on Super Tuesday and he could be the Democratic Nominee - but a lot can change over the next month. Meanwhile, trade relations between the US and China may falter if China struggles to honor its commitments due to a weak economy.

Each February, our Markets Summit program kicks off with a video retrospective of the key events of the prior year...

Most of us want to act on our values, but we also need to feel that we have a reasonable chance of doing so effectively and successfully. Rather than focus on ethical analysis, focus on ethical implementation.

Mary Gentile | 0.50 CE

Refocusing sustainable investing efforts onto client values and beliefs starts a chain reaction that delivers sustainable outcomes for clients and long-lasting relationships.

Used responsibly, artificial intelligence can help us make wiser decisions as investors and capital allocators and help us work towards a more sustainable and inclusive future.

Paras Anand | 0.50 CE

New research shows that media sources generate emotions that transmit to individuals and so influence their investment decisions, resulting in a departure from so-called efficient markets.

Ron Bird | 0.25 CE

Behaviour biases determine that performance drives managed fund flows. By examining managed fund transactions, we can confirm that investment adviser engagement with investors is critical, and ascribe a value to it.

Douglas Isles | 0.25 CE

By identifying their own systematic patterns of departure from "rational" behaviour, practitioners can compensate for their effects, and improve the quality of their day-to-day investment decision-making.

Andrew Inwood | 0.50 CE

Over shorter periods of time, there are market inefficiencies due to well researched behavioural biases. Knowledge of these can help improve our own investment decision making and that of our clients.

Dan Farley | 0.25 CE

Several of our Faculty discuss their key takeouts from Finology Summit 2020, to help delegates think through how people's different investing biases, beliefs and behaviours impact investment outcomes.

Expert Panel | 0.75 CE

Using the language of client values and behaviour will help build a foundation of trust, and assist investment advisers architect a portfolio that is in sync with clients' lives and values.

Wade Matterson | 0.50 CE

Behavioural biases get in the way of good investment decision-making. A well-structured approach to goals-based planning can go a long way to defeating the worst impacts of many of these biases.

Tim Farrelly | 0.25 CE

A fixed point of reference, in the context of investment risks and uncertainties, can induce biases in approaches to meet client objectives. These biases will be costly to investors in the long term.

Rudi Minbatiwala | 0.50 CE

As we scramble to make sense of occurrences such as coronavirus and climate change, the application of prior cultivated imagination can preserve the integrity of investment decision making.

Grant Mizens | 0.50 CE

Markets Summit 2020 facilitated debate on the key drivers of and outlook for the markets (on a three- to five-year view) - with particular emphasis on being alert to the high VUCA risks and opportunities ahead - to aid your search for return, and to help you build better quality investor portfolios.

In the decade ahead, ageing demographics, income inequality, market share concentration and climate change will reshape the economy, elevating the VUCA facing investors, requiring deep fundamental research to determine where best to invest.

Ronald Temple | 0.25 CE

Coronavirus represents a Black Swan event, the economic shock of which to China will reverberate around the world, thereby amplifying and exposing global economic weaknesses.

Jonathan Pain | 0.25 CE

Market capitalism has survived many rotations of the political cycle over generations. But there is nothing certain or given about capitalism – and today, its future is being called into question, with growing calls to fundamentally change the system.

Paras Anand | 0.50 CE

US/China trade tensions and the coronavirus outbreak highlight that a VUCA world abounds. But this does not change long-term trends that make emerging markets ripe for investment.

Geoffrey Wong | 0.50 CE

It must be something about Davos. High profile names again spoke out about the attractiveness of the equity market. But the economic cycle is not over. Boom/bust has not been banished.

Chris Watling | 0.25 CE

After a blockbuster 2019 for bond returns, investors should moderate their return expectations while watching for VUCA events and tail risks, especially trade, Brexit and the US elections.

Bob Michele | 0.25 CE

VUCA issues are going to increasingly drive market outcomes. Mapping out different scenarios is a must to check your biases as well as challenge your own, others' and consensus views, and generate investment ideas that help manage VUCA and target the right opportunities.

VUCA is alive and well. The environment requires a disciplined, risk-based approach that considers the direction of market risk appetite to identify the right assets at the right time.

Dan Farley | 0.25 CE

Our diverse panel of experts debates which of the high-conviction propositions they heard during Markets Summit 2020 resonated most strongly, and which they disagreed with most, and the portfolio construction implications.

Expert Panel | 1.00 CE

As growth becomes more scarce in developed markets, the valuation gap between emerging market equities and developed market equities will close. Within EM, Asia is the place to be investing.

Bull market longevity tells us nothing about the timing of the next bear market. Valuations are a helpful warning, but don't inform us on the timing because the trigger is normally a shock.

The current VUCA environment creates opportunities for investors to increase diversification and income in their diversified portfolios, using carefully selected, higher yielding parts of the credit market.

As the old certainties break down, the response from policy makers has been to stimulate economies. The liquidity provided is particularly evident in longer dated growth assets. In the context of the Australian market, Australian mid caps is the sweet spot.

John Guadagnuolo | 0.25 CE

With an ageing demographic seeking more stable outcomes, many investors have been steadily increasing allocations to infrastructure securities, to capture the attractive relative income and low volatility.

Charles Hamieh | 0.25 CE

The world has checked into Hotel California – interest rates are failing to stimulate demand and monetary policy is less effective. Successful adaptation will require a re-think of traditional strategic asset allocation approaches.

Justin Tyler | 0.25 CE

Low inflationary outcomes and very low interest rates are expected to remain in place for some time. REITs have resisted the attraction of cheap credit and will continue to provide a safe haven.

Stephen Hayes | 0.50 CE

Trade Wars, the US Election, Brexit 3.0, natural disasters and pandemic risks are causing fear and uncertainty in Australian equity investors. The key to capturing opportunities is to focus on what matters to long-term returns.

Patrick Hodgens | 0.25 CE

Practitioners should examine portfolios for slow or no growth equities, priced like bonds, whose attractions may be inundated by a wave of fiscal stimulus.

Julian McCormack | 0.25 CE

Investors are facing a "Code REDD" with reflation, election, duration and disruption all key themes. The reflation theme is favouring a rotation into more cyclical sectors, lower duration assets and lower rating bonds.

Thomas Poullaouec | 0.25 CE

High household debt places Australia in a fragile position for further disinflation, implying that bond yields will remain lower for longer. Investors should look to accumulate bonds and ensure portfolios have an appropriate defensive allocation in anticipation of the next downturn.

Dean Stewart | 0.25 CE

The best response for investors pondering a future that is always VUCA is to ground their decisions in investment basics. In short, look for mispriced quality companies.

Vihari Ross | 0.25 CE

Investors can gain exposure to high quality real estate through global REITs, which offer exposure to sectors experiencing better growth prospects and benefiting from tech disruption.

Marco Colantonio | 0.25 CE

Markets require constant accommodation to deliver status quo economic (not market) outcomes. Watch for changes in liquidity provision as forward markers of performance.

Corporate bond spreads are now tighter than they were before the GFC, yet corporate leverage is higher. Buy financials, sell corporates.

Emerging market assets and the Australian dollar present as having the greatest upside risk through the remainder of 2020-21.

Innovative firms spend their money on research and long-term investment, rather than on share buy-backs and paying out dividends. To benefit, investors must think in decades.

To fully appreciate the risks and opportunities in a high VUCA environment, portfolio construction practitioners must adopt a mindful approach in order to adapt to unexpected events.

Venture capital is evolving globally to deliver both financial outcomes and also significant and measurable social impact for investors, entrepreneurs and communities.

Traditional metrics suggest equities appear overvalued, but other factors argue against this and indicate a sustainable equity advantage.

Mike Faulkner | 0.25 CE

The US-China trade deal was supposed to settle global trade uncertainty in 2020. Nothing could be further from the truth. Diversified supply chains are vital to minimising VUCA risks into the 2020s.

Chris Rogers | 0.25 CE

Many of the discussions at Davos this year revealed that global elites are struggling to respond to important economic and environmental challenges, in a highly volatile, uncertain, complex and ambiguous world.

Dambisa Moyo | 1 comment | 0.25 CE