Great eyesight depends on more than just clarity of vision - peripheral awareness, eye co-ordination, depth perception, focus and colour sensitivity all play a crucial role, without which our vision is impaired. Strategies Conference 2019 looks ahead at the issues that will dominate the 2020s and beyond to provide greater clarity in building quality portfolios.

Graham Rich

A disciplined, scenarios-based approach to determining your views on the outlook for markets is vital for building 20/20 portfolios. Determining investment strategy by analysing issues from a number of viewpoints allows you to arrive at plausible scenarios for how the future may unfold.

Robert Gay

Established in 2002, Strategies Conference has gained a reputation as THE portfolio construction strategies conference of the year. The two-day, blended face-to-face and online learning program is designed and curated by our specialist, experienced and independent team and features our Faculty of 50+ leading investment thinkers from around the world. Each offers his/her best high conviction ideas on contemporary and emerging portfolio construction strategies, in the context of the program theme, 20/20 vision.

Established in 2002, Strategies Conference has gained a reputation as THE portfolio construction strategies conference of the year. This year's theme is "20/20 vision". It will challenge and refresh your portfolio construction thinking by debating contemporary and emerging portfolio construction strategies, to consider applying in practice to build better quality portfolios.

Crypto land has become an unregulated casino where unchecked criminality runs riot. It is high time that law-enforcement agencies stepped in.

Nouriel Roubini

In late May 2019, Australian 10-year bonds were at 1.64% per annum. A month on and they’d dipped under 1.3% per annum. This is quite a move.

Tim Farrelly

The farrelly's Dynamic Asset Allocation Handbook features editorial exploring investment strategy "hot topics", farrelly's long-term forecasts for asset classes, a detailed review of the long-term forecasts for an individual asset class (rotating across asset classes each quarter) and three asset allocation models to assist with implementation...

Portfolio Construction Forum Strategies Conference facilitates debate on portfolio construction strategies. It will challenge and refreshe your portfolio construction thinking by debating contemporary and emerging portfolio construction strategies, to consider applying in practice to build better quality portfolios.

There is nothing unusual in a US President having a penchant for spin. But it won't be nearly as easy to spin the consequences of the flaws with Trump's economic policy.

Stephen Roach

The growing proportion and influence of older workers in the labour force will provide support for the equity market going forward.

David Buckle

Markets Summit is THE investment markets scene setter of the year. It will help you better understand the key drivers of and outlook for the markets (geopolitical, economic and asset class), and the opportunities and risks ahead, on a three- to five-year view, to aid your search for return and to help you build better quality investor portfolios.

Facebook’s crypto-currency aims to function as private money anywhere on the planet. Given the massive risks, governments must step in and stop it before it launches.

Katharina Pistor | 1 comment

While much of the discussion around climate change and transition risks is focused on negative impacts, these changes will offer significant opportunities for some businesses.

Colonial First State Global Asset Management

Research finds that SRI funds perform as well as conventional funds, ESG equity investing has outperformed in the US, and controversial stocks do best in crises.

Ron Bird | 1.00 CE

The critics of QE are right to warn of unintended consequences. But shunning QE may also have unintended consequences. The critics should be careful what they wish for.

Barry Eichengreen

Investment grade debt has become much riskier, default rates will rise when interest rates begin the inevitable normalisation, and credit spreads are too low – it’s a bubble waiting to burst. Actually, no.

Tim Farrelly | 3 comments

Welcome to the farrelly's Dynamic Asset Allocation NZ subscriber-only area...

Welcome to the farrelly's Dynamic Asset Allocation Australian subscriber only area...

The quarterly Dynamic Asset Allocation is published electronically, and emailed to subscribers in early March, June, September, and December. It features farrelly's Editorial; long-term outlook for markets; Forecast in Focus; and three different approaches to Implementation...

If you believe the UK is turning into populist Zimbabwe or Venezuela, you should expect a no-deal Brexit. Otherwise, forget about it.

Anatole Kaletsky | 1 comment

The Federal Reserve is contemplating changing its framework for targeting inflation. It should conclude that the FOMC needs more patience with the current neutral stance rather than a new target.

Robert Gay

The inflation outlook is subject to far wider possibilities than policymakers have considered. Too little focus on structural factors could pose serious risks to economic wellbeing and financial stability.

Mohamed El-Erian

A carbon tax - while immensely popular among economists - imposes the same cost on the rich and poor. A carbon dividend would be a smart step that wouldn’t invite a yellow vest reaction.

Mark Paul and Anthony Underwood | 1 comment

Established in 2008, the Investment Management Research Workshop showcases contemporary academic research that is relevant to investment management. It gives you a rare opportunity to join with the full spectrum of investment management analysts - academics, professional investors, consultants, practitioners and advocates - to consider contemporary investment research.

The Investment Management Research Workshop 2019 showcased contemporary academic research that is relevant to investment management.

Five misplaced concerns about the future of the dollar make forecasts of a long-run collapse in the dollar problematic.

Woody Brock | 0.50 CE

Climate change has moved faster than most thought possible. There will be exciting investment opportunities in companies focused on climate change mitigation and adaptation.

Jeremy Grantham | 1.00 CE

The long boom in Australian residential property prices seems to have finally ended. Further falls to come will cause the Australian economy to slow but will not cause a recession.

Tim Farrelly | 2 comments | 0.25 CE

If a final US-China trade deal prevents China from gaining greater monetary-policy autonomy, it could create major problems when the next big Asian recession hits.

Kenneth Rogoff

With Wall Street hitting all-time highs and the US economy certain to set a record in June, the question is whether this is a resumption of the bull market or only a temporary bounce.

Anatole Kaletsky

These are my key takeouts from Markets Summit 2019's Faculty of investment thinkers from around the world offering their high conviction ideas on the drivers of and outlook for the markets.

Robert Huebscher

China is frequently presented as a source of crisis or instability for the global economy. However, the picture is one of imperfection, not peril.

Julian McCormack

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

Yes, the days of 10% Chinese growth are over. That was inevitable. But there are five key reasons to dismiss the now-widespread diagnosis that China is ensnared in the middle-income trap.

Stephen Roach

The Investment Management Research Workshop showcases contemporary academic research that is relevant to investment management. The 2019 IMR Workshop features a faculty including: Prof Moshe Milevsky, PhD; University of Sydney Business School's Susan Thorp, PhD; Macquarie University's Tim Kyng, PhD; Portfolio Construction Forum's Prof Ron Bird; Grattan Institute's Brendan Coates; and, ANU's Geoff Warren, PhD.

5.50 CE

Compared to physical risks, investors have a much greater ability to incorporate carbon and related pollution regulations into investment decisions.

Colonial First State Global Asset Management

The US Federal Reserve surprised markets recently with a large and unexpected policy change. The new normal will be a US policy rate close to or just below 3%.

Nouriel Roubini

My key takeout was that perhaps markets entered an inflection point through 2018 and, accordingly (if they haven't already), investors need to think about how they position portfolios.

Stephen Miller

The arguments of supporters of Modern Monetary Theory have a grain of truth, but also rest on some fundamental misconceptions and have unpredictable, potentially serious consequences.

Kenneth Rogoff

For the first time in a decade, bonds can compete against equities on returns. High quality, investment grade corporate bonds can deliver mid-single digit returns for a third of the volatility of equities.

Mark Kiesel

Climate change is affecting countries, companies, assets and communities in a variety of ways. Good stewardship of client assets requires investors to consider these issues.

Colonial First State Global Asset Management

There may be enough positive factors to make this a relatively decent - albeit mediocre - year for the global economy. But a global growth-stall and sharp market downturn could come in 2020.

Nouriel Roubini | 1 comment

Human beliefs, biases and behaviours are central to the behaviour of financial markets, causing financial and economic instability to persist.

Pippa Malmgren | 1 comment | 0.50 CE

Hamish Douglass, Andrew Canobi, Brett Gillespie, Tim Farrelly, Charles Jamieson, Peter Kim, Stephen Miller, AJ Qualtieri, Randal Jenneke, and Thomas Vester convened to debate their Markets Summit 2019 key takeouts and the portfolio construction implications.

Expert Panel | 1.00 CE

Few clients have the 20-year horizon required for today’s strategically-oriented models to become consistent with suggested outcomes, such as CPI+4%. This builds in a structural mismatch.

Michael Kelly | 0.25 CE

Investors are so focused on predicting the end of this economic cycle they have missed the fact that it simply won't. A recession will be avoided and the cycle will extend.

Bob Michele | 2 comments | 0.25 CE

It’s a Quantitative Tightening world and the tide is receding. QT appears set to continue in 2019 and bonds should continue to perform well.

Brett Lewthwaite | 0.25 CE

Banks are a defensive fixed income investment. This may sound counterintuitive only a decade removed from the most prolific financial crisis of our lifetime.

Attilio Qualtieri | 0.25 CE

Nearly a decade after one of the great debt binges of all time, Chinese economic growth and credit creation have slowed. Today, stimulus is being undertaken. This is not a crisis, this is reform.

Julian McCormack | 0.25 CE

As recessionary pressures continue to build, rotating portfolios toward high grade, defensive assets will prove to be a prescient asset allocation decision for investors.

Charles Jamieson | 0.25 CE

The vast majority of emerging market economies are fundamentally healthy and are being driven by broad thematics, not just evolving consumption patterns.

Projit Chatterjee | 0.25 CE

While infrastructure is known as a defensive asset class, it is set for enormous growth over coming decades, making it an attractive investment proposition for years to come.

Sarah Shaw | 0.25 CE

Recent central bank decisions have strengthened the conviction that the New Neutral is a global reality which will have long-term implications on investment decisions.

Rob Mead | 0.25 CE

Global high yield corporate bonds represent an attractive asset class for investors searching for a diversified source of income.

Adam Grotzinger | 0.25 CE

Easy money in credit markets is gone, and corporate bonds face more risk for less return. Structural liquidity deterioration raises a black swan risk of a disorderly sell-off spilling into other markets.

Gopi Karunakaran | 0.25 CE

The best chance for survival among what were regarded as the most defensive of stocks is to be the biggest, most revered brand – or at least hold second spot. Others will struggle and many will disappear.

Vihari Ross | 0.25 CE

The new normal is a world of higher systemic risk, which implies portfolio managers will need to dig more deeply into their tool kit of risk-understanding and mitigation techniques.

Randal Jenneke | 0.25 CE

Returns in emerging market equities have been disappointing in recent years. But the stark rise of populism in the western world may actually present an opportunity for many emerging economies.

Thomas Vester | 0.25 CE

Slowing growth with extreme recession risk, coupled with a combative populist government, may well see Italy trigger a crisis in European debt and the currency, causing a substantial global volatility event.

Vimal Gor | 0.25 CE

Rates are normalising, populism is on the rise, technology is driving disruption. But not every perceived winner will win and not every perceived loser will be destroyed forever.

Jacob Mitchell | 0.25 CE

On some measures, global equity valuations are the most attractive in several years. Risks, however, have certainly increased and in many cases are more difficult to frame.

Ronald Temple | 0.25 CE

For most of the last 10 years, the world's major central banks have been creating significant amounts of cheap money, inflating several bubbles. Those bubbles are beginning to burst.

Chris Watling | 0.25 CE

Drawing on his unique background as part of the elite leadership team of the CIA's Clandestine Service, David shares his views and analysis of the current geopolitical landscape.

David Bridges | 0.25 CE

Much macroeconomic analysis is very narrow in scope. ESG factors are ignored all together. A new indicator of national progress measures economic dynamism and progress on meeting ESG goals.

Stephanie Kelly | 0.25 CE

Two of the defining characteristics of the global investment landscape over the last 30 years are being reversed - globalisation (by economic nationalism) and finalisation (as we've reached peak debt).

Jonathan Pain | 0.50 CE

Portfolio Construction Forum Markets Summit is THE investment markets scene setter of the year. The jam-packed blended learning program is designed and curated by our specialist, experienced and independent team and features our Faculty of 20+ leading investment thinkers from around the world. Each offers his/her best high conviction ideas on the drivers of and outlook for the markets (on a three- to five-year view), in the context of the theme - The heat is on! - and the implications for portfolios.

Portfolio Construction Forum Markets Summit has gained a reputation as THE investment markets scene setter of the year. This year's theme is "The heat is on!". It will help you better understand the key drivers of and outlook for the markets (on a three- to five-year view), to aid your search for return and in building better quality investor portfolios.

Yes, it’s possible that we enter a recession in the not too distant future. But the best curve to forecast recessions still has a positive slope.

Payden & Rygel

For most of the past decade, the growing spending power of China’s expanding middle class has fueled the global economy. Not so anymore.

Jim O'Neill

We see three scenarios for 2019 - is it a benign outlook like 2016? A bubble bursting like 2000? Or will inflation accelerate?

Brett Gillespie

Over the course of this year and next, the biggest economic risks will emerge in those areas where investors think recent patterns are unlikely to change.

Kenneth Rogoff

Cyclical volatility in earnings has increased dramatically since the 1980s. The recent Apple profit warning is an excellent case in point.

Robert Gay