This lecture instructs IMAC candidates on properties of debt markets, the investment features and risks of bonds, the application of the time value of money to the valuation of bonds, and the concepts of duration and convexity and their application to bond portfolio management.
On the positive side - still - is the US consumer, the household sector. On the negative side is synchronised global industrial deceleration, and markets underestimating the negative trajectory of the US/China relationship. Investors need to avoid chasing momentum in equity markets and yield and duration in fixed income markets.
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...
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...
Financial regulators have been reluctant to dish out jail terms. A new research paper finds that prison terms can be a cost-effective governance mechanism. A second paper gauges the impact of self-control on investment behaviour.
In the increasingly intense strategic and economic competition between Washington and Beijing, it's naive to think Australia can just sit on the sidelines.
Hindsight has taught us the importance of active core bond funds as an insurance policy and now is the time to consider expanding your investable universe as the secular need for income intensifies.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
Banks are a defensive fixed income investment. This may sound counterintuitive only a decade removed from the most prolific financial crisis of our lifetime.
As recessionary pressures continue to build, rotating portfolios toward high grade, defensive assets will prove to be a prescient asset allocation decision for investors.
The vast majority of emerging market economies are fundamentally healthy and are being driven by broad thematics, not just evolving consumption patterns.
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.
Global high yield corporate bonds represent an attractive asset class for investors searching for a diversified source of income.
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.
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.
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.
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.
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.
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.
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.
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.