1. Overestimating the EU economy

    If the EU were a soccer team, it would not lose games for lack of a plan or inadequate capacity. The problem is that the team is not playing cohesively, and the top players are struggling individually.

    Mohamed El-Erian | 20-12-18 | More
  2. Research Review: The Donald's impact on markets; Robo-advice & investor behaviour

    A recent research paper looks at the impact of "The Donald" on markets, while a second examines the impact of robo-advice on investor behaviour.

    Ron Bird | 19-12-18 | 1.00 CE | More
  3. Silent inflation

    An inflation target of a few percentage points may seem to promote stability - but we need to consider that it may have the opposite effect on the stability of our judgments.

    Robert J. Shiller | 13-12-18 | More
  4. farrelly's Investment Strategy (Australia)

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

    11-12-18 | More
  5. farrelly's Investment Strategy (NZ)

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

    11-12-18 | More
  6. farrelly's Dynamic Asset Allocation Handbook (NZ Edition)

    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...

    11-12-18 | More
  7. farrelly's Dynamic Asset Allocation Handbook (Australian Edition)

    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...

    11-12-18 | More
  8. Are markets efficient?

    This view has dominated finance theory for the last 50 years or so. But prices change because people trade, and those trades leave behind a trace of all the behavioural biases people bring.

    Jean-Philippe Bouchaud | 10-12-18 | 1.00 CE | More
  9. The global economy's three games

    Chess masters can play simultaneously against several players. The more time passes, the more US President Trump's international economic strategy looks like such a match. There are three games.

    Jean Pisani-Ferry | 13-11-18 | More
  10. Ideal money

    Buffett called Bitcoin rat poison squared, Schiller called it a financial bubble. We disagree. Bitcoin is perhaps the most important financial innovation ever. And it is one step closer to "ideal money".

    Payden & Rygel | 09-11-18 | More
  11. The global impact of a Chinese recession

    When China finally has its inevitable growth recession, the world is likely to discover that China's economy matters even more than most people thought.

    Kenneth Rogoff | 08-11-18 | More
  12. Speed kills - the US economy must slow down

    The US economy needs to slow down. The key question is what causes it to slow and which markets fishtail as a result. It is time to be very careful with portfolios.

    Brett Gillespie | 08-11-18 | More
  13. Falling share prices and the US economy

    It wouldn't be surprising if the 10-year T-bill rises to 5% or more in the next few years, taking real yields back to over 2%, and causing the P/E ratio for US equities to return to its historical benchmark.

    Martin Feldstein | 31-10-18 | More
  14. The world economy is facing a geopolitical inflection point

    Ex-CIA Acting Director and economist, Morell worked with six US Presidents. He explains the current geopolitical inflection point that will affect the world economy for a very long time.

    Michael Morell | 30-10-18 | More
  15. Are financial crises unpreventable?

    Banking and finance are an extreme case of governance and policy failures, where the abuse of power and lack of trust in institutions undermine capitalism and democracy.

    Anat Admati | 29-10-18 | 1 comment | More
  16. Storm clouds for 2020

    We give a 20% chance to a US corporate debt bubble burst before end 2020. It is both incredible and unconscionable that massive leverage could once again bring down Main Street a mere decade after 2008.

    Woody Brock | 25-10-18 | More
  17. America's inflation risks

    It was inevitable. Another upturn in the US inflation cycle is at hand. The Fed is entirely correct to send the message that there is considerably more to come in its current tightening cycle.

    Stephen Roach | 24-10-18 | 1 comment | More
  18. 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 | 18-10-18 | More
  19. 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 | 15-10-18 | More
  20. 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 | 18-09-18 | 3 comments | More
  21. The makings of a 2020 recession and financial crisis

    As we mark the decennial of the collapse of Lehman Brothers, there are still ongoing debates about the causes and consequences of the GFC. By 2020, conditions will be ripe for a new financial crisis.

    Nouriel Roubini | 14-09-18 | More
  22. 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 | 25-08-18 | More
  23. 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 | 24-08-18 | 1.00 CE | More
  24. China will be a high-tech global power within two decades

    The People's Republic of China (PRC) invests heavily in high technology research. While the world will certainly benefit from the PRC's technological ambition, it also has challenging implications.

    Linda Jakobson | 24-08-18 | 0.25 CE | More
  25. Designing portfolios for scenarios is critical to future-proof portfolios

    A disciplined, scenarios-based approach to determining your views on the outlook for markets and the asset allocation implications can help future-proof portfolios. This hypothetical Investment Committee meeting considers the asset allocation implications of three scenarios.

    Investment Committee | 24-08-18 | 1.00 CE | More
  26. 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 | 24-08-18 | 0.25 CE | More
  27. 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 emerging trend.

    Tassos Stassopoulos | 24-08-18 | 0.50 CE | More
  28. Past performance is not indicative of future performance

    The familiar phrase “Past performance is not indicative of future performance” is so common we almost ignore it, but it goes to the heart of how to view and manage risk and return to future-proof portfolios.

    Marc Seidner | 24-08-18 | 0.50 CE | More
  29. 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 | 23-08-18 | 0.50 CE | More
  30. Valuation mistakes will prove very costly in a post QE world

    Future proofing portfolios is difficult, 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 | 23-08-18 | 0.25 CE | More
  31. ABS are now more "Moneyball" than "Big Short"

    Global Asset Back Securities were directly tested and survived the challenges of 2008. In this rising rate environment, they are well placed to help "future-proof" portfolios.

    Richard Quin | 23-08-18 | 0.25 CE | More
  32. 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 | 23-08-18 | 0.50 CE | More
  33. Future-proof portfolios? Key takeouts

    Investment portfolio construction is, by definition, an exercise in long-term thinking. Given the uncertainties and competing priorities, are future-proof portfolios achievable? Practitioners share their views.

    Panel | 22-08-18 | More
  34. People underestimate the depth & length of "normal" drawdowns

    Due to biases in investing, Sharpe ratios of investor portfolios are often not as high as investors expect. How low can a random walk of a Sharpe ratio wander through the natural realisation of risk?

    Philip Seager | 22-08-18 | 0.50 CE | More
  35. Investment crystal balls broken or imperfect

    Investors have long relied on two crystal balls when predicting future returns: equity risk premium and the yield curve. Crystal balls have their place, so long as they are combined with an uncommon degree of common sense.

    Amin Rajan | 21-08-18 | More
  36. Designing for scenarios is critical to future-proof portfolios

    A disciplined, scenarios-based approach to determining your views on the outlook for markets and then the asset allocation implications can help future-proof portfolios.

    18-08-18 | More
  37. Just how dumb are the bond markets?

    If US bond rates go higher from here, it is likely to be in response to something we don't yet know, rather than what is already out there. Markets are not nearly as dumb as many suggest.

    Tim Farrelly | 03-08-18 | 2 comments | More
  38. IMAC: Applied Economics

    This lecture instructs Investment Management Analyst Course (IMAC) candidates on the fundamental of applied economics with an Australian perspective.

    Gordon Menzies | 01-08-18 | More
  39. QE turns 10

    November 2018 will mark the tenth anniversary of quantitative easing - undoubtedly the boldest policy experiment in central banking modern history. There are five key lessons learned from QE.

    Stephen Roach | 31-07-18 | More
  40. Passive is not the way to go when investing in Asia

    Differences in regulation, politics, and transparency between Asian countries are all factors that cannot be captured by passive investing but which represent opportunities for active investors.

    Peter Kim | 30-07-18 | More
  41. The global economy's uncertain future

    The sustainability of global growth depends largely on the US and China. One hopes that someone close to Trump can turn him around before his policies derail the world's long-awaited recovery.

    Jim O'Neill | 23-07-18 | More
  42. 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 | 19-07-18 | More
  43. 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 Gillespie | 16-07-18 | More
  44. 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 | 09-07-18 | More
  45. 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 | 27-06-18 | More
  46. Forum Fodder 22 June 2018

    This week in Forum Fodder: Susan Lund – a corporate debt bubble?; Aaron Minney - most investors need to eat capital; Michael Furey - Investment faux pas; Tom Switzer - Don’t write off America; Douglas Isles - Beware the trifecta of desire

    Graham Rich, Publisher, PortfolioConstruction Forum | 22-06-18 | More
  47. 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 | 20-06-18 | 2 comments | More
  48. 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 | 15-06-18 | More
  49. 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 | 13-06-18 | More
  50. Netflix will be the next dominant digital business

    Over-the-top streaming will become the dominant form of media consumption, and Netflix will be the dominant global provider. Near-term valuation multiples may ultimately prove cheap.

    Nick Griffin | 12-06-18 | More
  51. Beware Quantitative Tightening!

    Quantitative Tightening is jangling the nerves of investors around the world. It's unprecedented and so no-one knows for sure exactly how it will play out. But all the evidence points to QT being a non-event.

    Tim Farrelly | 11-06-18 | 1 comment | More
  52. The old allure of new money

    There are now nearly 2,000 cryptocurrencies, and millions of people worldwide are excited by them. As with past monetary innovations, a compelling story may not be enough.

    Robert J. Shiller | 31-05-18 | More
  53. Cash is the alternative asset class

    Many asset classes - such as real estate and infrastructure - face the same valuation headwinds as equities and bonds. Practitioners should consider using cash as the diversifier for multi-asset portfolios.

    Sonja Laud | 29-05-18 | More
  54. Markets creak as yields creep higher

    Calm returned to global stock markets in May. But investors should not be lulled into a false sense of security. Equities and bonds face considerable headwinds as the Fed continues to tighten.

    Brett Gillespie | 28-05-18 | More
  55. Masterclass NZ 2018 - resources

    Masterclass NZ is a post-graduate extension program focused on contemporary issues that are fundamental to building better quality portfolios. Each year, the one-day program features five research-based, active learning sessions.

    25-05-18 | More
  56. Do stocks outperform Treasury bills?

    It is generally accepted that stock markets provide long-term outperformance over cash. However, a recent academic research paper reveals this is not the case for the majority of stocks since 1926.

    Nick Griffin | 08-05-18 | 1.00 CE | More
  57. Donald Trump's Normal Fed

    In a presidency that has shown little regard for conventional institutional norms, how can one explain Donald Trump's completely reasonable appointments to the Federal Reserve Board?

    Kenneth Rogoff | 07-05-18 | More
  58. The true impact of a trade war

    President Trump's protectionist threats have raised the risks of a serious trade war, the first in over 80 years. It is assumed that this would materially impact US growth - but is that the case?

    Woody Brock | 04-05-18 | More
  59. Bill Phillips - the Man, the Myth, the Curve

    The consensus view is that the Phillips Curve is dead. To understand it, you must understand the history of the model and the Kiwi who first researched the link between unemployment and wages.

    Payden & Rygel | 02-05-18 | More
  60. Is realism trumping populism?

    Around the world, populist economic policy seems to be in retreat. Even in Britain, a majority support a “meaningful vote” on whether the final deal with Europe is genuinely better than staying in the EU.

    Anatole Kaletsky | 30-04-18 | 3 comments | More
  61. Markets aren't pricing rates to revert to the old normal

    That's the view that Guy Debelle, Deputy Governor of the RBA, outlined in a recent speech. It's a timely warning - but what do we do with it? I think it depends on your investment time horizon, as do so many investment decisions.

    Tim Farrelly | 27-04-18 | More
  62. Policy blunders and currencies

    Nearly all recent initiatives of the Trump administration will prove to be macroeconomic blunders. The time has come to upgrade the credit quality of investment portfolios and to focus on the currencies of creditor countries.

    Robert Gay | 20-04-18 | 0.50 CE | More
  63. Stay focused, ignore the noise

    Fears of a US-China trade war contributed to recent stock market volatility. Practitioners must look beyond the market noise and focus on the medium-term outlook.

    Brett Gillespie | 16-04-18 | More
  64. The global trade game

    The US/China trade confrontation is heating up and market analysts are scrambling to figure out what will come next. It's tempting to rely on historical experience but history is likely to be a poor guide.

    Mohamed El-Erian | 10-04-18 | More
  65. Disruptive technologies will revolutionise healthcare

    Genomic medicine will radically change how diseases are diagnosed and treated. Healthcare valuations do not currently reflect the long-term opportunities in the sector.

    Bianca Ogden | 03-04-18 | More
  66. 2018 IMR Workshop

    The annual Investment Management Research Workshop showcases early stage research in the area of investments to a practitioner and academic audience. It is an initiative of the Investment Management Research Program which is presented by Portfolio Construction Forum, in collaboration with faculty of the University of Technology Sydney (UTS) Business School. The IMR Program succeeds the UTS Paul Woolley Centre.

    26-03-18 | More
  67. Small caps are thriving in the global upswing

    Around the world, smaller companies are benefitting from robust economic growth, low base rates and balance sheet flexibility. Investors should focus on opportunities in Japan and Europe.

    Ed Rosenfeld | 22-03-18 | More
  68. Making the case for sovereign GDP-linked bonds

    The time has come for national governments around the world to start issuing their debt in a new form, linked to their countries' resources.

    Robert J. Shiller | 21-03-18 | 1 comment | More
  69. Latest US stimulus is a red flag

    There is now a 50% chance that the US Federal Reserve will hike interest rates more sharply than markets expect, leading to a recession in the next one to two years.

    Brett Gillespie | 13-03-18 | More
  70. Economists vs scientists on long-term growth

    Neither policymakers nor markets should bet on the past decade's slow growth carrying over to the next. The best bet is that AI and other technologies will have a much larger impact on growth than up to now.

    Kenneth Rogoff | 12-03-18 | More
  71. IMAC: Fixed Income Investments

    This lecture instructs IMAC candidates on properties of fixed income 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.

    Nadima El-Hassan | 08-03-18 | More
  72. The blockchain pipe dream

    It is high time to end the hype. Bitcoin is a slow, energy-inefficient dinosaur. Most of the coins are little different from railway stocks in the 1840s, which went bust when that bubble – like most bubbles – burst.

    Nouriel Roubini | 06-03-18 | 1 comment | More
  73. Beware the Bond-cano!

    The peddlers of the Bond-cano narrative give very different recommendations. Even if we buy the story, it's just not clear what to do - all of which suggests that it is just a wonderful narrative.

    Tim Farrelly | 05-03-18 | 1 comment | More
  74. Rational irrational exuberance?

    In my opinion, the asset-price volatility we have been seeing has little or nothing to do with changes in fundamentals. And the widespread use of machine-driven trading is likely making all of this worse.

    Andrés Velasco | 02-03-18 | More
  75. Working toward the next economic paradigm

    It should come as no surprise that enthusiasm for economic and financial globalisation has faltered. Building consensus around a revised unifying paradigm will not be easy.

    Mohamed El-Erian | 01-03-18 | More
  76. Research Review: Everything you need to know and a bit more

    In nine pages, this paper says all that needs to be said on the ability of any of us to estimate the true value of financial assets. The next two papers produce conflicting findings on the impact of index investing on markets.

    Ron Bird | 28-02-18 | 1.00 CE | More
  77. Comments on financial market turbulence

    Was the recent market volatility predictable? Was the volatility exogenous or endogenous in nature? What lies ahead as regards inflation and interest rates?

    Woody Brock | 22-02-18 | More
  78. Markets are heading into extra time

    When building portfolios, practitioners must consider that inflationary pressures may return and that "beautiful normalisation" may simply not exist.

    Sonja Laud | 20-02-18 | More
  79. Threat of a wages blow-out is real

    With unemployment at 30-year lows in many countries, practitioners should consider the possibility that wage pressures may force policymakers to tighten more aggressively, triggering substantial equity market falls.

    Brett Gillespie | 19-02-18 | More
  80. Unwinding the great QE carry trade

    Let's be absolutely clear - the recent plunge in equity markets has almost nothing to do with inflation or a changing of the guard at the Fed.

    Robert Gay | 15-02-18 | More
  81. Cryptocurrencies are a new epoch in monetary history

    The Chinese authorities recognise the potential of blockchain technology and are outpacing the US, in the race to develop an "official" cryptocurrency. If the Chinese experiment succeeds, we may witness the start of a new epoch in monetary policy.

    Niall Ferguson | 13-02-18 | 0.50 CE | More
  82. Changing gears? Panel 3

    For Australian investors, are international markets still attractive sources of growth? Or is the Australian equity market more attractive? Do Australian sovereign bonds remain an anchor portfolio allocation for well diversified portfolios?

    Alva Devoy, Charlie Jamieson, Crispin Murray, Tim Farrelly | 13-02-18 | 0.50 CE | More
  83. 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 | 13-02-18 | 0.25 CE | More
  84. 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 | 13-02-18 | 0.25 CE | More
  85. The reflationary regime will persist and propel risk assets

    In 2017, the global economy experienced synchronised acceleration for the first time in a decade. The regime shift now underway will challenge portfolio construction designed for the previous regime.

    Hani Redha | 13-02-18 | 0.25 CE | More
  86. Bonds are more important than ever

    The diversification benefits of bonds increases in a low yield market, and bonds remain one of the best instruments available to investors looking for liability matching as they approach retirement.

    Dean Stewart | 13-02-18 | 0.25 CE | 1 comment | More
  87. The assumption of unendingly low interest rates is dangerous

    Investors should focus more than ever on uncovering sources of idiosyncratic alpha, rather than relying on momentum or passive beta.

    Jacob Mitchell | 13-02-18 | 0.25 CE | More
  88. Europe: It’s a long way to the top

    It is doubtful that "safe" exposures (global consumer giants) will earn investors strong returns from this point – shift gears rather to domestic European exposures.

    Nik Dvornak | 13-02-18 | 0.25 CE | More
  89. Electric vehicles are not game changing

    Consensus appears to assume that electric vehicle adoption rates will increase dramatically. This view is misplaced. The impact on the oil price and equity market leadership is not something that investors are positioned for.

    Stephen Anness | 13-02-18 | 0.25 CE | More
  90. 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. This may be an opportune time to increase allocation to bonds as an insurance policy.

    Rob Mead | 13-02-18 | 0.50 CE | More
  91. Investors need growth equities as change accelerates

    Structural change and the resulting earnings growth will always outrun interest rates in the long run, so as change continues to accelerate, investors need growth equities in their portfolio.

    Nick Griffin | 13-02-18 | 0.50 CE | More
  92. Licence To Tilt – DAA can overcome lower returns

    Historical asset allocation methods will not generate appropriate returns in the period ahead, driving the need to be more dynamic to increase both absolute and risk-adjusted portfolio returns.

    Kej Somaia | 13-02-18 | 0.25 CE | More
  93. Avoid constant gear changes with a generational perspective

    Whether an investor's investment horizon is three to five years, 10 years, or even 30 years, they would benefit from taking a generational perspective to enhance returns.

    Bo Knudsen | 13-02-18 | 0.25 CE | More
  94. Global Bonds - It’s time to shift gears from auto to manual

    Data from the larger economies generally support the scenario of synchronised global expansion. The biggest risk to portfolios is strong growth and investors need to position themselves in anticipation of rising rates.

    John Beck | 13-02-18 | 0.25 CE | More
  95. Bonds are no longer a reliable risk diversifier

    Simply holding bonds no longer diversifies an investment portfolio, with genuine risk diversification better achieved by exploiting currently under-priced risk premia in volatility and inflation markets.

    Gopi Karunakaran | 13-02-18 | 0.25 CE | More
  96. Changing gears? Panel 2

    Will global synchronised growth drive earnings growth to a higher gear that warrants current elevated valuations? And should the early effects of technological changes influence investment choices now?

    Ronald Temple, Patrik Schowitz, Chris Watling, John Beck | 13-02-18 | 0.50 CE | More
  97. Bond yields will rise much more than the Fed is letting on

    Bond yields may rise by up to 90bps a lot faster than the Fed is suggesting. It's time to consider what happens to your portfolio if bond yields change gears.

    Brett Gillespie | 13-02-18 | 0.25 CE | More
  98. Incorporate tech’s impact in your investment choices

    Technological change is advancing with unprecedented speed and scale. The early effects of these technological changes on growth, labour, policy and trade should influence investment choices now.

    Patrik Schowitz | 13-02-18 | 0.25 CE | More
  99. Ignore the exit ramp, better conditions ahead

    The US might have three to five years of additional growth ahead. Global synchronised growth is likely to drive earnings growth to a higher gear that warrants current elevated valuations.

    Ronald Temple | 13-02-18 | 0.25 CE | More
  100. Changing gears? Panel 1

    Are we in for a global inflation shock leading to significantly higher bond yields and a recalibration of relative valuations? Are we close to a one-in-a-generation change in the world's monetary order? Should we be switching gear with portfolios?

    Jonathan Pain, Chris Watling, Tim Farrelly, Hani Redha | 13-02-18 | 0.25 CE | More
  101. Focus on what’s important!

    Global economies and central banks are changing gear. Should you be switching gear with your portfolios? To answer, you need a laser focus on what is important for you.

    Tim Farrelly | 13-02-18 | 0.25 CE | More
  102. Things (in the economics world) are broken

    Every generation or so, things (in the economics world) break. Indeed, the history of the world's international monetary order is a history of change, occurring on average every 40 years. This current system is, therefore, long in the tooth.

    Chris Watling | 13-02-18 | 0.50 CE | More
  103. Brace yourself for a global inflation shock

    A combination of factors is set to generate an unexpected inflationary shock to the financial markets, leading to significantly higher bond yields and a recalibration of relative valuations.

    Jonathan Pain | 13-02-18 | 0.25 CE | More
  104. Is the stock market loaded for bear?

    We are moving ever closer to the date when payment for today's recovery will fall due. Recent capital market gyrations suggest that awareness of the inevitable reckoning is already beginning to dawn.

    Dambisa Moyo | 12-02-18 | More
  105. 2018 Markets Summit - program & prep

    Markets Summit is THE investment markets scene setter of the year. The program features 20+ leading investment thinkers from around the world - geopolitical specialists, economists, market/asset class experts, and investment strategists - debating their best ideas on the key drivers of and medium-term outlook for the markets in the context of the theme - Changing gears? - and the implications for portfolios.

    12-02-18 | More
  106. The next 30 years

    There are themes and stocks that last for decades. Whether the investment horizon is three to five years, 10 years or even 30 years, it is likely investors will benefit from thinking about the universe of themes and stocks for generations to come.

    Bo Knudsen | 08-02-18 | More
  107. Sustainability is crucial to infrastructure returns

    Infrastructure assets have large environmental footprints. Incorporating ESG factors into the infrastructure investment process can improve risk-adjusted returns.

    Rebecca Sherlock | 08-02-18 | More
  108. The blind assumption of unendingly low rates is dangerous

    The general uptrend in the broader equity market seems set to continue given economic data globally remains robust and central banks very accommodating. Given divergent risks, investors should focus more than ever on uncovering sources of idiosyncratic alpha, rather than relying on momentum or passive beta.

    Antipodes Partners | 07-02-18 | More
  109. Things break

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