In this week's Forum Fodder: Hausmann on another quiet economics revolution; Kitces on the optimal “shape” of retirement planning; Bird on new research on constructing long-term portfolios; a backgrounder on impact investing; and managing carbon exposure in equity portfolios
Fodder kicks off with Tim Farrelly taking aim at the assertion that Australian banks have a huge vulnerability to a downturn in the residential property market. Yale's Stephen Roach then serves central banks a bouquet (for getting on with normalisation) and brickbat (for the time they're planning to take). Ellerston Capital's Brett Gillespie explains how not to lose money while QE winds down. Michael Furey asks whether you know the impacts of the risk characteristics of your multi-manager portfolios, and explains how to guard against overdiversification. And finally, we feature the top 10-rated Strategies Conference presentation by Fidelity International's Kate Howitt on the six characteristics of world class companies.
Fodder begins with a Forum Backgrounder on the interplay of organisation culture on investment performance and the potentially significant implications for active investment managers. Then, 2013 Nobel laureate Professor Robert Shiller explains why this year’s winner of the Nobel Memorial Prize in Economic Sciences, Richard Thaler, is a controversial choice (but one he welcomes). Professor Ron Bird reviews two recent papers exploring new ground on two long-established investment strategies – portfolio insurance and momentum investing. We feature the recent Strategies Conference presentation by Platinum’s Andrew Clifford on the dangers of index obsession. And we end with Invesco’s Stephen Anness on why truly contrarian investors focus on valuations.
Fodder kicks off with Tim Farrelly taking aim at the assertion that Australian banks have a huge vulnerability to a downturn in the residential property market. Yale's Stephen Roach then serves central banks a bouquet (for getting on with normalisation) and brickbat (for the time they're planning to take). Ellerston Capital's Brett Gillespie explains how not to lose money while QE winds down. Michael Furey asks whether you know the impacts of the risk characteristics of your multi-manager portfolios, and explains how to guard against overdiversification. And finally, we feature the top 10-rated Strategies Conference presentation by Fidelity International's Kate Howitt on the six characteristics of world class companies.
This week, Fodder starts with Ruth Richardson's presentation from our recent Strategies Conference. Nouriel Roubini gives his take on why inflation has not picked up, despite global growth accelerating. Dr Bob Gay argues that the Fed is only a little behind the curve. Tim Farrelly takes aim at the belief that Australian investors should reduce their Aussie equity holdings and we end with Professor Ron Bird reviewing two "colourful" recent investment research papers.
This week, Fodder starts with Ruth Richardson's presentation from our recent Strategies Conference. Nouriel Roubini gives his take on why inflation has not picked up, despite global growth accelerating. Dr Bob Gay argues that the Fed is only a little behind the curve. Tim Farrelly takes aim at the belief that Australian investors should reduce their Aussie equity holdings and we end with Professor Ron Bird reviewing two "colourful" recent investment research papers.
This week in Fodder, Dr Woody Brock explains that the IT revolution of the past 20 years has driven unmeasured productivity growth and caused inflation and interest rates to fall. Yale's Stephen Roach warns that the US has more to lose than China in Trump's threatened trade conflict. We feature Michael Kitces's presentation on better ways to rebalance portfolios. Michael Edesess highlights three new research papers that point to possible problems in quant research on anomalies. And we finish with another take on exploiting anomalies by PM Capital's Paul Moore
This week in Fodder, Dr Woody Brock explains that the IT revolution of the past 20 years has driven unmeasured productivity growth and caused inflation and interest rates to fall. Yale's Stephen Roach warns that the US has more to lose than China in Trump's threatened trade conflict. We feature Michael Kitces's presentation on better ways to rebalance portfolios. Michael Edesess highlights three new research papers that point to possible problems in quant research on anomalies. And we finish with another take on exploiting anomalies by PM Capital's Paul Moore
This week in Fodder, we feature Professor Moshe Milevsky's top-rated presentation from our recent Strategies Conference, Tim Farrelly highlights two areas where practitioners have a clear advantage over the best fund managers, Dom McCormick analyses the pro's and con's of participating in Magellan's upcoming "monster" closed end listed investment trust IPO. Harvard's Prof Carmen Reinhart warns that while the dollar's status as the world's major reserve currency makes it easy for the US to keep running its 25-year long current-account deficit, it doesn't make it a good idea. And the economics team from Payden & Rygel have created a whiteboard animation to explain why investors can stop worrying about the impact on long-term interest rates of the Fed shrinking its balance sheet.
This week in Fodder, we feature Professor Moshe Milevsky's top-rated presentation from our recent Strategies Conference, Tim Farrelly highlights two areas where practitioners have a clear advantage over the best fund managers, Dom McCormick analyses the pro's and con's of participating in Magellan's upcoming "monster" closed end listed investment trust IPO. Harvard's Prof Carmen Reinhart warns that while the dollar's status as the world's major reserve currency makes it easy for the US to keep running its 25-year long current-account deficit, it doesn't make it a good idea. And the economics team from Payden & Rygel have created a whiteboard animation to explain why investors can stop worrying about the impact on long-term interest rates of the Fed shrinking its balance sheet.
This week, we feature Dr Woody Brock, Nouriel Roubini issues Trump a mixed first six months report card, Michael Kitces reviews how to work out the "right" discount rate to use to compare investment strategies. Michael Furey explains the four stages of investment analysis, and Mugunthan Siva argues why active and passive investing can be friends.
This week, we feature Dr Woody Brock, Nouriel Roubini issues Trump a mixed first six months report card, Michael Kitces reviews how to work out the "right" discount rate to use to compare investment strategies. Michael Furey explains the four stages of investment analysis, and Mugunthan Siva argues why active and passive investing can be friends.
PortfolioConstruction Markets Summit 2010 kicked off with publisher, Graham Rich, asking whether we be satisfied with the past decade of success - during which we unwittingly travelled through an historical inflection point of modern history - and asked in terms of the post GFC economic recovery "are we there yet?"...
The following is an introductory review and synopsis of recent commentary on the Global Financial Crisis. What are the possible "road(s) to recovery"? And, what are the sign posts? What are the implications for portfolios, and how do we communicate them to investors?
Nothing like a "slap in the face" from reality to send people back to basics. According to some, abandoning traditional asset allocation is the answer. So how important is asset allocation? Research shows it explains 40 per cent, 90 per cent AND 100 per cent of fund performance.
