2025 was likely the beginning of the end of US exceptionalism in markets. The US dollar is likely to weaken further over the years ahead as investors increase hedge ratios and reduce exposure to US assets. Developed market yield curves are likely to steepen, as bloated fiscal deficits further expand. Further complicating the medium-term outlook, seismic geopolitical shifts are likely to force investors to reassess risk globally. It’s a whole new world (again)! – but many portfolios are positioned for the past based on an incomplete assessment of risk and reward. It’s time to overhaul our operating assumptions for the economy, geopolitics, and markets.

Powerful cyclical, secular and structural changes are reshaping the outlook for asset classes and opportunities abound for those able to reorientate investment portfolios accordingly. This session explores a mix of perspectives on the drivers of and outlook for Australian and global fixed income.

Powerful cyclical, secular and structural changes are reshaping the outlook for asset classes and opportunities abound for those able to reorientate investment portfolios accordingly. This session explores a mix of perspectives on the outlook for real assets, global absolute return debt, and Australian and international private credit.

Powerful cyclical, secular and structural changes are reshaping the outlook for asset classes and opportunities abound for those able to reorientate investment portfolios accordingly. This session explores a diverse mix of perspectives on the outlook for on the outlook for global equities and liquid alternatives.

Together, these two articles shed light on important micro and macro challenges facing the growth of ethical responsibility in investment and wealth management.

This paper looks at the impact of repetition on our perceptions of unethicality and truth. It finds that the more times we hear about a wrongdoing, the more we may believe it - but the less we may care.

Individual investors have long responded to the public communications of well-placed, popular investment experts. This paper offers a new understanding of how the rise of "finfluencers" is reshaping the information landscape.

A complex array of issues is changing the outlook for economies and investment markets. It is time to make a move to better understand these issues so we can better manage risk and uncertainty, and design portfolios capable of improving the financial well-being of individuals.

Our panel explores three asset class issues that it's time to make a move on - including private markets, Australian private credit and global listed infrastructure.

Our diverse panel of portfolio construction practitioners discusses which of the high conviction propositions they heard during Strategies Summit 2025 it is time to make a move on, to design resilient portfolios in practice.

This paper provides a great summary of the role played by asset consultants and the existing literature on asset consulting (including why they're fired).

This paper examines the impact of a key feature of competitive markets on moral behaviour - the possibility that a competitor might step in and conclude the deal if a conscientious market actor forgoes a profitable business opportunity for ethical reasons.

Retirement is just one phase in life. This paper provides some interesting insights into mandatory superannuation and its implications for pre- and post-retirement consumption.

In an industry saturated with greenwashing, woke-washing, whitewashing, and other appeals to our ethical sensibilities, moral courage is a critical virtue for upholding high ethical standards and building societal trust.

Private equity is promoted as providing returns several per cent higher than investing in public equity markets. These two papers reveal the true returns that private equity delivers to investors, identifying the real winners (the managers).

Ethical standards and codes serve as guiding principles for professionals - but the application is rarely straightforward. This paper reviews recent literature on moral judgment and the behavioural implications.

For the past 30 years, a revolution has been underway in how investment markets and economies should be viewed and understood. This Backgrounder introduces the key elements of this revolution – termed Complexity Economics – and explains the implications for understanding investment market behaviour and constructing portfolios.

Enlightenment thinkers played crucial roles in shaping early economic thought, focusing on specialisation and market functions. Part of the Markets short course, Thinking Differently About Markets, this lecture traces the evolution of economic and financial theories to provide historical context to modern thinking about the markets.

Traditional thinking about markets can be limiting - understanding the broader context, rather than relying solely on predefined structures, is crucial for effective decision-making. Part of the Markets short course, Thinking Differently About Markets, this lecture looks at the concept of "markets" both theoretically and practically.

Part of the Markets short course, Thinking Differently About Markets, this lecture explores the themes of money, debt, and financial crises, reviewing both orthodox and heterodox perspectives and how economic thinking has evolved over time.