Our Symposium 2015 debated their high conviction ideas on the drivers of, and medium-term outlook for, the New Zealand economy.

Economic growth has had a lot of bad press recently. But on closer inspection, the objections typically leveled against growth do not stand up to empirical scrutiny.

NZ has plummeted down the global income per capita rankings from third in the 1950s to 23rd in 2015. Successive governments have done little to reverse the decline. Why have we failed to regain our position?

Our Symposium 2015 Faculty debated their high conviction ideas on the drivers of, and medium-term (two to three year) outlook for the markets.

Despite a genuine desire to invest in New Zealand on behalf of a substantial Australian superannuation fund, after several years of trying, no money has been invested.

For investors, one of the most important events of 2014 was the dramatic collapse in the oil price. The long-term equilibrium price is now likely to be lower. Overall, portfolios must be repositioned for increased volatility.

Returns in defensive equity yield and income sectors have been outsized as bond yields have fallen. Growth sectors have underperformed. But globally, technology shares are cheap on a relative basis.

High and rising house prices in Auckland hog the headlines. Increasingly unaffordable house and land prices result from the collision of two, no doubt individually well-intentioned, sets of policies.

World-wide low interest rates are not a temporary phenomenon. The world has changed and it is highly likely that the current low rate environment will be with us for decades. Getting used to low rates will be a critical adjustment for all investors to make in the coming years.

Slow growth is an old story. The new story is that world is finally beginning to re-balance - a process that unfortunately will take another 20 years. Well-intended policies are causing bubbles and distortions to asset prices.

The outlook for the global economy is unambiguously positive. At long last, all regional economic cylinders are firing in unison and secular stagnation is yesterday's story.

PortfolioConstruction Forum Publisher and Symposium NZ 2015 Moderator, Graham Rich, opened Symposium NZ 2015 in his usual thought-provoking (and entertaining) way, highlighting key issues to consider over the jam-packed, marathon program.

Have you ever wondered about why some people plan for retirement and other people don’t? Whether people focus on the past, the present or the future - their Time Perspective - influences their retirement planning behaviour.

We are reminded daily that the US stock market has achieved record highs between 2009 and today. But the true bull market covers 35 years. What does an understanding it tell us about the future? The answer is: a lot.

Investors often face unknown and even unknowable states of the world. How should we make investment decisions under ignorance?

The world was shocked by the oil price collapse. Anuraag Shah, who made a fortune betting on a falling oil price, summarised the astonishment - "It's nuts!". Actually, it isn't.

Pippa picked up where she left off in her opening keynote, tying the Markets Summit 2015 proceedings together, summarising her key takeouts, and their implications for portfolios.

In this simulated investment board meeting, our day's 17 international and local Faculty members debated and voted on whether to overweight international equities and underweight Australian equities in portfolios on a two- to three-year view.

In 2014, we witnessed the return of market volatility. With potentially significant market return and volatility, investors should consider portfolio positioning before the fact.

The fourth D confronting investors - the disruptions wrought by technological change. Cash cows, thoroughbred stocks and roll-ups are best placed in a world challenged by the four Ds.