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.
Ensuring your investment process incorporates sustainability factors - climate change, global food shortages, water shortages, and poverty, as well as safety, management and governance scandals - adds up to better outcomes.
The outcome of selecting an active management strategy will likely be greater when both the creativity and predictability of the candidate are considered in equal measure.
With US unemployment at a 15-year low, the US Federal Reserve has greater scope to begin shrinking its balance sheet. Investors should set aside their fears, and remember that the Fed’s balance sheet provides little indication about what will happen to longer term interest rates.
Culture is at the heart of competitive advantage today; this is particularly the case for investment firms where people and their judgments are the chief assets. A strong culture in investment management firms is a requirement for sustainable alpha-generation.
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.
While the use of a discount rate to compare strategies or choices that are dispersed or occur over time is useful, the proper discount rate is the investor's expected rate of return, means that the "right" discount rate will vary from one person to the next.
In Fodder this week, a guide for creating an Investment Policy Framework that encapsulates your investment philosophy, Anatole Kaletsky argues we may be seeing a major structural shift in economic doctrine, Prof Moshe Milesvky top-rated lecture from Conference 2015 on integrating human capital into portfolio construction, Rob Mead on the biggest portfolio risk ahead, and a lecture from Berkeley Professor Shachar Kariv on observing how a client makes financial trade-offs as a more accurate measure of their risk preferences.
In Fodder this week, a guide for creating an Investment Policy Framework that encapsulates your investment philosophy, Anatole Kaletsky argues we may be seeing a major structural shift in economic doctrine, Prof Moshe Milesvky top-rated lecture from Conference 2015 on integrating human capital into portfolio construction, Rob Mead on the biggest portfolio risk ahead, and a lecture from Berkeley Professor Shachar Kariv on observing how a client makes financial trade-offs as a more accurate measure of their risk preferences.
This week in Fodder, Dr Bob Gay on why, as the Fed weans itself from past discretionary actions and shifts back towards its usual rules-based framework for decision-making, they are no longer relevant. Prof Dani Rodrik explains why this G20 meeting will be the most interesting for years. Michael Edesess analyses whether it's true that studies of "investor return" vs "investment return" prove the conventional wisdom that individuals underperform the investments they invest in. And finally, we feature two video presentations from recent Forum programs.
This week in Fodder, Dr Bob Gay on why, as the Fed weans itself from past discretionary actions and shifts back towards its usual rules-based framework for decision-making, they are no longer relevant. Prof Dani Rodrik explains why this G20 meeting will be the most interesting for years. Michael Edesess analyses whether it's true that studies of "investor return" vs "investment return" prove the conventional wisdom that individuals underperform the investments they invest in. And finally, we feature two video presentations from recent Forum programs.
In a low growth, low inflation, low interest rate and low yield environment, a cyclical economic upturn presents opportunities in asset classes such as equities and real estate
