For most of the past decade, the growing spending power of China’s expanding middle class has fueled the global economy. Not so anymore.

Australian investors have a different perspective on foreign currency to investors elsewhere in the world, and this should be reflected in how local portfolios are built.

Our regular Forum Fodder email alerts Members to what's new with our blended live and online continuing education, accreditation and certification programs.

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.

Our regular Forum Fodder email alerts Members to what's new with our blended live and online continuing education, accreditation and certification programs.

This paper studies the long-term returns of US equities to determine whether earnings yield is a reasonably reliable estimate of forward real returns. Understanding the interplay of growth, value and yield provides a framework for assessing investments.

Investors are entitled to believe that the industry has standards so that they can compare like with like - but obviously that's not the case.

Our regular Forum Fodder email alerts Members to what's new with our blended live and online continuing education, accreditation and certification programs.

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.

Our regular Forum Fodder email alerts Members to what's new with our blended live and online continuing education, accreditation and certification programs.

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.

Our regular Forum Fodder email alerts Members to what's new with our blended live and online continuing education, accreditation and certification programs.

This week in Forum Fodder: Prof Anat Admati - Are financial crises inevitable?; Prof Martin Feldstein - Falling share prices and the US economy; Michael Kitces - When clients “need” more risk, adjust portfolios or goals?; Matt Williams & Emma Goodsell - Owner-managed co’s are the backbone of a good portfolio; Michael Morell - The world economy is facing a geopolitical inflection point.

Where portfolios are invested to achieve goals, the first step in the process should be to align the investor's goals - not the portfolio - to their risk tolerance. Implementation is then straightforward.

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.

This week in Forum Fodder: Stephen Roach - America’s inflation risks; Woody Brock - Storm clouds for 2020; Tim Farrelly - Using Australian Asset Backed Loans in portfolios; Affirmative Investment Management - Impact investing is the way of the future for fixed income; Philipp Hofflin - Valuation mistakes will prove very costly in a post QE world.

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.

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.

It is a common misconception that profit and impact are mutually exclusive. In fact, managing for mainstream risk-adjusted returns and creating a positive impact can be achieved in parallel.

This week in Forum Fodder: Prof J Bradford DeLong - Self-fulfilling financial crises; Brett Gillespie - In this tug-of-war market, you need a bet each way; Annika Bradley - 5 essentials: managed account vs managed fund; Prof Ron Bird - Asset management, overconfidence and market discipline; Nikki Thomas - Capturing future earnings upgrades leads to outperformance.