It's become conventional wisdom that under-performance is due to the irrational investment behavior of individuals. It's time to question whether conventional wisdom has even a scintilla of meaning.

Discretion in setting monetary policy has had a checkered history. Ironically, the debate on rules vs discretion is heating up just as the FOMC sets a course for unwinding its extraordinary policy measures.

We ignore history at great peril. The latest disappointment for inflation-targeting central banks is really not a surprise after all.

Analysis of 5 international stock markets shows no correlation between stock returns and the political party in power.

The IMCA Australia Seminar 4 2017 "Appointing Investment Managers (Operational Due Diligence)" has been assessed and accredited by PortfolioConstruction Forum for Forum CE hours. These can be used to help meet the CE/CPD requirements of 15 regulators, associations, institutes and designations – including ASIC RG104/105/146 requirements and CIMA certificants’ CE commitment. Delegates must attest their attendance in order to receive CE acceditation.

Masterclass NZ is a post-graduate extension program focused on contemporary issues that are fundamental to building better quality portfolios. The one-day program is comprised of five research-based, active learning sessions:

Fodder starts with Nouriel Roubini arguing that Trump's policies are a key risk to the nascent global pick up in economic activity. Dr Bob Gay explains why Fed officials believe they can engineer a graceful exit from their experiment with asset purchases. Invesco's Stephen Anness and Andy Hall have written a terrific paper on the art of contrarian thinking of all types. Prof Ron Bird reviews two new papers on factor investing And finally, we feature the top-10 rated presentation by PIMCO's Joachim Fels at Markets Summit 2017.

Literature from a variety of disciplines help highlight the qualities behind truly creative, contrarian thinking - qualities which can be applied to modern portfolio management.

Unlike other commonly used factors, very little research has been undertaken on the quality factor - which makes a newly released paper very interesting. Another new paper extends the usual momentum factor into "returns signal momentum".

In the next year, a more robust and persistent global recovery will depend largely on whether policymakers avoid mistakes that could derail it.

This week, Fodder kicks off with Berkeley economist, Professor Shachar Kariv, on the science of uncovering investors' true preferences. Harvard's Prof Hausmann then argues that emerging market bond funds should make people morally queasy. Bob Huebscher recaps the recent debate between Wharton's Jeremy Siegel and Yale's Robert Shiller about the outlook for equity returns. Rob Arnott argues that momentum and value are cheap, but low beta is well overpriced. And we finish with a white paper by AB on low vol investing in Australian Equities

This week, Fodder kicks off with Berkeley economist, Professor Shachar Kariv, on the science of uncovering investors' true preferences. Harvard's Prof Hausmann then argues that emerging market bond funds should make people morally queasy. Bob Huebscher recaps the recent debate between Wharton's Jeremy Siegel and Yale's Robert Shiller about the outlook for equity returns. Rob Arnott argues that momentum and value are cheap, but low beta is well overpriced. And we finish with a white paper by AB on low vol investing in Australian Equities

Wharton's Jeremy Siegel and Yale's Robert Shiller squared off in a recent presentation about the outlook for equity returns.

When equity markets fall, the financial and emotional impacts can be lasting. By focusing on reducing downside, investors can have a smoother ride and still achieve the returns they seek.

This week, we bring you the third and final installment of Dr Woody Brock's review of the three key risks facing investors, Tim Farrelly then shows that despite their critics, the ratings agencies do a wonderful job of assessing companies. Urban Carmel then debunks the myth that indexing is a threat to market stability and Yale's Stephen Roach looks at the implications (and the irony) of China's new global push. Finally we feature Jeremy Lawson's excellent Markets Summit presentation on the "dire" implications for risk assets of the rising wave of populism.

This week, we bring you the third and final installment of Dr Woody Brock's review of the three key risks facing investors, Tim Farrelly then shows that despite their critics, the ratings agencies do a wonderful job of assessing companies. Urban Carmel then debunks the myth that indexing is a threat to market stability and Yale's Stephen Roach looks at the implications (and the irony) of China's new global push. Finally we feature Jeremy Lawson's excellent Markets Summit presentation on the "dire" implications for risk assets of the rising wave of populism.

The number of indexes has exploded and now exceeds the number of stocks in the US. But overall, the US stock market is still dominated by active management. And 96% of index products are of insignificant size.

Overall stock market risk has declined modestly in the last 80 years, but the nature of risk has changed greatly. The risk stemming from market mistakes and, possibly, from irrationality has risen significantly.

Fodder kicks off with part 2 of Dr Woody Brock's review of the three key geopolitical risks facing investors Nouriel Roubini asks whether investors are underestimating the potential of rising geopolitical risk to trigger a black swan event. PIMCO's Libby Cantrill explains why President Trump is unlikely to be able to deliver any time this year on his ideas to reignite US economic growth, and Professor Ron Bird reviews three recent papers on factor investing. Fodder ends with Douglas Isles's top 3-rated Finology Summit session on how to help investors stay the course and not fall prey to common behavourial pitfalls.

Fodder kicks off with part 2 of Dr Woody Brock's review of the three key geopolitical risks facing investors Nouriel Roubini asks whether investors are underestimating the potential of rising geopolitical risk to trigger a black swan event. PIMCO's Libby Cantrill explains why President Trump is unlikely to be able to deliver any time this year on his ideas to reignite US economic growth, and Professor Ron Bird reviews three recent papers on factor investing. Fodder ends with Douglas Isles's top 3-rated Finology Summit session on how to help investors stay the course and not fall prey to common behavourial pitfalls.