539 results found

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.

Michael Reddell | 0.50 CE

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.

Tim Farrelly | 0.50 CE

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.

Robert Gay | 2 comments | 0.50 CE

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.

Jonathan Pain | 1 comment | 0.50 CE

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.

Joanne Earl | 1.00 CE

The collapse in oil prices in the second half of 2014 is very large in a historical context. This paper explores the implications for portfolios.

Investment managers have a better chance of adding alpha if they have a clear philosophy of how they generate it, according to research on the importance of a robust investment philosophy.

In recent years, academics have been at war over whether the small cap premium exists. This recent paper finds it does - if you control for quality - and that it is significant, and not time or market specific.

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.

Woody Brock | 1.00 CE

Fund research is something of a dark art - there is little quality information available on how to go about it. But here are two great papers covering qual and quant analysis of funds and managers.

Even the most skillful active managers will sometimes underperform. And, in some market environments, most active managers can be expected to underperform.

Now the Fed has opened the door to normalising interest, what constitutes "normal"? Take care in stretching for yield now the Fed is no longer making promises.

This paper by Rob Arnott and Denis Chaves looks the effects of different age cohorts on GDP and asset class returns.

Vimal Gor | 1.75 CE

This paper offers a surprising amount of info and interesting ways of framing investment issues in retirement, and some good analysis of longevity risk.

Currency risk is a significant issue for Australian investors. This paper summarises the research on optimal hedge ratios for international equities exposures.

In this seminal paper, Ibbotson confirms that after the decision to actually invest is made, asset allocation and manager selection are equally important.

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.