1. Research Review: Using CTA funds in portfolios

    What are the benefits of using a CTA (managed futures) fund in a portfolio? What is a reasonable allocation and where should it come from?

    Compiled by PortfolioConstruction Forum | 07-12-12 | More
  2. Strawberry fields - forever?

    The New Normal will "take you down" and lower expectations of future asset returns - maybe not "forever" but for a long, long time.

    Bill Gross, PIMCO | 07-12-12 | More
  3. Waiting for signs on the fiscal cliff

    Until we see the US producing at least 200,000 to 250,000 jobs a month, the Fed is likely keep rates low.

    Russ Koesterich, BlackRock | 07-12-12 | More
  4. On the road to zero growth

    The US GDP growth rate we've been used to for over a 100 years - in excess of 3% a year - is not just hiding behind temporary setbacks. It is gone forever.

    Jeremy Grantham, GMO | 23-11-12 | More
  5. Rethinking investment beliefs

    Three insights from philosophy are helpful in times of financial and economic crisis and can result in improved decision-making...

    Prof Jack Gray, UTS | 23-11-12 | 1 comment | More
  6. Global risk update November 2012

    Four key risks - the US fiscal cliff, EU debt crisis, global slowdown, and Middle East - are highly interconnected and yet to truly impact markets.

    Nick Bullman, CheckRisk | 23-11-12 | More
  7. Remove 'risk' from portfolios

    We recommend moving to neutral risk weightings in portfolios until a favourable resolution of the US fiscal cliff becomes more likely. A malign outcome is a clear possibility.

    Chris Watling | 16-11-12 | More
  8. Boomers, herding, denial and zeitgeist

    The current financial advice model serving retirees is suboptimal.

    Lukasz de Pourbaix, Lonsec & Wade Matterson, Milliman | 31-10-12 | 2 comments | More
  9. Portfolio risk - Q&A

    Are investors being paid enough to take on risk in the current market? Are systemic risks just as bad as in 2007? What is the best risk mitigator?

    Nick Bullman, CheckRisk | 26-10-12 | More
  10. The ABC of sequencing risk

    Volatility is a risk for any portfolio that has cash flows, irrespective of investment time horizon. The culprit is sequencing risk, the risk of returns occurring in an adverse order.

    Challenger Retirement Income Research | 24-10-12 | More
  11. Portfolio construction 2.0 - Q&A

    Dynamic asset allocation, MPT, risk premia, and how to get the regulator on board with a DAA approach.

    Michael Kitces | 11-10-12 | 1 comment | More
  12. 4 types of risk in measuring a client's risk profile

    We need to understand and assess four aspects of risk to truly understand a client's risk profile and create a portfolio that allows him/her to sleep well at night.

    27-09-12 | 1 comment | More
  13. 2012 Conference - Webcast

    Videos, presentations, podcasts and papers from the jam-packed three day program featuring 50 international and local investment experts sharing their thoughts on the challenge of tHiNkInG oUtSiDe ThE bOx about constructing portfolios.

    25-09-12 | More
  14. Thinking in reverse

    To make money in the next year, you have got to think in reverse. When it all boils down, there are really only two assets in the world economy.

    Hon. Dr Pippa Malmgren, DRPM Group | 21-09-12 | More
  15. Perceived and actual risk in financial markets

    The field of emotional finance emphasises the difference between actual and perceived risk. Perceived risk may be at its lowest when actual risk is highest...

    Nick Bullman, CheckRisk | 21-09-12 | More
  16. Managing skittish clients

    Your client is demanding you go to cash. Was your risk assessment wrong? Not necessarily. His risk tolerance is much the same, but his risk perception has changed.

    Michael Kitces | 21-09-12 | 1 comment | More
  17. Has Australia's luck just run out?

    A growing chorus of (largely offshore) commentators has Australia falling into a pronounced slump. Are we on the edge of a precipice? No.

    Tim Farrelly | 14-09-12 | More
  18. Is the Western secular bear market almost over?

    Western equity markets have been in a secular bear market since the year 2000. Are we close to or indeed at the end?

    Chris Watling | 10-09-12 | More
  19. 2012 Conference - key takeouts

    The key takeouts, and actions to take when building investor portfolios.

    Chris Watling, Tim Farrelly, Michael Kitces | 23-08-12 | More
  20. Thinking about... thinking outside the box

    Seven areas where thinking outside the box may lead to different portfolio construction decisions.

    Tim Farrelly | 23-08-12 | 1 comment | More
  21. Thinking about... intl equity allocations

    Challenging a strong home bias to Australian equities in portfolios.

    Chris Watling | 23-08-12 | More
  22. Deconstructing the portfolio construction challenge

    Are alternative investments as complex as them seem - and how can the optimal mix be implemented in portfolios?

    Samuel Mann, K2 Advisors | 23-08-12 | More
  23. The risk management dilemma

    By focusing on investors’ primary objectives (capital preservation and a reasonable return), a more efficient investment approach is possible...

    Rhett Kessler, Pengana Capital | 23-08-12 | More
  24. 2012 Conference - Thought piece - Steven Halmarick

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Steven Halmarick shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Steven Halmarick, Colonial First State Global Asset Management | 23-08-12 | More
  25. 2012 Conference - Thought piece - Bill Gross

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, PIMCO's Bill Gross shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Bill Gross, PIMCO | 23-08-12 | More
  26. 2012 Conference - Thought piece - Hamish Douglass

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Hamish Douglass shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Hamish Douglass, Magellan Financial Group | 23-08-12 | More
  27. 2012 Conference - Thought piece - Anthony Bolton

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Anthony Bolton shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Anthony Bolton, Fidelity Worldwide Investments | 23-08-12 | More
  28. 2012 Conference - Thought piece - Dr Woody Brock

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Dr Woody Brock shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Woody Brock | 23-08-12 | 1 comment | More
  29. 2012 Conference - Thought piece - Cliff Asness

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Cliff Asness shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios.

    Cliff Asness, AQR Capital Management | 23-08-12 | More
  30. Thinking about... geopolitics and investing

    What are the implications for portfolios, of China's leadership change and the political and economic challenges in the US and Europe?

    Pippa Malmgren and Linda Jakobson | 23-08-12 | More
  31. Thinking about... portfolio construction 2.0

    MPT is not broken, it has just been (badly) misapplied for the past 60 years. Appropriate use of MPT can lead to more efficient risk/return trade-offs...

    Michael Kitces, Nick Bullman, Piers Bolger, Greg Cooper, and Tim Farrelly | 22-08-12 | More
  32. Thinking about... portfolio risk

    This 2012 Conference session showed that major investment risk events occur in clusters, and focused on how to prioritise risk to achieve better investment decisions.

    Nick Bullman, Piers Bolger, Greg Cooper, Michael Kitces, and Tim Farrelly,  | 22-08-12 | More
  33. An alternative approach to portfolio construction

    Managed futures strategies can aid diversification.

    John Wareham, Aspect Capital | 22-08-12 | More
  34. After tax investing - why it matters now, more than ever

    Exploring the myth that active portfolio management is solely about alpha, ignoring the (tax) consequences of how alpha is generated – and why passive portfolios cost more than you think...

    Andrew Sisson, Balanced Equity Management | 22-08-12 | More
  35. Thinking about... the global economy & markets

    With unprecedented political risk, debt, and economic restructuring around the world, our expert panel debated the portfolio construction implications.

    David Hale, Ian Link, Vimal Gor, Ramin Touloui, Chris Watling | 22-08-12 | More
  36. 2012 Conference - Thought piece - Dr Joanne Warner

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Dr Joanne Warner shares her views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Dr Joanne Warner, Colonial First State Global Asset Management | 22-08-12 | More
  37. 2012 Conference - Thought piece - Michael Hasenstab

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Michael Hasenstab shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Michael Hasenstab, Franklin Templeton | 22-08-12 | More
  38. 2012 Conference - Thought piece - Prof Jack Gray

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Prof Jack Gray shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Prof Jack Gray, UTS | 22-08-12 | More
  39. 2012 Conference - Thought piece - Alan Brown

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Alan Brown shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Alan Brown, Schroders | 22-08-12 | More
  40. 2012 Conference - Thought piece - Prof Amin Rajan

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Prof Amin Rajan shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Amin Rajan | 22-08-12 | More
  41. 2012 Conference - Thought piece - Prof Toby Moskowitz

    Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Prof Toby Moskowitz of Chicago University shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

    Prof Toby Moskowitz, University of Chicago | 22-08-12 | More
  42. Conference Masterclass 2012 key takeouts

    Key takeouts from the Conference Masterclass 2012 program, and actions to take when building investor portfolios.

    Tim Farrelly, Michael Kitces & Assyat David | 21-08-12 | More
  43. Delivering efficient, equitable portfolio client solutions

    How a privately-owned, self- licensed advice firm transformed to ensure a win-win for clients and the business...

    Phillip Win, Profile Financial Services | 21-08-12 | More
  44. Best practice portfolio management

    What does best practice asset management look like from an adviser's perspective?

    Andrew Fairweather & Dominic McCormick, Select Asset Management | 21-08-12 | More
  45. The rise of dynamic asset allocation

    The risk of using MPT - like any model - is that if poor inputs go into the model, poor results will come out...

    Michael Kitces | 21-08-12 | More
  46. Servicing SMSF members with strategy support

    Advisers who wish to attract HNW clients must provide a viable and effective value proposition to SMSF members - and that may mean developing a new advice framework.

    Assyat David, Strategy Steps | 21-08-12 | More
  47. Defensive investing

    Defensive portfolios face two permanent risks – interest rate risk and inflation risk. Managing these should be the highest priority of any defensive portfolio...

    Doug Turek, Professional Wealth & Jonathan Howie, iShares | 21-08-12 | More
  48. Developing a scalable, efficient advice proposition

    Developing a scalable and efficient advice proposition means transforming every aspect of the business – from client communication, compliance, staffing and profitability...

    Santi Burridge, Implemented Portfolios | 21-08-12 | More
  49. Evolution of a wealth management firm

    Michael discusses how his firm combines portfolio diversification with active portfolio management, to ensure client's goals are met.

    Michael Kitces | 21-08-12 | More
  50. Moving to proactive asset allocation approach

    Many practitioners want to manage their clients’ asset allocation more proactively (not tactically!) but find the implementation issues confusing...

    Tim Farrelly | 21-08-12 | More
  51. 2012 Symposium - Resources Kit

    PortfolioConstruction Forum Symposium is a unique professional development program designed and presented specifically for NZ practitioners who focus on giving quality investment advice. The two-day program featured leading local and international investment professionals presenting on contemporary and emerging portfolio construction issues around the three pillars for building better quality investor portfolios - markets, strategies and investing.

    25-06-12 | More
  52. Academy Winter Seminar 2012 - Resources Kit

    This Academy Seminar debates the following three topics in a Socratic learning environment: Better the devil you know; Demystifying quantitative equity investing; and, Investment Fables IV - Growth.

    20-06-12 | More
  53. Building debt portfolios

    Building debt portfolios used to be easy. But it’s much harder now. These days, the debt side of portfolios must be absolutely secure and should designed as three buckets...

    Tim Farrelly | 01-06-12 | 3 comments | More
  54. Infrastructure investing through the macroeconomic cycle

    This Due Diligence Forum Research Paper and Presentation examine why infrastructure assets have performed differently to other investable assets (and whether we can expect this to continue), how this performance can be linked to underlying asset characteristics, and how investors can use some of the unique attributes of infrastructure to improve portfolio returns...

    Nick Langley | 24-05-12 | More
  55. A risk premium approach to strategic asset allocation

    This Due Diligence Forum Research Paper and Presentation argue that strategic asset allocation should be determined with a long-term horizon in mind - so the key input in the construction process is the long-term return outlook for different asset classes. To help inform that judgment, we should consider returns through three separate lenses: - what did happen, what theory says should have happened, and what the market is pricing will happen.

    PortfolioConstruction Forum Symposium featuring Keith Poore | 24-05-12 | More
  56. If you're taking extra risk, make sure you're being paid for it

    This Due Diligence Forum Research Paper and Presentation examine the various income options available to NZ retail investors, and look closely at the extent to which they are being appropriately rewarded for the risk posed by various income products including hybrids...

    PortfolioConstruction Forum Symposium featuring Tony Hildyard | 24-05-12 | More
  57. Building better active global shares portfolios

    This Due Diligence Forum Research Paper and Presentation focus on how to construct multi-manager global share portfolios in a way to reduce the overall risk of the portfolio without dampening or reducing the overall expected outperformance of the underlying managers...

    PortfolioConstruction Forum Symposium featuring Russell Investments | 24-05-12 | More
  58. Building portfolios in the real world

    In this Workshop, two full-time research professionals demonstrated how they would design a portfolio for a real investor, based on a real world portfolio construction case study submitted by one of the Symposium delegates...

    PortfolioConstruction Forum Symposium featuring Tim Farrelly & Darren Howlin | 24-05-12 | More
  59. Global markets outlook - investing through the seasons

    This Critical Issues Forum discussed the key macro-economic and geopolitical issues we cannot afford to lose sight of in constructing portfolios, before turning to the current status, key issue and outlook for global equity markets...

    PortfolioConstruction Forum Symposium featuring Jonathan Pain & Hamish Douglass | 24-05-12 | More
  60. To hedge or not to hedge

    In the short term, we often see dramatic differences in the performance of hedged versus unhedged portfolios. This interactive Workshop debated the pros and cons of various currency hedging strategies and provided insights into what you should consider in setting your own currency management policy.

    PortfolioConstruction Forum Symposium featuring Tim Farrelly | 24-05-12 | More
  61. Portfolio construction 2.0

    MPT has been misapplied for the past 60 years. In this Critical Issues Forum, Michael Kitces argued that markets are not efficient, but they are adaptive - so appropriate use of MPT requires forward-looking projections. This requires more work to apply effectively, but can lead to portfolios that are more efficient and give better risk/return trade-offs.

    PortfolioConstruction Forum Symposium featuring Michael Kitces | 24-05-12 | More
  62. CIMA scholarship winners announced

    Two retail fund analysts have been awarded scholarships by Blackrock Investment Management and PortfolioConstruction Forum to attend the prestigious CIMA Program...

    Investment Management Consultants Association Australia | 18-05-12 | More
  63. The real reason to worry about oil

    The prevailing wisdom is that tensions with Iran have caused oil prices to rise recently. But there's
    a much greater long-term threat shaping investment opportunities...

    Robert Huebscher, Advisor Perspectives | 16-05-12 | More
  64. Earning the return

    How ironic that the former safe havens of bonds and income-oriented equities now stand accused of being 'crowded trades' - the new bubbles...

    Bill Priest, Epoch Investment Partners | 30-04-12 | More
  65. Research Review: Should gold be part of portfolios?

    PortfolioConstruction Forum asked the fund research houses - should gold be a part of most investors’ portfolios?

    Compiled by PortfolioConstruction Forum | 27-04-12 | More
  66. Spending flexibility and safe withdrawal rates

    How do we take into account the trade-off between clients’ willingness to risk running out of money in return for enjoying their retirement portfolio now?

    Bob Veres, Inside Information | 24-04-12 | More
  67. Academy Autumn Seminar 2012 - Resources Kit

    This Academy Seminar debates the following three topics in a Socratic learning environment: Investment fables III - Value; What does financial success look like in retirement; and, Turning micro China observations into macro insights.

    18-04-12 | More
  68. A knight in shining armour?

    Is gold a good means of diversification? Is it a hedge against inflation and currency depreciation? Or is the last decade an anomaly?

    Prof Jack Gray, UTS | 17-04-12 | 2 comments | More
  69. Too much in equities?

    Mssrs Henry, Murray and Tanner are successful in their fields. But none has a background in financial planning or investment management. It shows.

    Tim Farrelly | 16-04-12 | 2 comments | More
  70. Navigating the globe for investment opportunities

    Key themes playing out in the market at present include the ECB's LTRO, ongoing recovery in the USA, the rise of the Eastern consumer and a secular move to e-commerce and electronic payments...

    Hamish Douglass, Magellan Financial Group | 10-04-12 | More
  71. Risk tolerance, risk perceptions and new standards

    Geoff Davey has an international reputation as a risk tolerance expert. He discusses the role of risk tolerance and where regulation may be headed.

    Carly Schulaka, J of Financial Planning | 27-03-12 | More
  72. Merely mediocre returns

    While we tend to focus on sharp market crashes, sudden declines that recover quickly within just a year or few are not necessarily problematic. What is far more destructive are extended periods of mediocre returns...

    Michael Kitces | 05-03-12 | More
  73. Meet the Manager: Michael Turner, FRM

    The prevailing expectation is that we’re in for a period of lower returns and significant volatility. In this exclusive interview, Michael Turner, Head of Quantitative Research & Analysis with FRM in London discusses how a CTA fund can contribute to portfolios in such an environment...

    23-02-12 | More
  74. Academy Summer Seminar 2012 - Resources Kit

    This Academy Seminar debates the following three topics in a Socratic learning environment: Investment fables II - Momentum; Making sense of Markets Summit; and, Developing a robust philosophy and policy...

    15-02-12 | More
  75. 2012 Markets Summit - Resources Kit

    For decades, long-only equities has been “king”, the dominant component of most long-term investors’ portfolios. But, the King has been overthrown in recent years, and cash has assumed the throne as investors have flocked to its supposed safety. Cash is King - but is just it a pretender to the throne? Markets Summit 2012 debated how long cash will remain King, how other asset classes will fare against it over the coming three years – and how we can do better than cash when building quality investor portfolios…

    14-02-12 | More
  76. Gold - A Knight in shining armour

    The Hot Topic Debate at the 2012 Markets Summit focused on the case for and against including gold in portfolios. Is gold a good means of portfolio diversification and protection, as well as a hedge against inflation and currency depreciation? Or is it, as those in the opposing corner argue, that the last decade is an anomaly for gold and it has no place in portfolios...

    PortfolioConstruction Forum - featuring Laurie McGuirk & Jack Gray | 14-02-12 | More
  77. Zombie Economics

    The inaugural Peter L Bernstein Memorial Lecture at the 2012 Markets Summit focused on Zombie Economics. The GFC exposed the flaws in many of the assumptions behind market liberalism - in most cases, problems were evident well before the GFC, but those who pointed them out were dismissed or ignored. These dead ideas still walk among us...

    PortfolioConstruction Forum - featuring Prof John Quiggin | 14-02-12 | More
  78. 2012 Markets Summit - Key takeouts

    This session helped delegates determine the key takeouts from the Markets Summit, and actions to take when building investor portfolios...

    Tim Farrelly & Chris Watling | 14-02-12 | More
  79. Asset Class Forum debate MS2012

    This Asset Class Forum session at the 2012 Markets Summit saw our presenters and Inquisitors debate the outlook for the Australian debt and equities market, REIT market, Asian equities market and global commodities market, and the portfolio construction implications...

    14-02-12 | More
  80. The 2012-2014 outlook for global commodities

    The 2012-2014 outlook for the global commodities market versus cash, the risks and opportunities, and portfolio construction implications...

    Chris Watling | 14-02-12 | More
  81. The 2012-2014 outlook for Asian equities

    The 2012-2014 outlook for the Asian equities market versus cash, the risks and opportunities, and portfolio construction implications...

    Eng Teck Tan, TAAM | 14-02-12 | More
  82. The 2012-2014 outlook for REITs

    The outlook for the REITs vs cash, risks and opportunities, and portfolio construction implications...

    Andrew Parsons | 14-02-12 | More
  83. The 2012-2014 outlook for Australian equities

    This Asset Class Forum session at the 2012 Markets Summit focused on the 2012-2014 outlook for the Australian equities market, including the most likely scenario, performance v cash, risks and opportunities, and portfolio construction implications...

    Ian Harding, Wavestone Capital | 14-02-12 | More
  84. The 2012-2014 outlook for Australian debt

    The 2012-2014 outlook for the Australian debt market, versus cash, the risks and opportunities, and portfolio construction implications...

    Victor Rodriguez, Aberdeen | 14-02-12 | More
  85. The EM & DM equity markets debate MS2012

    This Big Picture Forum session at the 2012 Markets Summit saw our presenters and Inquisitors debate the outlook for the global developed market (DM) and emerging market (EM) equities markets, and the portfolio construction implications...

    14-02-12 | More
  86. The 2012-2014 outlook for global DM equities

    The 2012-2014 outlook for the global emerging market equity markets, risks and opportunities, and the portfolio construction implications...

    Bill Priest, Epoch Investment Partners | 14-02-12 | More
  87. The 2012-2014 outlook for global EM equities

    The 2012-2014 outlook for the global emerging market equity markets, risks, opportunities, and portfolio construction implications...

    Allan Conway, Schroders | 14-02-12 | More
  88. The global economy and debt markets debate MS2012

    This Big Picture Forum session at the 2012 Markets Summit saw our presenters and Inquisitors debate the outlook for the global economy and global debt markets, and the portfolio construction implications...

    14-02-12 | More
  89. The 2012-2014 outlook for global debt

    The outlook for the global debt markets relative to cash, risks and opportunities, and portfolio construction implications...

    Scott Mather, PIMCO | 14-02-12 | More
  90. The 2012-2014 outlook for the global economy

    The 2012-2014 outlook for the global economy with particular emphasis on the US and Europe, key scenarios and portfolio construction implications...

    Russ Koesterich, iShares | 14-02-12 | More
  91. farrelly's Proactive Asset Allocation webinar - January 2012

    None

    30-01-12 | More
  92. Philosophy, politics and economics

    Investors need to major in three subjects to get asset allocation right in 2012 - plus, they would do well to study psychology.

    A Koester & M Richards, UBS Asset Management | 30-01-12 | More
  93. farrelly's subscriber webinar January 2012

    This subscriber-only area gives you access to the recording of the quarterly farrelly's subscriber webinar in which principal Tim Farrelly explains the thinking behind the quarterly update to the Proactive Asset Allocation tool set.

    23-01-12 | 1 comment | More