1. An extraordinary year

    My bottom line for 2014 is that investors should be overweight global equities, underweight bonds. My biggest call? China's stockmarket could be the best performing.

    Jonathan Pain | 06-12-13 | More
  2. Squeezing out more juice

    We are introducing three new investment scenarios for 2014 - our base case, Low for Longer; our bull case Growth Breakout, and our bear scenario, Imbalances Tip Over.

    BlackRock Investment Institute | 01-12-13 | More
  3. The logical ability to outperform the market

    Efficient market theory claims you can't beat the market. Seductive as it is, this claim is incorrect, as research makes clear.

    Woody Brock | 26-11-13 | More
  4. It's time to look to alternatives

    It's now time to start looking into alternatives to equities and bonds.

    Tim Farrelly | 25-11-13 | 2 comments | More
  5. Academy Spring Seminar 2013 - Resources Kit

    The Academy Spring Seminar 2013 featured four sessions: Mock FOMC meeting; The state of economics/investing and of long-term expectations; A global perspective to bottom-up fundamental research, an Insurance sector case study; and, Investing in property.

    21-11-13 | 4 comments | More
  6. Improving target-date funds

    Most target-date funds have two shortcomings that can be improved.

    AQR Capital Management | 14-11-13 | More
  7. 2013 Conference - Webcast

    Conference 2013 facilitated debate on the markets, strategies and investing with particular focus on how to better construct portfolios for the whole of an investor's life so that they are more likely to achieve their goals.

    12-11-13 | More
  8. How many monkeys does it take to find a successful strategy?

    This article contends that some arguments used to validate alternative indexing can be easily proven false.

    Angela Ashton, PortfolioConstruction Forum | 08-11-13 | More
  9. Comparing apples with oranges

    The Australian equity market has lagged far behind the US this year. But the S&P/ASX200 is actually ahead since the GFC market lows.

    Don Hamson, Plato Investment Management | 06-11-13 | More
  10. Next exit - the road ahead for the Fed

    One Fed exit has become clear. Chairman Ben Bernanke will hand over to Janet Yellen. The second - exiting an era of ultra-loose monetary policies - is fiendishly difficult.

    BlackRock Investment Institute | 31-10-13 | More
  11. Managing 3 shock risks for the next decade

    Three key shock risks will affect investors over the next decade, requiring a real difference in how we construct portfolios for retirement.

    Nick Bullman, CheckRisk | 30-10-13 | More
  12. Gold - the lead in many portfolios

    Gold's disappointing performance has been a topic of discussion at GaveKal. Most of us come down on the side of one of four possible explanations.

    Louis-Vincent Gave, GaveKal | 23-10-13 | More
  13. Central banks calling the shots

    Central banks are likely to dominate investment news for years to come. Most of it will be noise. However, some of it will be critically important.

    Tim Farrelly | 22-10-13 | 1 comment | More
  14. Why DFA's new research is flawed

    This article, and DFA's silence, prompted a storm of response - and contributes to understanding the "science" of portfolio construction.

    Angela Ashton, PortfolioConstruction Forum | 21-10-13 | 7 comments | More
  15. Should equity exposures really decrease in retirement?

    Conventional wisdom is that retirees should reduce their equity exposure in retirement as their time horizon shortens - in reality, the ideal may actually be the exact opposite.

    Michael Kitces | 07-10-13 | More
  16. Forward PEs look attractive?

    "Forward PEs look attractive" is often offered as an astute observation. It's almost a truism. But does using forward PEs to assess market valuations work?

    Tim Farrelly | 23-09-13 | 1 comment | More
  17. Don't fight the Fed

    So it was all a storm in a teacup. Markets have been going through a series of "taper tantrums” since Bernanke first mentioned the idea of tapering.

    Anatole Kaletsky | 19-09-13 | More
  18. It really IS different this time

    I'm used to being alone and against consensus. I believe the next decade is going to see the strongest level of global economic growth anyone today has seen.

    Jonathan Pain | 10-09-13 | More
  19. Regulators may burst any house price bubble

    Now you should be long housing - but it is exposed to some regulatory risks and headwinds we should understand.

    Christopher Joye, Smarter Money Investments | 31-08-13 | 2 comments | More
  20. What you'll do next - big data and mining the human network

    A growing army of data scientists is mining patterns from our online activity. What are the implications for investment?

    Bradley Betts, BlackRock | 22-08-13 | More
  21. Lifecycle investing - my key takeouts

    All of the Conference sessions are building blocks for this session which helps delegates determine the key takeouts from the jam-packed program and actions delegates should take when building investor portfolios.

    Tim Farrelly, Angela Ashton, David Bell | 22-08-13 | More
  22. The third dimension

    To build a truly diversified portfolio, you need to consider alternative investments as a third dimension alongside equities and fixed income.

    Sam Mann, K2 Advisors | 22-08-13 | More
  23. Absolute return investing – building a portfolio to last

    Multi-asset absolute return investing offers more certainty of achieving the right outcome for clients and portfolios which are more sustainable through an investor’s life stages.

    Christopher Nichols, Standard Life Investments | 22-08-13 | More
  24. Main St vs Wall St - fundamentals vs fads

    A fundamental-based approach to equity index investing can be a powerful way to reduce risk and improve performance over the investment lifecycle.

    Chris Brightman, Research Affiliates | 22-08-13 | More
  25. ROEs, PEs and investment fallacies

    Top performing shares often display a high ROE, while poor performing shares display the reverse - making ROE a superior valuation input to PE ratios.

    John Abernethy, Clime | 22-08-13 | More
  26. Tailoring exposures for the Australian investor

    Australians have sought offshore diversification for years. The logical extension is to think more deeply about how to make offshore exposures complement local ones.

    Michael Blayney | 22-08-13 | More
  27. The global agriculture equity opportunity

    Agricultural equities is the 'third leg' of the global natural resources sector, joining energy and mining.

    David Whitten, 90 West Asset Management | 22-08-13 | More
  28. Real return funds: are they better than traditional balanced funds?

    Real return funds with their more dynamic and go-anywhere structures are designed to be able to navigate through difficult and normal times. Can they really deliver?

    Anne Richards, Aberdeen Asset Management | 22-08-13 | More
  29. Investing for a lifetime

    If you're making investments you can't sell for 10 years, how do you go about selecting them? What lessons can be learned from history?

    Peter Wilmshurst, Franklin Templeton Investments | 22-08-13 | More
  30. The lure of simplicity - equities in an outcomes-based world

    Simplifications taken in building Australian equity strategies may result in a portfolio that doesn't achieve what it's been designed to do, particularly in relation to income and volatility.

    Rudi Minbatiwala, Colonial First State | 22-08-13 | More
  31. Does lending to debtors make sense?

    Allocating to countries with net wealth rather than net debt can lead to superior portfolio outcomes.

    Andy Seaman, Stratton Street Capital | 22-08-13 | More
  32. Managing real return risk

    Under the lifecycle investing approach, real return outcomes are the most crucial measure of investment outcomes. But managing real return risk involves thinking differently about what risk really means in portfolios.

    Tim Farrelly | 22-08-13 | More
  33. Why emerging markets are attractive today

    The first argument for investing in emerging markets is that's where the growth is. That said, high economic growth does not necessarily imply high stock returns.

    Prof. Burton Malkiel, Vanguard Investments | 22-08-13 | More
  34. Japan & China - turning the tables

    China needs to embrace a stronger RMB - can it become the EM's Duetsche Mark - while Japan has embarked on a structurally weak yen, with profound implications for the rest of the world.

    Louis-Vincent Gave, GaveKal | 22-08-13 | More
  35. Enhancing clients' human capital

    For most, human capital is the most important source of financial capital and consumption through life. Nurturing, managing and protecting it is of paramount importance.

    Graham Long, The Wayside Chapel | 21-08-13 | More
  36. Global demographics and portfolio construction fundamentals

    The world is going through a period of demographic shift that is without parallel in history - with six investment sectors advantaged.

    Amlan Roy, Credit Suisse | 21-08-13 | More
  37. I've been thinking about managing longevity risk

    At a practical level, how can we manage the risk of a client not maintaining their desired standard of living in retirement because they have lived longer than expected?

    Tim Farrelly | 21-08-13 | 2 comments | More
  38. A multi-speed world

    Recorded exclusively for PortfolioConstruction Forum PIMCO's Mohammed El-Erian discusses QE, and whether Australia can continue to escape the new normal.

    Mohamed El-Erian | 21-08-13 | More
  39. I've been thinking about safe withdrawal rates

    The rule of thumb 4% pa safe withdrawal rate has proven fairly robust in ensuring most retirees don't run out of money, but it is coming under pressure in the current environment.

    Michael Kitces | 21-08-13 | More
  40. I've been thinking about managing return risk

    Managing sequencing risk - the risk of poor or negative returns near or around retirement age when a portfolio is at its largest and most vulnerable - is a critical component of lifecycle investing.

    Michael Drew, Griffith Business School | 21-08-13 | More
  41. A century of evidence of trend following investing

    Is the strong performance of trend-following strategies a statistical fluke of the last few decades or a more robust phenomenon over a wide range of economic conditions?

    Gregor Andrade, AQR Capital Management | 21-08-13 | More
  42. Portfolio construction post retirement - it's not all about income

    Yield hungry investors would do well to take stock of their real investment objectives before making the headlong plunge into rapidly appreciating high yielding stocks and bonds.

    Greg Cooper, Schroders Australia | 21-08-13 | More
  43. Demographics - a powerful investment driver

    Today's younger generation will become tomorrow's older generation. This predictability makes demographic shifts the single most powerful investment force of our time.

    Nicky Stafford & Hilary Natoff, Fidelity Worldwide Investment | 21-08-13 | More
  44. Asset allocation in decumulation - can you ignore valuations?

    In constructing a portfolio to help clients meet their retirement goals, practitioners need to factor in the three most significant risks. A logical, valuation-based approach can help.

    Richard Carter, Allan Gray | 21-08-13 | More
  45. Retirement monies - what to do?

    Baby boomer retirees need an investment approach that delivers the income they need and maintains the ability to meet their other objectives too.

    Aaron Minney | 21-08-13 | More
  46. Lifecycle investing - an Australian context

    Recorded exclusively for PortfolioConstruction Forum, Prof. Jack Gray explains why lifecycle investing concepts needs adaptation for Australia.

    Prof Jack Gray, UTS | 21-08-13 | More
  47. Preserving income and capital during drawdown

    As investors move into decumulation, infrastructure can make a meaningful contribution to portfolios.

    Nick Langley | 21-08-13 | More
  48. GFC = -27%. Try again

    The traditional balanced fund for retirement investing resulted in a GFC return of -27%. It's time to put in place a new approach to plan for THE future as opposed to A future.

    Dan Farley, State Street Global Advisors | 21-08-13 | More
  49. Get the inside edge – accessing pure equity investments

    Australian investors can get better returns and increase the transparency of the companies they invest in, by including unlisted equity in portfolios.

    Stefan Naef, Partners Group | 21-08-13 | More
  50. Converting volatility to yield - managing your return profile

    Traditional unit trust structures can be disadvantageous to clients seeking higher income. New options better manage this from both an investment and structure perspective.

    Jason Petras, BT Investment Management | 21-08-13 | More
  51. The search for yield without compromising capital

    To fill the income void, investors need not look much further than Australia's liquid and ever-growing bond market which, unlike the majority of the developed world, still offers positive real rates.

    Robert Mead, PIMCO | 21-08-13 | More
  52. Investing for income vs wealth

    Exclusively for PortfolioConstruction Forum, Nobel laureate Robert Merton discusses moving to an income goal for the retirement phase of an investor's lifecycle.

    Prof. Robert Merton, Dimensional Fund Advisors | 21-08-13 | 1 comment | More
  53. Four key lifecycle investing challenges

    Lifecycle investing differs from more traditional approaches to financial planning in a number of important ways - but it is not without its challenges.

    David Bell, St Davids Rd Advisory | 21-08-13 | 3 comments | More
  54. A defining challenge for our age

    Recorded exclusively for PortfolioConstruction Forum Conference, Larry Fink argues that if we don't address the challenges of increasing longevity, it will be an expensive blessing.

    Larry Fink, BlackRock | 21-08-13 | More
  55. The macro lifecycle

    Like people, economies and markets have lifecycles. This global macro economic, geopolitical and market scene setter looks at where we are in the macro lifecycle and implications for portfolios.

    Hon. Dr Pippa Malmgren, DRPM Group | 21-08-13 | More
  56. Lifecycle Investing - accumulation, decumulation

    Better quality portfolio construction must take a whole of life focus, considering accumulation and decumulation as equally important phases of one continuous process.

    Graham Rich, PortfolioConstruction Forum | 21-08-13 | More
  57. The volatility effect in emerging markets

    This paper examines the empirical relation between risk and return in emerging equity markets and finds that this relation is flat, or even negative.

    David Blitz, Juan Pang, & Pim van Vliet, Robeco | 11-08-13 | More
  58. Planning from the outside in

    There are valuable lessons in this paper by an adviser who embraced the lifecycle investing approach.

    Angela Ashton, PortfolioConstruction Forum | 05-08-13 | 2 comments | More
  59. Superannuation's contribution to Australia's economic future

    Australia faces big economic challenges - meaning superannuation will inevitably feel pressure for reform which will encompass four key changes.

    John Daley, Grattan Institute | 02-08-13 | More
  60. Frequent tinkering won't pay off

    Frequently adjusting portfolios is counterproductive even if costs are cheap, according to a new study.

    Wharton University | 02-08-13 | More
  61. Keep your eyes on the size

    Increasing FUM brings the risk of detrimental effects on performance, some obvious, others less so.

    David Scobie, Mercer | 31-07-13 | More
  62. Is the 4% rule folly?

    Defining failure of a retirement investment strategy as the chance of running out of money in retirement leads us to try to minimise this risk. Is it the right approach?

    Angela Ashton, PortfolioConstruction Forum | 30-07-13 | More
  63. Issues Paper: Lifecycle investing

    Lifecycle investing considers the whole of a person's life to ensure acceptable standards of living are achieved consistently. It differs from more traditional approaches to financial planning in a number of important ways.

    PortfolioConstruction Forum | 26-07-13 | 1 comment | More
  64. Risky business

    According to a recent survey, 37% of retirees cannot tolerate any portfolio losses in any one year. Even conservative portfolios would have failed that test over the past 25 years.

    DFS Portfolio Solutions | 26-07-13 | More
  65. Sea change - the end of ZIRP

    If "The Power of Zero" were a movie, we've just watched the end. The great rotation out of bonds has begun and the beneficiaries will be cash, property, and equities.

    Bill Priest, Epoch Investment Partners | 24-07-13 | More
  66. The retirement risk zone

    One of the few studies on sequencing risk that is based on Australian data, it finds that the widely accepted retirement risk zone rule of thumb is quite wrong for local conditions.

    Angela Ashton, PortfolioConstruction Forum | 23-07-13 | More
  67. The risk issue we need to talk about

    While it is hard to quantify the benefits of investment risk management, it should not be discounted. Risk management is far more than just reporting volatility.

    David Bell, St Davids Rd Advisory | 19-07-13 | More
  68. Being objective about your objectives

    Many objectives-based investors have tilted their portfolios to high-yield Australian stocks, to achieve income and growth. But there are inherent problems with this.

    James Dunn, PortfolioConstruction Forum | 16-07-13 | More
  69. Valuations & safe withdrawal rates

    This paper is a valuable addition to research on safe withdrawal rates for retirement portfolios, finding the 4% safe withdrawal rate may not be so safe in today's conditions.

    Angela Ashton, PortfolioConstruction Forum | 15-07-13 | More
  70. Retirement withdrawals - the historic return dilemma

    The findings of this paper suggest that legislated minimum pension withdrawal rates may be too high and lead retirees to run out of money sooner than planned.

    Angela Ashton, PortfolioConstruction Forum | 11-07-13 | 5 comments | More
  71. Global risk outlook for 2013 deterioriates

    The EU faces another stomach-churching Summer and Autumn, while the Euro correction has started. At least Australian velocity of money is painting a pretty positive picture.

    Nick Bullman, CheckRisk | 07-07-13 | More
  72. Getting micro about the macro

    Diversification across asset classes didn't hold up well under the blowtorch of the GFC. Allocating across risk factors, rather than asset classes, can lead to better diversification.

    Chris Campisano, BlackRock | 05-07-13 | 1 comment | More
  73. 2013 Symposium - CPD Quiz

    Symposium facilitated debate on the three pillars of portfolio construction – markets, strategies and investing - to help delegates build better quality portfolios. This CPD Quiz is for delegates to complete, to receive Structured CPD Hours.

    01-07-13 | More
  74. Brazil and beyond

    LatAm is a relatively unexplored investment landscape that has some long-term advantages compared to Asia or emerging Europe.

    Igal Magendzo, Itau Asset Management | 25-06-13 | More
  75. Academy Winter Seminar 2013 - Resources Kit

    The Academy Winter Seminar 2013 features four sessions: Get micro about the macro - looking at big risks through the microscope; The Equity Risk Premium; A focus on Australian equities strategies in an objectives-based investing world; and, Equities and Inflation.

    21-06-13 | 1 comment | More
  76. Academy Autumn Seminar 2013 - Resources Kit

    The Academy Autumn Seminar 2013 featured five sessions: Market risk; Is Chinese growth a ponzi scheme?; Risk profiling; The approach to risk profiling for retirees; and Using risk factors to evaluate investments and build portfolios.

    21-06-13 | 3 comments | More
  77. Academy Summer Seminar 2013 - Resources Kit

    The Academy Summer Seminar 2013 featured three sessions: Making sense of the noise; Making sense of macroeconomic data; and, measurement and mis-measurement of risk.

    21-06-13 | More
  78. Academy Spring Seminar 2012 - Resources Kit

    The Academy Spring Seminar 2012 featured four sessions: Believe it or not; Improving decision-making under uncertainty; Diversification - where it works (and where it doesn't); and The changing of the Chinese guard.

    21-06-13 | More
  79. Why clients fire advisers

    After years of talking with clients coming to his firm from other advisers, one adviser compiled a list of reasons they left. I suspect these practices are widespread.

    Bob Veres, Inside Information | 19-06-13 | 1 comment | More
  80. Buckle up

    I continue to be positive on the broader global economic backdrop - but buckle up and prepare for some turbulence over the next few months.

    Jonathan Pain | 17-06-13 | More
  81. The risk in risk parity

    This recent research paper challenges the usual risk parity approach to asset allocation.

    Angela Ashton, PortfolioConstruction Forum | 13-06-13 | More
  82. Risk profiling - part art, part science, all necessary

    Investment is often compromised by the quest for easy answers to difficult and involved issues. Risk is one.

    James Dunn, PortfolioConstruction Forum | 12-06-13 | 2 comments | More
  83. Don't sail in murky waters?

    When all the risks are plain to see, investors understandably become cautious. But often, the very best time to buy is when the risks are well and truly known.

    Tim Farrelly | 07-06-13 | 2 comments | More
  84. The great value divide

    Parts of the private equity market are offering three times the return of high yield debt, for a third less risk.

    Urs Wietlisbach, Partners Group | 07-06-13 | More
  85. To find alpha, first define it

    Everyone knows what alpha is - right? Yet even experienced practitioners fall into the trap of talking about alpha as being purely outperformance.

    James Dunn, PortfolioConstruction Forum | 07-06-13 | 2 comments | More
  86. The Fed's almost impossible balancing act

    The reaction of bond and equity markets in May highlights the almost impossible balancing act faced by the US Fed now the amount of monetary stimulus is so extreme.

    Christian Hawkesby, Harbour Asset Management | 07-06-13 | 2 comments | More
  87. Leverage aversion and risk parity

    This paper may provide the missing theoretical basis to why risk parity works - a key step forward to it being accepted as a valid approach to asset allocation.

    Angela Ashton, PortfolioConstruction Forum | 05-06-13 | 2 comments | More
  88. 2013 Symposium - Resources Kit

    Symposium facilitates debate on the three pillars of portfolio construction – markets, strategies and investing. Established in 2011, it is THE New Zealand investment conference of the year.

    31-05-13 | More
  89. How pursuing your passion can land new clients

    Last week I spoke to an adviser about how he turns one of his favourite recreational activity into new clients. It's simple and has paid big dividends.

    Dan Richards, ClientInsights | 29-05-13 | More
  90. Should we use bucket strategies?

    Recent research shows that bucket strategies can result in less optimal retirement outcomes. So rather than invest that way, why don't we just report that way?

    Michael Kitces | 24-05-13 | 2 comments | More
  91. The idea for the next decade

    Often with investing, simple ideas work best. Last decade, the name of the game was to front run Chinese investors. For the next decade, the story is different, and even simpler.

    Louis-Vincent Gave, GaveKal | 24-05-13 | 1 comment | More
  92. Are fund of hedge funds dead?

    A new research paper finds that there is very little difference between the cost of a FoHF and investing directly.

    Zenith | 24-05-13 | 3 comments | More
  93. Are annuities good value for money?

    Clients who buy insurance accept they may never see any benefit. Annuities offer more value per dollar spent than common general insurance products.

    Challenger Retirement Income Research | 24-05-13 | More
  94. Symposium 2013 - key takeouts

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

    22-05-13 | More
  95. Understanding retirement sequencing risk

    What really does, and does not, cause a retirement plan to run out of money? The true danger for many is not a market crash or black swan event.

    Michael Kitces | 22-05-13 | More
  96. Meeting the longevity challenge

    Misjudging longevity can have a very detrimental impact quality of retirement. A strategic approach is needed to better manage longevity implications for portfolios.

    David Williams, My Longevity | 22-05-13 | More
  97. The way forward for NZ listed property

    Property’s attractive characteristic as an asset class is that it is able to deliver relatively stable revenue streams, with a growth profile in line with inflation. This presentation and paper discuss listed property in the context of the New Zealand market and give some perspective on the sector’s track record over the last cycle.

    Craig Tyson, OnePath NZ | 22-05-13 | More
  98. What does an elevated ERP mean for investing?

    A changing Equity Risk Premium has implications beyond considering allocations to equities and bonds. This presentation and paper consider the factors that might drive a change in the Equity Risk Premium and ask - If elevated ERPs fall, which sectors and stocks might benefit the most? What implications might that have for investing?

    Andrew Bascand, Harbour Asset Management | 22-05-13 | More
  99. Capital preservation in a rising rate environment

    For nearly 30 years bond yields globally have fallen, generating significantly positive returns to investors - but with yields near record lows and global growth improving, this is unlikely to continue. This presentation and paper explore the development of the NZ fixed income market and consider ways for investors to better protect themselves against the growing risks.

    Grant Hassell, AMP Capital NZ | 22-05-13 | More
  100. Longevity is opportunity

    Throughout Symposium 2013, PortfolioConstruction Forum Publisher and Symposium Moderator, Graham Rich, presented Video Thought Pieces in which leading global investment experts shared their thoughts on investment challenges. This video featured a panel of experts debating the opportunities and possibilities created by the aging population via the resulting seismic shift in health care, jobs, education, housing, transportation, technology, travel, consumer products and entertainment.

    22-05-13 | More
  101. Identifying the right wave

    Throughout Symposium 2013, PortfolioConstruction Forum Publisher and Symposium Moderator, Graham Rich, presented Video Thought Pieces in which leading global investment experts shared their thoughts on investment challenges. This video featured Mohamed El-Erian talking about how investing is fundamentally like being a surfer.

    Mohamed El-Erian | 22-05-13 | More
  102. Risks and rewards

    Five pillars of risk neatly encapsulate the main areas of risk and contagion that all investors should be watching. In the changing risk environment, the key is to determine which parts of the world are actually paying you to take risk, and which areas are definitely not.

    Nick Bullman, CheckRisk | 22-05-13 | More
  103. An all-encompassing approach to EM

    Is it possible to reduce emerging markets’ volatility without sacrificing return potential? This paper and presentation show that a portfolio with emerging stocks, bonds and currencies managed in an active, unconstrained and integrated strategy can capture a greater set of opportunities to seek the high returns associated with EM growth, with better risk management potential.

    Ross Kent, AllianceBernstein Australia/NZ | 21-05-13 | More
  104. Blending active and index products

    The low yield world has focused investors on the costs of investing, while changing regulation is leading to greater alignment between portfolio choices and risk-return profiles. Together these factors are transforming the use of active management, indexing and the blending of investment styles. This paper and presentation highlight the results of a survey of various approaches to blending active and index funds in portfolios.

    Oliver Berry, BlackRock | 21-05-13 | More
  105. Rethinking bond investment in an uncertain world

    It is time for investors to reorient their thinking about bond allocations and the investment strategies that drive them. In this environment, bond investors will need to adapt if they hope to prosper.

    David Fisher, PIMCO | 21-05-13 | More
  106. ETFs – top 5 portfolio strategy considerations

    ETFs have grown substantially in size, range, complexity and popularity in recent years. This presentation and paper provide the key issues and portfolio strategy considerations relating to ETFs that can form part of the client conversation. These considerations are not often discussed but should influence whether and how ETFs may be used by clients relative to alternative structures.

    Gavin Shepherd, Strategy Steps  | 21-05-13 | More
  107. Boomers, herding, denial and zeitgeist

    Many of the conventional approaches to post-retirement portfolio construction have not been scrutinised adequately in terms of possible outcomes for retirees adopting these approaches. This paper and presentation assess the possible outcomes of using these approaches in meeting income objectives and examines how the advice process can evolve to better address specific objectives by adopting a more holistic approach to portfolio construction.

    Lukasz de Pourbaix, Lonsec | 21-05-13 | More
  108. Winning by not losing

    Building a better global equity portfolio requires a new structure that incorporates both high-growth/higher expected-return elements (emerging markets and small cap, for example) and a complementary low volatility component. This paper and presentation explain why low-volatility equities make sense and provides an overview of the types of strategies available.

    Philip Houghton-Brown, Mercer NZ | 21-05-13 | More
  109. A risk parity approach to building portfolios

    What is risk parity investing? What are the practical challenges of implementing such strategies in portfolios? Why might risk parity portfolios represent a better way to protect clients through diversification.

    Michael Kitces | 21-05-13 | More
  110. Diversification - when it works

    This presentation was preparation for the interactive workshop later in the program, looking at the fundamental principles behind diversification, the critical role of correlation in getting diversification benefits, and how practically to consider the benefits of diversification when designing portfolios.

    Tim Farrelly | 21-05-13 | More
  111. Stay positive

    Despite having much to worry about - a Eurozone in recession, a listless US recovery, Japan's QE, slowing China growth, North Korea - the S&P 500 reached new, all-time highs recently. Where to from here?

    Jonathan Pain | 21-05-13 | More
  112. Building portfolios in a brave new world

    There is a new, evolving world order affecting asset prices. Game theory provides a framework for better assessing what’s happening and the implications for investing.

    Brian Singer, William Blair & Co | 21-05-13 | More
  113. So far, King Kong is winning

    Throughout Symposium 2013, PortfolioConstruction Forum Publisher and Symposium Moderator, Graham Rich, presented Video Thought Pieces in which leading global investment experts shared their thoughts on investment challenges. This video featured Mohamed El-Erian talking about the interplay of the visible hand (QE) and the invisible hand (the markets).

    Mohamed El-Erian | 21-05-13 | More
  114. The legend of Benjamin Graham

    Throughout Symposium 2013, PortfolioConstruction Forum Publisher and Symposium Moderator, Graham Rich, presented Video Thought Pieces in which leading global investment experts shared their thoughts on investment challenges. This video featured Warren Buffett and others talking about the lessons they learned from the legendary Benjamin Graham.

    21-05-13 | More
  115. KiwiSaver twists and turns

    Nearly six years after KiwiSaver launched, there are now more than 2.1 million people contributing with $14.5 billion in the scheme. But many advisers are shunning KiwiSaver-only clients as large institutional advisers reel them in.

    David Maida, financialalert | 16-05-13 | More
  116. An artificial world

    PortfolioConstruction Forum's publisher sat down for an exclusive one-on-one with PIMCO CEO and co-CIO, Mohamed El-Erian to what he calls a "fluid, unpredictable and artificial world".

    Mohamed El-Erian | 10-05-13 | More
  117. An introduction to lifecycle theory

    The essence of lifecycle theory is that portfolio outcomes should contribute to the attainment of an individual's goals and desires in life.

    David Bell, St Davids Rd Advisory | 10-05-13 | More
  118. So you call yourself a Financial Planner?

    Australia is looking at enshrining the term "financial planner/adviser" into law. New Zealand is already a step ahead. We look at the titles advisers are using, what the law allows, and what advisers may call themselves in the future.

    David Maida, financialalert | 09-05-13 | 8 comments | More
  119. Risk smile a complex environment

    Markets had a very good run in Q1 2013. But which parts of the world are actually paying you to take risk, and which areas are definitely not?

    Nick Bullman, CheckRisk | 08-05-13 | More
  120. Down on gold?

    Gold has traditionally been seen as a safe haven to provide insurance to portfolios - but on 11 April its price began to free fall. Why? And does gold have a place in portfolios?

    David Maida, PortfolioConstruction Forum | 30-04-13 | 4 comments | More
  121. Tail risks in global equities

    What's the probability of a major risk event for global equity markets this year - and what are the major opportunities?

    Hamish Douglass, Magellan Financial Group | 18-04-13 | More
  122. Low interest rates for the long haul

    The Australian economy is affected only tangentially by fiscal problems elsewhere, but there are strong effects on markets. Currency is the lynchpin.

    Tim Farrelly | 18-04-13 | More
  123. Climbing the mother of all walls

    We're seeing a significant correction in global equity markets and commodity markets including a staggering decline in gold. What does this mean for portfolios?

    Jonathan Pain | 16-04-13 | 6 comments | More
  124. Mortality risk

    It is unfortunate that most people spend much more time considering investment risk than mortality risk.

    David Bell, St Davids Rd Advisory | 12-04-13 | 1 comment | More
  125. Abe and Kuroda - wow!

    What Bank of Japan Governor Kuroda announced last week was quite dramatic. It is the first time I can remember Japanese policymakers truly and positively surprising markets.

    Jim O'Neill | 12-04-13 | More
  126. The role of fixed income in portfolios

    With interest rates at historic lows, and likelyrate rises ahead, what are the implications for building the fixed income part of portfolios?

    David Maida, financialalert | 11-04-13 | More
  127. Time to rethink direct equities?

    With 440,000 pre-registered to buy Mighty River Power, we asked some advisers about their view on the role of direct equities in investor's portfolios.

    David Maida, financialalert | 03-04-13 | 1 comment | More
  128. Climbing a wall of worry

    Despite the Cypriot tragedy, the next few years will see stronger global GDP numbers than in a very long time.

    Jonathan Pain | 28-03-13 | More
  129. 2013 Global Investments Forum - Resources Kit

    With cash no longer providing the same high returns and income required for investors approaching or already in retirement, Global Investments Forum 2013 brought together selected senior investment professionals spanning the major sectors, strategies and regions of the world.

    27-03-13 | More
  130. Global Investments Forum 2013 - CPD

    This CPD Quiz is only open to those who attended Global Investments Forum 2013. Each question is compulsory and must be completed to receive your CPD accreditation.

    26-03-13 | More
  131. Cyprus - never let a crisis go to waste

    How can a $22bn economy be the dominant global topic of conversation? Cyprus is the epicentre of strategic issues.

    Jim O'Neill | 26-03-13 | More
  132. Opportunity in Japan

    In terms of raw value and potential upside, Japanese equities offer one of the more compelling opportunities.

    John Hock, Altrinsic Global Advisors | 22-03-13 | More
  133. China not firing on all cylinders

    Signs of a cyclical re-acceleration are emerging, but the upswing in China's economy is not firing on all cylinders.

    Harry Colvin, Longview Economics | 22-03-13 | More
  134. Rational temperance

    On a 1-10 scale for irrationality, US credit and high yield bond prices are probably a 6 and moving up.

    Bill Gross, PIMCO | 22-03-13 | More
  135. A BRICS Development Bank?

    The talked-of Bank could have important implications for how economics and finance is changing.

    Jim O'Neill | 22-03-13 | More
  136. Safe withdrawal rates in a low yield environment

    Just because starting conditions are suboptimal does not guarantee that safe withdrawal rates will fail today's retirees.

    Michael Kitces | 15-03-13 | More
  137. A tool in the fight against global rate repression

    Tom discusses why the corporate bond space offers positive real yields in a globally repressed rate environment.

    Thomas Murphy, Columbia Management | 12-03-13 | More
  138. The revolutionary changes re-shaping Asia

    RMB nationalisation and how it is becoming a trading currency, as well as political changes in Thailand, India and the Philippines and how these are triggering bull markets.

    featuring Louis-Vincent Gave, GaveKal | 12-03-13 | More
  139. Going global to diversify your income

    Stephen discusses the rise of income investing and the advantages of global equities for income seeking investors. As a global energy specialist, he discusses the US shale energy revolution and industrial renaissance, before concluding with insights on the eurozone, and why it remains a significant and underappreciated threat to a global recovery.

    Stephen Thornber, Threadneedle Investments | 12-03-13 | More
  140. Risk replacing the quality of cash

    Ethan discusses why risk matters, the characteristics of a higher quality return stream and how size, scale, diversification, costs and non-market risks can influence the consistency and repeatability of an investment process.

    Ethan Baron, Lighthouse Investment Partners | 12-03-13 | More
  141. Asset allocation in a zero rate world

    Global central bank objectives in 2013, the impact on asset allocation, and avoiding mis-allocation of capital.

    John Fitzgibbon, Lighthouse Investment Partners | 12-03-13 | More
  142. Opportunities in private markets

    Adrian will discuss global fundraising and the secondary market including secondary market supply/demand, the market participants, key challenges, market catalysts and how to gain easier access to this much misunderstood asset class.

    Adrian Millan, Park Hill | 12-03-13 | More
  143. 2013 Markets Summit key takeouts

    The key takeouts from the program and actions to take when building quality investor portfolios.

    Tim Farrelly & Hon. Dr Pippa Malmgren | 19-02-13 | More
  144. The global economy - Expert Panel

    Four economic experts debated the outlook for the global economy and portfolio construction implications.

    19-02-13 | More
  145. The global economy - Russ Koesterich

    The key market and economic risks and opportunities ahead - and portfolio construction implications.

    Russ Koesterich, BlackRock | 19-02-13 | More
  146. Is Australia on the podium?

    Australia's national income per person is the 5th-highest in the world. But the drivers of success are deteriorating.

    Mark Rider, UBS Global Asset Management  | 19-02-13 | More
  147. The five pillars of risk

    The US fiscal cliff; global slowdown; EU crisis; Middle East and oil prices; and contagion risk.

    Nick Bullman, CheckRisk | 19-02-13 | More
  148. The road ahead

    Five themes define the opportunity set for asset classes and markets for the coming five years.

    Jim McCaughan, Principal Global Investors | 14-02-13 | More
  149. The outlook for Asian equities in 2013

    Amidst the volatility and doomsday talk in China, Asia ex-Japan equities ended up as the best performing region in 2012. For 2013, the outlook for Asia continues to be positive.

    Eng Teck Tan, TAAM | 12-02-13 | More
  150. The history of EM growth

    What happens after 10% growth? History shows few economies last the distance.

    Chris Watling | 08-02-13 | More
  151. Three scenarios for 2013

    For better or worse, 2013 is likely to be another year when the market's fate will rest largely with politicians and policy makers. For now, we remain cautiously optimistic.

    Russ Koesterich, BlackRock | 01-02-13 | More