1. An update on the route and destination

    In the US, despite moderate growth, we see very attractive valuations while many emerging markets are undervalued. But 7% growth in China is unrealistic.

    Ronald Temple | 03-10-14 | More
  2. The big differences with EM debt

    EM debt is a relatively new asset class. In any liquid format, it's only been around for about 20 years - and the most attractive part of the EM debt market has yet to re-rate.

    Arif Joshi, Lazard Asset Management | 18-09-14 | More
  3. The power of R cubed

    It is given that we all are wired to act foolishly sometimes, so how can we be better "choice architects" and "decision reassurers" for ourselves and our clients?

    Dr David Lazenby, ScenarioNow Inc | 21-08-14 | More
  4. Navigating risk through asset allocation - the 1st order decision

    This presentation addresses the importance of developing improved and dynamic investment approaches that seek to better understand and manage total portfolio risk as well as identify sources of return.

    Dan Farley, State Street Global Advisors | 21-08-14 | More
  5. Behavioural approaches to retirement risk communication

    Individuals are vulnerable to economic and financial risks as they approach and enter retirement. Insights from behavioural finance can be used to enhance risk communication and retirement outcomes.

    Prof Hazel Bateman, UNSW | 21-08-14 | More
  6. Investing with risk in mind

    Investors should be aware of the risks they are exposed to within a portfolio and when they're being paid to take risk (or not). A different approach is needed to build portfolios with better risk awareness.

    Nick Bullman, CheckRisk | 21-08-14 | More
  7. Risk rapporting

    Formal reports redolent with data and analysis fail to communicate risks as people actually feel them. Reports need to be replaced by rapports, by engaged conversations.

    Prof Jack Gray, UTS | 21-08-14 | More
  8. Capturing the emerging market equity premium with lower risk

    The empirical relation between risk and return in emerging equity markets is flat, or even negative - including controlling for exposures to the size, value and momentum effects.

    Frank Wirds | 21-08-14 | More
  9. Lengthening the investment time horizon

    Company fundamentals don't change nearly as much as equity market prices - and therein lies an opportunity for investors with a longer-term view.

    Sanjay Natarajan, MFS Investment Management | 21-08-14 | More
  10. A practitioner's guide to building absolute return portfolios

    To achieve absolute return objectives, many risk management techniques remain relevant but their application and focus need to change.

    Nick Griffiths and Antonio Meroni, Pengana Capital | 21-08-14 | More
  11. Demographics versus The Bear

    Demographic understanding is now one of the most important elements in the areas of government and - importantly for investors - future drivers in financial market returns.

    Vimal Gor, BT Investment Management | 21-08-14 | More
  12. New directions in high-yield investment

    Bonds are no longer risk free. It's time to accept the idea and move on - to broaden the traditional idea of fixed-income as a form of risk mitigation and view it also as a risk-and-return proposition.

    Guy Bruten, AllianceBernstein | 21-08-14 | More
  13. Geopol- tical risks growing in East Asia

    China's taken a tough approach to its periphery. This doesn't necessarily spell doom and gloom for Australia and the region.

    Linda Jakobson | 21-08-14 | More
  14. Geopolitical risks (and rewards) - the impact on portfolios

    If geopolitics is far more important in considering investment markets today, how do we integrate geopolitics into portfolio construction?

    Marko Papic, BCA Research | 21-08-14 | More
  15. Quiescent markets - why is volatility so low?

    With global volatility at multi decade lows, the critical questions become: should we be worried or relaxed? What next? In fact, quiescent markets should be feared, not embraced.

    Chris Watling | 21-08-14 | More
  16. Risk parity portfolios and the low beta premium

    In recent years, the risk parity approach to asset allocation has been gaining popularity. Evidence supports it but confidence in its efficacy requires a theoretical justification.

    Cliff Asness, AQR Capital Management | 21-08-14 | More
  17. Understanding both sides of the risk and return equation

    As we sit today with some unprecedented market conditions, it's probably more relevant than ever to understand both sides of the risk and return equation in the fixed income space.

    Dr Michael Hasenstab, Franklin Templeton | 21-08-14 | More
  18. Risk parity portfolios - fad or future?

    Is risk parity's outperformance in the past decade sustainable or just a quirk of the unusual markets.

    Michael Kitces | 21-08-14 | More
  19. The power of the 3rd R

    To flourish in the robo-advice era, portfolio construction practitioners must provide clients with a positive Return on Attention (ROA), Intimacy (ROI) and Empathy (ROE).

    Dr David Lazenby, ScenarioNow Inc | 20-08-14 | More
  20. Are risk and return really linked?

    What return premia - if any - are attached to different types of investment risk? And just how reliable those premia are in practice? Can the risks be diversified?

    Tim Farrelly | 20-08-14 | More
  21. Residential property - riskier than equities?

    For many Australians, their house is one of their biggest assets, if not the biggest. But a leveraged owner-occupied home is riskier than the sharemarket.

    Christopher Joye, Smarter Money Investments | 20-08-14 | More
  22. Conversations that matter

    We need to relate to investors in such a way that they can once again know and trust that financial security is a fact, not a feeling.

    Timothy Noonan, Russell Investments | 20-08-14 | More
  23. How best to take portfolio risk

    The traditional approach to portfolio construction is to own a diversified portfolio, adjusting total risk up or down. An alternative is to take a bucket approach.

    Michael Kitces | 20-08-14 | More
  24. The quest for returns in the new world paradigm "Redux"

    A sustained period of lower global growth, rich valuations from traditional assets and an eerie calm before the storm in asset price volatility require a different approach to asset allocation.

    David Griffith, BlackRock | 20-08-14 | More
  25. Private equity - diversifying equity portfolios

    Public equity valuations have disconnected from underlying earnings and there is a distorted link between perceived and actual risk.

    Urs Wietlisbach, Partners Group | 20-08-14 | More
  26. Breaking the Risk On/Risk Off cycle

    In managing a risk on/risk off world, investors can maintain or increase exposure to growth assets while experiencing a smoother ride.

    Don Hamson, Plato Investment Management | 20-08-14 | More
  27. Are you hanging your client's investment aspirations on six stocks?

    The top six stocks in the ASX 300 represent 45% of market cap and 50% of market risk. A 4% TE constrained manager must hold 15%-20% in these six stocks even if they do not like them.

    Olivia Engel | 20-08-14 | More
  28. Evaluating the Australian bond market through a global lens

    The seismic shift in fixed income after a 30-year bull market for bonds has created significant portfolio construction challenges and opportunities.

    Chris Siniakov & Andrew Canobi, Franklin Templeton Investments | 20-08-14 | More
  29. Building a robust portfolio for future unknowns

    To ensure risk is genuinely well diversified takes a forward-looking scenario-analysis process to combine quantitative rigor with qualitative insights of the plausible but unlikely extreme stresses we might face.

    Mark Foster, Standard Life Investments | 20-08-14 | More
  30. VIX-ING your portfolio

    When looking to reconnect risk and return in portfolios, what better place to start than with the barometer of equity market risk itself?

    Simon Ho, Triple 3 Partners | 20-08-14 | More
  31. Trends and opportunities in global listed infrastructure

    The size of the global infrastructure asset universe will expand from $40 trillion earlier this decade to over $110 trillion by 2030, presenting significant opportunities to invest.

    David Hale, David Hale Global Economics | 20-08-14 | More
  32. Alpha Potential - identifying active management opportunities

    Alpha Potential is gaining traction as another important quantitative tool. Its use lies in identifying opportunities for active management of Australian equities amongst other asset classes.

    Robert Penaloza and Andrew Kophamel, Aberdeen Asset Management  | 20-08-14 | More
  33. Fixed income: The future is flexible

    Investing in unconstrained fixed income strategies with more flexibility to change duration and sector exposures can have a positive impact on a portfolio’s overall risk and return profile.

    Nick Gartside, JP Morgan Asset Management | 20-08-14 | More
  34. Risk & return: Two investment approaches

    If risk and return are imperfectly linked, there is opportunity to increase average return, without increasing risk - particularly in equity markets where risk is mispriced.

    Ryan Taliaferro, Acadian Asset Management | 20-08-14 | More
  35. Dysfunctional risk and return

    In many cases, fundamental risk and return characteristics have been shown the door as funds have flowed into ever lower yielding income asset classes.

    Mark Kiesel, PIMCO | 20-08-14 | More
  36. Reconnecting the three Rs - Risk & Return (& Relating)

    The last decade has seen a distinct disconnect between investment risk and return, versus what we're taught should be the case.

    Graham Rich, PortfolioConstruction Forum | 20-08-14 | More
  37. How different fixed income is today

    Fixed income has changed, and is very different today versus what it was years ago. It makes sense to evolve your portfolios accordingly.

    Rick Rieder, BlackRock | 20-08-14 | More
  38. The changing nature of interest rates and inflation

    What are the questions that everyone is asking today? When will interest rates spike? And, what about the increased rate of inflation? One has to accept the changing nature of these two elements.

    Joan Payden, Payden & Rygel | 20-08-14 | More
  39. Managing expectations - keeping clients goal-focused

    The constant challenge is to keep clients focused on their wealth goal when they are distracted by the many other factors that influence their perception of risk.

    Kajanga Kulatunga, MLC Investment Management | 19-08-14 | More
  40. Conversational methods that accelerate trust

    To improve client outcomes, financial practitioners must master six basic response skills.

    Dr David Lazenby, ScenarioNow Inc | 19-08-14 | More
  41. Belief is not enough

    Belief and philosophy when it comes to investing are not enough. Without culture and rigour, it is highly unlikely an investor will maintain their beliefs in all market conditions and cycles.

    Simon Mawhinney, Allan Gray | 19-08-14 | More
  42. Risk & return mythbusters

    A common belief amongst financial practitioners is that investors and clients understand the investment objective. But are our investment beliefs a reflection of reality or investment myths?

    Fredrik Axsater, State Street Global Advisors | 19-08-14 | More
  43. Finology: The Financial Frontier

    Needleman said, "Money has a way to bring reality to situations". If so, the challenge is to have more scientific clarity helping to expose what money (and therefore investing) represents in a client's world.

    Dr David Lazenby, ScenarioNow Inc | 19-08-14 | More
  44. What is finology anyway?

    Finology is the emerging (and converging) research field covering the study of minds, customs and behaviours with respect to money. It incorporates behavioural finance, and much, much more.

    Michael Kitces | 19-08-14 | More
  45. Prepare for a change of course

    There may be rocks ahead. Reconnecting risk and return must be the right focus - but thinking conventional tools will keep us out of trouble may be a mistake.

    Alan Brown, Schroders | 18-08-14 | More
  46. The 5% solution

    Going forward, instead of 5% real, traditional stocks and bonds will offer about 2.5%. But there are many things you can do to bridge the gap.

    Cliff Asness, AQR Capital Management | 31-07-14 | 1 comment | More
  47. Four things that matter in 2014 and beyond

    Here are some brief thoughts on four issues that matter a lot, in our view. Two have been poorly discussed in the financial press, and the other two have been ignored completely.

    Woody Brock | 11-06-14 | More
  48. Where investing meets investors

    Three interrelated aspects of practically managing client portfolios - constructing portfolios using buckets, diversifying human capital, and the Withdrawal Policy Statement.

    Michael Kitces | 21-05-14 | More
  49. The Great Debate - A multi-dimensional view of portfolio risk

    Our Symposium NZ 2014 faculty debated that the best way for practitioners to manage a client's primary risk of not meeting their objectives is to manage the long-term uncertainty of returns.

    Symposium NZ 2014 Investment Advisory Board | 21-05-14 | More
  50. Valuations matter - implications for portfolio risk and return outcomes

    This paper and presentation argue that starting period equity valuations impact not just medium-term equity returns, but medium-term equity volatility and bond-equity correlations also.

    Keith Poore, AMP Capital NZ | 21-05-14 | More
  51. Investing in global bonds - a smarter way

    This paper and presentation argue against the use of debt-weighted benchmarks for global bond managers, in favour of a better approach to setting an appropriate benchmark.

    Graham Ansell, ANZ NZ Investments | 21-05-14 | More
  52. Popping the bonnet on central banks

    This paper and presentation argue that understanding what is going on under the bonnet at central banks is key to understanding what will drive markets, and how best to position portfolios.

    Christian Hawkesby, Harbour Asset Management | 21-05-14 | More
  53. Using risk factors to evaluate investments and build portfolios

    Using risk factors in evaluating investments in the portfolio construction process can provide valuable information about the true drivers of performance.

    Michael Furey | 21-05-14 | More
  54. How to judge the likelihood a manager will or has added value

    There's some evidence that some managers can add (relatively) consistent value net of costs. Can we (or anyone) identify them?

    Prof Jack Gray, UTS | 21-05-14 | More
  55. Has behavioural finance made us better (investors)?

    Are the human and organisational barriers to being better investors insurmountable, or can we learn and improve our decision-making?

    Prof Jack Gray, UTS | 20-05-14 | More
  56. Implementing the modern portfolio - in theory and in practice

    Typically, MPT has focused solely on how to invest within classes, not amongst them. But MPT continues to evolve.

    Michael Kitces | 20-05-14 | More
  57. Is regulation good or bad for investment markets?

    Recorded at the recent Symposium 2014, this session examined the truth as to whether regulation makes markets more efficient or causes markets to produce lower returns.

    Prof Robert MacCulloch, Auckland University Business School | 20-05-14 | More
  58. Capitalism - bruised but still champion

    In the wake of the GFC, the public's belief in the free market has taken a battering. But for all its flaws, capitalism remains the best way of creating prosperity.

    Oliver Hartwich, The New Zealand Initiative | 20-05-14 | More
  59. About the risk tolerance paradox

    This paper and presentation provide an introduction to the risk tolerance paradox, exploring the main reason it exists, and introducing risk management strategies that seek to solve the problem.

    Michael Armitage, Milliman Financial Risk Management | 20-05-14 | More
  60. USA will surprise on the upside

    This paper and presentation argue that there are real sign-posts that clearly suggest that the US is off its knees and ready to surprise the world on the upside, with significant implications for markets and portfolios.

    Nikki Thomas | 20-05-14 | More
  61. As global markets calm, be ever mindful of the risks

    This paper and presentation argue that the bond market can offer compensation against rising rates through roll down and active management of forwards.

    David Fisher, PIMCO | 20-05-14 | More
  62. The Great Unwind

    Central banks must complete the Great Unwind – removing ultra-easy monetary policies. The critical period for markets will come when the Fed lifts short-term rates (probably, but not necessarily, after tapering ends).

    Tim Farrelly | 20-05-14 | More
  63. What a wonderful world - around the world in 60 minutes

    The majority of the world will see an improvement in economic growth this year. While equities remain the most attractive asset class, they will need a more nimble approach.

    Jonathan Pain | 20-05-14 | More
  64. Challenging your portfolio construction beliefs

    Graham Rich opened Symposium 2014 in his usual thought-provoking (and entertaining) way, highlighting key issues to consider over the jam-packed, marathon program.

    Graham Rich, PortfolioConstruction Forum | 20-05-14 | More
  65. The investor's challenge

    Whatever return forecasts you make will be wrong - so you better have a portfolio that has the opportunity to make money in a very broad spectrum of investment outcomes.

    Guy Stern, Standard Life Investments | 05-05-14 | 1 comment | More
  66. Why valuation really matters

    Valuation is not just an important driver of investment returns but also of investment volatility.

    Stephen Anness | 30-04-14 | More
  67. Divorcing your debt benchmark

    Divorcing your debt benchmark and adopting more unconstrained approach to debt investing and offering degrees of freedom to the portfolio manager is the new "core".

    Lisa Kim, PIMCO | 10-04-14 | More
  68. A year for genuine improvement

    2014 is likely to be a year of genuine improvement in the global economy, and one where uncertainty is rather low.

    Christopher Probyn, State Street Global Advisors | 21-03-14 | More
  69. Two reasons for US micro-cap stocks for the next five to 10 years

    Increasing corporate activity in the US, and a more positive US macro-economic backdrop make US micro-cap stocks a good place to invest for the next five to 10 years.

    Chris Cuesta, Thomson Horstmann & Bryant | 11-03-14 | More
  70. The Aquarium Theory of Investing

    Normal is not our experience - today's world is different from anything in the history of human capitalism. The Aquarium Theory of Investing is one way to gain perspective.

    Brian Singer, William Blair & Co | 18-02-14 | More
  71. Markets Summit 2014 Investment Advisory Board Meeting

    Our Markets Summit faculty debated two critical issues arising from Unconventional Monetary Policy; for the coming two to three years, to substantially overweight DM vs EM Equities in portfolios and substantially overweight Short vs Long Duration Bonds.

    Markets Summit 2014 Investment Advisory Board | 18-02-14 | More
  72. The wrong route to the right destination?

    We must challenge common assumptions about the US and emerging markets to ensure we are focusing on the best routes to the right destination.

    Ronald Temple | 18-02-14 | More
  73. Quantitative squeezing - differentiation in EM Investing

    Emerging Markets were a focal point in 2013, repricing as US stimulus, commodity prices and China's boom subsided. In future, EM performance will depend on individual merit.

    Kathryn Koch, Goldman Sachs Asset Management | 18-02-14 | More
  74. Why the US recovery will surprise on the upside

    The US is the critical market of the global economy - and there are sign-posts that clearly suggest it is ready to surprise on the upside, with significant implications for portfolios.

    Hamish Douglass, Magellan Financial Group | 18-02-14 | More
  75. Moving from liquidity surfing to bull running

    A rise in US Treasury yields is likely to have a profound impact on benchmarks. Bonds should remain a critical component of portfolios, but a more active approach is necessary.

    Tai Hui, JP Morgan Asset Management | 18-02-14 | More
  76. Bonds are a cheap insurance policy

    Think about bonds as an insurance policy for portfolios. With higher yields available, very cheap insurance is even better able to pay for hurdles facing portfolios.

    Robert Mead, PIMCO | 18-02-14 | More
  77. There will be no Great Escape without a Great Unwind

    To achieve the Great Escape, central banks must first complete the Great Unwind – the removal of ultra-easy monetary policies. So what is the roadmap for the Great Unwind?

    Tim Farrelly | 18-02-14 | More
  78. Inflation risk - will QE ruin retirement?

    Ultra-low interest rates and QE have offset the deflationary forces of debt deleveraging. The challenge policy makers face is when to withdraw the stimulus to avert inflation.

    Susan Gosling | 18-02-14 | More
  79. Can central bankers negotiate the B.U.M.P. without crashing?

    Breaking Unconventional Monetary Policy (B.U.M.P.) and it's impact on global financial stability is the key risk for the foreseeable future.

    Nick Bullman, CheckRisk | 18-02-14 | More
  80. Is index investing simply a case of indifference?

    In a Great Escape world, ignoring the index and actively seeking growth investments regardless of size or weightings is more important than ever.

    Alex Milton, NovaPort Capital | 18-02-14 | More
  81. Deploying TAA across credit will be critical as QE unwinds

    The ability to pick inflection points in markets as well as deploying TAA across credit will be the key ingredient going forward.

    Robert Waldner, Invesco | 18-02-14 | More
  82. Does the end of QE mean the end of the yield play?

    Short-term rates are likely to remain low for a prolonged period of time. Investors will still need to source yield, they'll simply have to be more creative to find it.

    Russ Koesterich, BlackRock | 18-02-14 | More
  83. End of Unconventional Monetary Policy

    After a half decade of weakness, robust growth in the US and UK is setting the stage for unconventional monetary policies to be unwound.

    David Hale, David Hale Global Economics | 18-02-14 | More
  84. The sweet spot of the global economy

    There is no doubt that some countries are better placed than others in The Great Escape. In fact, Australia and NZ have the chance to be rock star economies of the 21st century.

    Oliver Hartwich, The New Zealand Initiative | 18-02-14 | More
  85. Are the Fed and PBoC ahead of or behind the curve?

    If the US and China prove to be prescient and 'ahead of the curve', financial markets will flourish; if they dawdle, we'll see yet another boom and bust cycle that ends in tears.

    Robert Gay | 18-02-14 | More
  86. QE and navigating the Great Escape

    Most of the world will see an improvement in economic growth this year. Equities are by far the most attractive asset class - but they will be much more volatile.

    Jonathan Pain | 18-02-14 | More
  87. Unintended consequences of ultra-easy monetary policy

    Today's long period of very easy money and very low yields has distorted the financial system. This will cause unintended consequences in the near future as QE ends.

    Woody Brock | 18-02-14 | More
  88. The Great Escape

    The thought-provoking (and entertaining) introduction to Markets Summit 2014 - The Great Escape - What will markets be like in the QE runout?

    Graham Rich, PortfolioConstruction Forum | 18-02-14 | More