markets summit

Time to think "yes" Japan, not "ex" Japan

Few opportunities are available today where discounts to intrinsic value outweigh downside risks. Japanese corporations are increasingly embracing ROE and shareholder value.

John Hock, Altrinsic Global Advisors0.50 CPD Resources


Divergences, debt and economics

In a world dependent on robust economic growth to solve or postpone debt problems the over-reliance on an apparently slowing US economy is of major concern.

Dominic McCormick, Select Asset Management Opinion


A matter of time

Have you ever wondered about why some people plan for retirement and other people don’t? Whether people focus on the past, the present or the future - their Time Perspective - influences their retirement planning behaviour.

Dr Joanne Earl, UNSW1.00 CPD Research


Secondary market for corporate bond markets liquidity in 2014

The US secondary corporate bond market is in a time of significant upheaval. Changes to regulations has caused a new, insidious liquidity risk.

Scott Weiner, Payden & Rygel2.00 CPD White Paper


The US dollar joins the currency wars

Since the beginning of the year, more than 20 central banks have eased monetary policy. Upward pressure on the US dollar has been sharp. America's entry into the fray was only a matter of time.

Nouriel Roubini, Roubini Global Economics Opinion


A sense of an ending

I have a sense of a secular bull market ending with a whimper, not a bang. Only the timing is in doubt. Because of this, I have increasingly a great unrest. You should too.

Bill Gross, Janus Capital Group Opinion


Role of investment philosophy in evaluating managers

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

Angela Ashton, PortfolioConstruction Forum1.50 CPD Research


An active multi-asset / alts strategy

Another "Undiscovered Fund" - an actively managed, multi-asset/alternatives strategy that is positioned to generate absolute returns, with less than half the volatility of global equities, regardless of market conditions.

Zenith Investment Partners Research

markets summit

Limbo lower - real rates are structurally lower

Navigating the lower limbo stick will require more unconstrained investing, greater consideration of the chosen benchmark, and a greater focus on downside risk management.

Tracey McNaughton, UBS Global Asset Management0.50 CPD Resources


Not another Emerging Market crisis

After a run of historically rapid improvement in living standards in the first decade of the millennium, emerging markets will face a more challenging outlook - not a crisis - over the next few years.

Jeremy Lawson & Nicolas Jaquier, Standard Life Investments2.00 CPD White Paper


Why the 1981-2015 equity bull market will not be repeated

We are reminded daily that the US stock market has achieved record highs between 2009 and today. But the true bull market covers 35 years. What does an understanding it tell us about the future? The answer is: a lot.

Dr Woody Brock, SED1.00 CPD Opinion


Size matters, if you control your junk

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

Angela Ashton, PortfolioConstruction Forum2.00 CPD Research


Should we focus on E/P instead?

Is it time to start thinking more about E/P ratios than P/E ratios? After all, predicting that returns may be higher or lower with a low (or high) earnings yield (and a corresponding P/E ratio) really isn't so controversial.

Michael Kitces, Pinnacle Advisory Group White Paper


No one likes to pay taxes

To maintain "no taxation, no representation" deal with its people, China's leadership seems to be going down a path that'd see index funds as forced buyers of Chinese equities.

Louis-Vincent Gave, GaveKal Opinion


China equities: Is the rally sustainable?

A surprise rate cut in November 2014 and investor expectations of further easing measures have triggered a strong rally in China equities - both A shares, and in the last three weeks, H shares. Can it last?

Tai Hui, JP Morgan Asset Management Opinion


Risk, uncertainty and ignorance

Investors often face unknown and even unknowable states of the world. How should we make investment decisions under ignorance?

Prof Jack Gray, UTS Opinion


Much lower interest rates for longer

Low GDP growth, very low real rates, higher PEs and valuation multiples - it's a new world. We all need to get used to it. In particular, we should review client spending plans.

Tim Farrelly, farrelly's 1 commentOpinion


A post-volatility world

These are words that I utter with the utmost caution - this time, it really is different. For something genuinely new to the modern experience, consider the curious case of collapsing equity volatility.

Charles Gave, GaveKal Opinion

markets summit

Australia's New Neutral: Low interest rates for even longer

Lower 'neutral' monetary policy rates across the developed world will continue to serve as an important anchor for the secular valuation of all asset classes.

Robert Mead, PIMCO0.50 CPD Resources