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G'day
Edmund Burke's excellent observation that "Those who don't know history
are destined to repeat it" (no, not Winston
Churchill, he merely paraphrased and popularised it) is particularly apt for this week's Fodder. With the
resurgence of new LICs coming to market, Dominic McCormick gives
an
excellent and very timely history lesson on the multi-year LIC
cycle that has seen investors lose money in the past -
notwithstanding the new narrative that LICs "normally" trade at premiums to NTA.
Angela Ashton reviews a
research paper on smart beta factors
that finds only three have lasted the
distance. In a short video insight (with transcript for
those who prefer to read), Lazard's Arif Joshi discusses the
relatively
short history of the EM debt market and why
it's so different to EM equities. In part four of Anatole
Kaletsky's five-part series on what will drive markets over the coming
years, he argues we're seeing a
return to value-driven markets, warning
that the situation today is reminiscent of 1987.
I'm sure 1987 is a history lesson many of us remember all too well. And
finally, we highlight one of the "top 10"
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rated sessions from our recent Conference - PIMCO's Mark Kiesel
on
the last decade's disconnect
between
market risk and return
and what to expect going forward.
All the best for some great weekend learning - Graham
P.S. The Conference 2014 Resources Kit (videos, ppt, papers, etc) is now
being loaded.
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LATEST...
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Slick LICs
IPOs of LICs continue. But LICs have unique challenges and complexities
that make them a complicated investment decision - which is certainly
not the way they are marketed.
Dominic McCormick, Select Asset Management
| Opinion
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A return to valuation-driven markets
Over the next year or two, asset prices will no longer be driven by
economic stats and monetary policy. Three major rotations are likely to
continue and gather pace.
Anatole Kaletsky, GaveKal
| Opinion
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Dysfunctional risk and return
In many cases, fundamental risk and return characteristics have been
shown the door as funds have flowed into perpetually lower yielding
income asset classes.
Mark Kiesel, PIMCO
| Resources
*** One of the top 10 rated sessions at Conference
2014 ***
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Finding smart beta in the factor zoo
This paper argues that to make choices regarding smart betas we must
first assess whether they're robust. Luckily, it concludes, most
so-called factors can be ignored.
Angela Ashton, PortfolioConstruction Forum
| Research
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The big differences with EM debt
EM debt is a relatively new asset class. In 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
| Opinion
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RECENTLY...
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A 'surprise' on forward guidance?
Speculation is building that the Fed will surprise financial markets
with a new framework for forward guidance, perhaps as soon as the
FOMC meeting on 16/17 September.
Dr Robert Gay, Fenwick Advisers | Opinion
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The exaggerated death of inflation
Modern central banking has worked wonders to bring down inflation.
Today, high inflation seems remote. But inflation is only dormant, it is
certainly not dead.
Kenneth Rogoff, Harvard University
| Opinion
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The Zen of risk parity and Richard Nixon's surprise benefit
What do Richard Nixon, novel "Zen and the Art of Motorcycle
Maintenance", and Bridgewater Associates have to do with risk parity
investing and Conference 2014?
Greg Bright, Investor Strategy News
| Opinion
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Making the right call on Term Deposits
Are Term Deposits the most boring subject in finance? Actually, they're
anything but. The Australian TD market is an area where it is easy to
add demonstrable value for clients.
Tim Farrelly, farrelly's
| White
Paper
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Monetary policy is no threat to markets
A big correction in
equities, if it hits in the next year or two, is unlikely to be
caused by monetary policy expectations.
Anatole Kaletsky, GaveKal
| Opinion
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Ramblings about unconstrained debt funds
Unconstrained debt strategies are flavour of the month, and likely to be
very popular amongst investors for several reasons. But where do such
funds fit in a portfolio?
Michael Furey, Delta Research & Advisory
| Opinion
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The crisis in retirement planning
Robert Merton, 1997 Nobel Prize winner, recently penned an article
about his views on retirement planning. There are some interesting take aways for Australian practitioners.
Angela Ashton, PortfolioConstruction Forum
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comment
| Research
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PLUS...
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date - follow us @PortfolioForum
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