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G'day
Cyclical? Secular? Structural?
Our new
Backgrounder explains why that distinction is important to your
thinking about the markets. It's another unique PortfolioConstruction
Forum white paper, and was required pre-reading for those at our onstage
Markets Summit 2015 program earlier this week - and, I'd suggest, for
anyone who builds portfolios.
We're now working furiously on
the online Markets Summit Resources Kit. From Monday, you'll be able to "attend" Markets Summit
2015 sessions and earn CPD even if you weren't able to be there. Meanwhile,
for a great summary of ultimate key takeout, read Angela Ashton's write
up of the end-of-day panel in which
our 16 Faculty members debated whether to overweight international
equities and underweight Australian equities in portfolios on a 2 to 3
year view.
The related issue is currency.
Dom McCormick argues that
easy currency gains from a falling Australian dollar may already have
been had, but that's not a reason NOT to invest more globally.
Jonathan Pain also prefers an overweight international exposure, as
you'll see in
his outlook for 2015.
Lastly, Michael Kitces
overviews
new research on the science of spending - it turns out, money can
actually buy happiness, it's all in how you spend it. If you deal with
investors, you should be across this new research (and if you don't deal
with investors, it's still fascinating for your own spending). |
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All the best for some great
weekend learning! - Graham
P.S.
Also check out
theinstoreport's Markets Summit 2015 Wrap-up which covers the main
topics from the program including
Will Greece lead way to end of eurozone?;
Secular trends to remain EM growth driver;
In a world of low, low, low growth, the US stands out; and,
Bond market liquidity evaporating for investors |
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LATEST... |
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Markets Summit 2015 Greate Debate - Intl vs Au equities
In this not-to-be-missed session of a not-to-be-missed program few
prisoners were taken in debating the moot "overweight int'l equities,
underweight Au equities".
Angela Ashton, PortfolioConstruction Forum
| Opinion
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Currency tailwind losing force?
Investing globally is increasingly popular, with the expectation of a
continued weak AUD being a big driver. But easy currency gains may have
already been had.
Dominic McCormick, Select Asset Management
| Opinion
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The science of spending (money can sometimes buy happiness)
New research suggests that sometimes, the best things we can do to
improve our happiness may lie in NOT trying to maximise our wealth.
Michael Kitces, Pinnacle Advisory Group
| Opinion
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All things considered - outlook for 2015
2015 has got off to an eventful start - we've seen dramatic changes only
five weeks into the year. Here's where I see markets going in 2015. A
couple of things really stand out.
Jonathan Pain, The Pain Report
| Opinion
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Backgrounder: Cyclical? Structural? Secular?
This Backgrounder defines the terms "cyclical", "structural" and
"secular" and provides examples, in order to increase the clarity of
debate about what's really driving markets.
PortfolioConstruction Forum | White
Paper
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Member
comments
Academy Summer Seminar - Key takeout
The Greeks probably feel like they are talking to the German coast guard
at the moment... "Allo, Allo, vot are you zinking!!" Communication is so important - always be looking to getter a deeper
understanding of our clients needs and concerns.
Pascal Julliard, Julliard Financial Services
| More
about Academy
As always, my over-riding philosophy remains "Buy in Gloom, Sell in
Boom"
Whilst it is academically interesting to discuss the relative merits of
alternative approaches to investing in Chinese equities, the reality is
that at circa 3400, the Shanghai index is up almost 70% on where it
stood at the start of FY15...
Comment
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RECENTLY... |
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A primer on geopolitics and investing
Does geopolitics have investment implications? In short - yes - and this
paper provides a clear understanding of both geopolitics and its clear
link to investment markets.
Angela Ashton, PortfolioConstruction Forum
| 1.25CPD | Research
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The price all investors pay for benchmarking
Could measuring and evaluating manager performance by
comparing it to a market index be distorting prices across the whole
market? That is the conclusion of a recent paper.
Michael Edesess, Fair Advisors
| Opinion
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Dividends by another name
Share repurchases have recently been receiving a lot of press. We see dividends and share repurchases as equal ways of
returning excess free cash flow to business owners.
Bill Priest, Epoch Investment Partners
| Opinion
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The alleged missing link - wage inflation
The consensus of FOMC participants expects core inflation to revert
toward the 2% target over the next two years. I think they will be
wrong.
By Dr Robert Gay, Fenwick Advisers
| Opinion
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Land of the (re)rising Sun
Japan has a history of changing dramatically, often when least expected.
Under Abe's policies and reforms, Japan is
well-positioned to reemerge as a global investment force.
Tim Griffen, Lazard Asset Management
| Opinion
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Member
comments
Academy Spring Seminar - Key takeout
Bubbles by definition appear when most participants concur with a
particular view. Therefore whilst there remains a wide dispersion of
views it would seem unlikely that a bubble could inflate. For those who
correctly predict a bubble it is likely that you will look wrong for a
period depending on how long it takes for others to come to your view.
Nothing wrong with that, but it can be a lonely place for a while.
David Graham, McPhail HLG Financial Planning
| More
about Academy
China A shares emerging from the bear?
Replying to James Waggett...remember there is a big difference between
AGF and any China index.
Comment
Risk transfer vs risk retention
This excellent analysis really set me thinking. If we just talk about
financial longevity risk it’s easy to overlook the other side of the
longevity equation...
Comment
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PLUS...
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