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G'day
In today's multi-polar world,
geopolitics has returned to the fore - but which geopolitical issues
should be taken account of in portfolios, and how? This week's Fodder
features a recent BCA Research paper that explains clearly
how to take account of
geopolitical issues within your investment strategy (you can read
the full paper, then sit the online CE quiz to earn 1.25 CE points).
Next up is Michael Edesess
(you may recall his critique last year of DFA's research paper on a five
factor asset pricing model, as it was one of the most read in Fodder's
history). This week, he gives a beautifully simple summary of a recent
paper showing that
the practice of evaluating manager performance against an index
benchmark could be
distorting asset prices across the whole market.
Bill Priest then argues that
the bad press around share repurchases is misleading, a "good
repurchases" are just dividends by another name. Given Bill's been
investing longer than most of us have been alive, his views are always
worth absorbing.
Dr Bob Gay carries on where he left off last week,
this time explaining why the FOMC participants are wrong in their
inflation expectations. Bob worked for the Fed under Paul Volker,
arguably the most successful Fed Chair ever so like Bill, his views are
incredibly well informed. |
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Finally, we feature a short video Insight from Tim Griffen on why
the Japanese equity market is at the start of a secular upswing.
On that note - the re-emergence of Japan is just one of the
cyclical, structural and secular themes that will be discussed at our
upcoming Markets Summit on 17 Feb 2015.
All the best for some great
weekend learning! - Graham
P.S.
Check out the lineup of
Markets Summit 2015 presentation topics below! |
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LATEST... |
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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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RECENTLY... |
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Risk transfer vs risk retention
The real distinction in retirement income philosophies is
not about which are "safe" and which are not. It is whether risk is
transferred or retained (and if retained, managed).
Michael Kitces, Pinnacle Advisory Group
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comment
| Opinion
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Undiscovered Fund: Active Au equities fund with a growth bias
An actively managed portfolio with a growth bias, positioned towards
companies whose earnings growth potential is greater than the market's
expectations.
Zenith Investment Partners
| Research
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Australia, the next shoe to drop
Australia still looks like one of the holdout anomalies in global
markets where the adjustment from a decade of mispriced assets has yet
to fully play out.
By Will Denyer et al, GaveKal
| Opinion
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Deja vu deleveraging
As long as policymakers can stay on course and avoid the policy mistakes
of the late 1990s, the oil price collapse could prove more therapeutic
than destructive.
By Dr Robert Gay, Fenwick Advisers
| Opinion
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The Swiss release the Kraken
In an era when central bankers are supposed to be more open,
collaborative, and communicative, why did the SNB decide to turn on a
dime and shock the markets?
By John Mauldin, Mauldin Economics
| Opinion
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Member
comments
Academy Spring Seminar - Key takeout
There is more to the
debt asset class than meets the eye. It is important to
not see debt as the "safe" component of client portfolios - and it can
replace or compliment the equity composure of the portfolio when considering assets or strategies not as
equity or debt... but as forms of return with risk
characteristics.
Fergus Hardingham, FM Financial Solutions
| More
about Academy
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Markets Summit (17 February 2015) - Cyclical? Structural? Secular?
What's
really driving the outlook for markets?
Featuring a stellar lineup of
international and local experts presenting their best ideas on the key
cyclical, structural and secular issues that are driving the medium-term
outlook for markets - and, of course, the implications for portfolios.
Presentations include;
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EM:
Cyclically challenged, structurally adjusting, secularly promising
- The Euro and the Eurozone will come under increasing strain
- Bond markets lock up and lock out returns
- The US stands out in a low growth world
- EM in a rising $ world: Vulnerabilities but no systemic risk
- India’s transformation: a compelling fixed income opportunity
- It's time to think yes Japan, not ex Japan
- Greenspan 2.0: the Bernanke Boom will bust
- Break-up of the eurozone is inevitable
- Babies - the key secular trend that will drive portfolio returns
- Navigating the fourth D is essential for performance
- In a race without a hare, the US holds the cards in 2015
- The great US equity bull market is finished
- Limbo lower - real rates are at a structurally lower level
- Oil price moves are a cyclical risk, adding volatility to markets
- Australia's New Neutral: Low interest rates for even longer
17
FEB 2015 | SYDNEY | 10+ CPD | A$575+GST |
Register now |
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PLUS...
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