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Our regular
Forum Fodder email alerts Members to what's new on this site and
with our live professional development progams.
A sample of the Forum Fodder email is below.
Become a Member (with our
compliments) to receive Forum Fodder and access our multi-media learning
centre, PortfolioConstruction.com.au (this site) featuring:
- Resources Kits - videos and podcasts of the sessions and accompanying
papers from our live programs;
- Perspectives library - exclusive interviews, research papers, white
papers, opinion papers and special interest
subscription services from local and international investment
professionals and subject matter experts; and,
- CPD Campus - our online portfolio construction learning and
accreditation resource.
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G'day
After a few weeks off for
Easter, Fodder kicks back off with a challenge from Dom McCormick to
rethink gold's place in portfolios - as he writes, when even the
gold bugs are giving up on gold, there's a fair chance we are not too
far from the bottom. Oliver Hartwich then mounts the
argument for Germany to leave the eurozone (although he concedes the
chances are near to zero).
You may have seen the recent
SPIVA report finding that actively managed funds in Australia lagged
their benchmarks to 31 December 2014. It follows similar findings for
USA mutual funds. For those on the verge of writing off active
management, we offer three pieces...
GaveKal's Charles Gave
explains that
indexation works only as long as no more than about 5% of assets are
managed that way. However, today, indexing is the dominant asset
management style, which he says creates an explosive-implosive system
that swings wildly from booms to busts.
Active management veteran Bill
Priest and his colleagues at Epoch Investment Partners then argue
the case for active management. They show that the abnormally poor
performance of quality stocks and abnormally large cash drag over the
last three years (both as a result of QE) make it unsurprising that
active managers lagged the market. Read the paper, complete the CPD
quiz, and earn 1.00 CE.
The challenge is to find good
quality active managers. On this, we offer two Financial Analyst
Journal papers on
the art of fund and fund manager analysis. As one analyst notes,
"it's rare that very experienced people with thoughtful processes don't
perform well over the long term."
Finally, we profile another top 10-rated presentation from Markets
Summit 2015- BlackRock's Neeraj |
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Seth's compelling insight into
how India's investment markets are transforming (definitely not a
market suited to an index approach). "Attend" online and earn CPD.
All the best for some great
learning! - Graham
P.S. Join us for
Symposium NZ 2015 (19/20 May). A mix of the formats of our Markets
Summit, Conference and Academy programs, it's equally relevant to
Australian Members. |
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LATEST... |
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Gold may regain its shine
While it has offered a very bumpy and challenging ride in recent years,
I suspect those prepared to buy and hold some gold exposure today will
be well rewarded looking back a few years from now.
Dominic McCormick, Select Asset Management
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Opinion
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Why Germany should leave the eurozone
Not only would a German exit from the eurozone give Germany the currency
it deserves, but it would also leave the rest of the eurozone with the
carcass of a currency well suited for its needs.
Oliver Hartwich, The New Zealand Initiative
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Opinion
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Assessing manager risk & risk-adjusted performance
Even if it is never your intention to recommend individual stocks,
understanding financial analysis - and ratios in particular - will
enhance your ability to analyse equity funds.
Angela Ashton, PortfolioConstruction Forum
| 0.75
CPD
| Research
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India's transformation: a compelling fixed income opportunity
As Indian capital markets develop, the macro picture improves, inflation
is brought under control, and the economy continues to grow, India's
credit and rates markets present a compelling opportunity for global
fixed income investors.
Neeraj Seth, BlackRock
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0.5 CE
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Resources
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Rated in the top 10 presentations by Markets Summit 2015
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The case for active management
Even the most skillful active managers will sometimes underperform. And,
in some market environments, most active managers can be expected to
underperform.
Bill Priest et al, Epoch Investment Partners
| 1.00
CPD
| White
Paper |
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How indexation killed growth
Indexing, as I have written before, is a form of socialism, since
capital is allocated not as it should be. It is hard to think of a more
stupid way to allocate this scarce resource.
Charles Gave, GaveKal
| Opinion
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Member
comments
Academy Autumn Seminar - Key takeout
Peoples attitude to
planning and seeking advice can be significantly impacted by the way
they see their past...
James Brown, Dixon Advisory & Superannuation Services
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Academy Autumn Seminar - Key takeout
China - the CCP has
the utmost determination to stay in power and they plan well into the
future. Crack down on corruption solves 2 issues...
Charlie Creswick, Ottomin Investment Group
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RECENTLY... |
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Greece's madmen at work
Hardly a day passes that a Greek government official does not add a
needless provocation to the bailout debate. Is this just madness? Or is
there method in it?
Oliver Hartwich, The New Zealand Initiative
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Opinion
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Greece - a case study for increasing Eurozone strain
2015 will be a year of huge uncertainty about the future of the Euro.
These uncertainties are likely to pose a fundamental challenge to
investing in the Eurozone.
Charles Dallara, Partners Group
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Resources
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Rated in the top 5 presentations by Markets Summit 2015
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Three regions, three strategies
Fundamentally, there are three ways to make money in financial markets.
A well structured and well-diversified portfolio should encompass all
three, across geographies.
Louis-Vincent Gave, GaveKal
| Opinion
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Financial ratio analysis
Even if it is never your intention to recommend individual stocks,
understanding financial analysis - and ratios in particular - will enhance your ability to analyse equity funds.
Angela Ashton, PortfolioConstruction Forum
| 1.25 CE
| Research
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The end of an era
Now the Fed has opened the door to normalising interest, what
constitutes "normal"? Take care in stretching for yield now the Fed is
no longer making promises.
Dr Robert Gay, Fenwick Advisers
| Opinion
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The investment implications of Fed tightening
After more than six years of near zero interest rates, the Fed appears
set to embark upon the long journey back to more normal monetary policy,
raising a host of questions about the investment implications.
Dr David Kelly et al, JP Morgan Asset Management
| 1.25 CE
| White
Paper |
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Member
comments
Confused
Interesting
article... just one query. I thought markets were the consensus view???
Michael Furey
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Markets more reliable than betting markets
At the races
favourites win about 1/3rd of the time, however odds on favourites win
about 59% of the time...
Chris Farley
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Markets and consensus
My take is that
markets set the clearing price based on the net views of the
participants. These views may or may not form a strong consensus.
Tim Farrelly
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PLUS...
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