Symposium 2014 - Resources Kit

Established in 2011, Symposium NZ is THE New Zealand investment conference of the year, designed specifically for New Zealand practitioners who focus on giving quality investment advice.

Symposium NZ 2014 facilitated debate on the three pillars of portfolio construction – markets, strategies and investing. The jam-packed 2014 program featured an outstanding Faculty of 15+ international and local investment professionals presenting on contemporary and emerging portfolio construction issues, in 13 sessions over the 1.5 day program, including an 11-hour Critical Issues Forum (plenary) program and 2-hour Due Diligence Forum (elective) program.

Whether you attended Symposium 2014 or not, this Resources Kit will challenge and refresh your portfolio construction thinking, giving you a baker's dozen of expert, high conviction ideas to consider applying when building portfolios.

Quicklinks

This online Resources Kit is a key feature of the Symposium NZ 2014 program (in fact, all our programs feature an online Resources Kit). It enables all Members (whether or not they were part of the live "studio audience" on the day) to "attend" Symposium. It's an invaluable set of continuing education material.

This Resources Kit includes all the videos, podcasts and papers from the live program, along with a link to the delegate Workbook.

Workbook
Critical Issues Forum
Due Diligence Forum

Print it and use the checkboxes on the Timetable (pg 5) to tick off sessions as you "attend";
The 11-session plenary program featuring 15 leading investment thinkers;
The 5-session elective program featuring 6 leading investment experts;

Critical Issues Forum

About the Critical Issues Forum

The Critical Issues Forum featured 15 leading local and international investment thinkers presenting expert, high conviction ideas to consider applying when building portfolios.

Critical Issues Forum 1

Challenging your portfolio construction beliefs
PortfolioConstruction Forum Publisher and Symposium NZ 2014 Moderator,
Graham Rich, opened Symposium 2014 in his usual thought-provoking (and entertaining) way, highlighting key issues to consider over the jam-packed, marathon program.
- Graham Rich, Publisher, PortfolioConstruction Forum (Sydney)

Resources

Critical Issues Forum 2

What a wonderful world - around the world in 60 minutes
The majority of the world will see an improvement in economic growth this year - and, equities remain the most attractive asset class. But, they will see much greater volatility and need a more nimble approach.
- Jonathan Pain, Editor, The Pain Report (Sydney)

Resources

Critical Issues Forum 3

The Great Unwind
Central banks must complete the Great Unwind – removing ultra-easy monetary policies. The critical period for markets will come when the Fed lifts short-term rates (probably, but not necessarily, after tapering ends).
- Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney)

Resources

Critical Issues Forum 4

Capitalism: Bruised but still champion
In the wake of the GFC, the public's belief in the free market has taken a battering. But for all its flaws, capitalism remains the world's greatest NGO and the best way of creating prosperity.
- Dr Oliver Hartwich, Executive Director, The New Zealand Initiative (Wellington)
 

Resources

 

Is regulation good or bad for investment markets?
Some economists argue that regulation is good for markets, helping them function more efficiently. Others argue that regulation is burdensome, create less efficiency and lower returns. What is the truth?
- Prof Robert MacCulloch, Matthew Abel Chair in Macroeconomics, University of Auckland (Auckland)

Resources

Critical Issues Forum 5

Implementing the modern portfolio - in theory & in practice
Typically, MPT has focused solely on how to invest within classes, not amongst them. But MPT continues to evolve.
- Michael Kitces, Partner/Head of Rsh, Pinnacle Advisory (Washington, DC)

Resources

Critical Issues Forum 6

Has behavioural finance made us better (investors)?
Are the human and organisational barriers to being better investors insurmountable, or can we learn and improve our decision-making?
- Prof Jack Gray, Adjunct Professor of Economics, UTS Business School (Sydney)

Resources

Critical Issues Forum 7

How to judge the likelihood that a manager will or has added value
There's some evidence that some managers can add (relatively) consistent value net of costs. Can we (or anyone) identify them?
- Prof Jack Gray, Adjunct Professor of Economics, UTS Business School (Sydney)

Resources

Critical Issues Forum 8

Using risk factors to evaluate investments and build portfolios
Using risk factors in evaluating investments in the portfolio construction process can provide valuable information about the true drivers of performance.
- Michael Furey, Managing Director, Delta Research & Advisory (Brisbane)

Resources

Critical Issues Forum 9

Developing your investment philosophy
We all should have an investment philosophy based on our own belief set. This session helped delegates refine and document their own investment philosophy. Before Symposium, delegates completed a draft Investment Philosophy Workbook. Then, during this session, delegates reviewed and debated their draft Investment Philosophy with each other, to clarify their investment beliefs and highlight areas of uncertainty or ambiguity.
This was a "you had to be there" session.
- Tim Farrelly, Principal, farrelly's Investment Strategy (Sydney)

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Critical Issues Forum 10

The Great Debate - A multi-dimensional view of portfolio risk
Our Symposium NZ 2014 faculty debated that the best way for practitioners to manage a client's primary risk of not meeting their objectives is to manage the long-term uncertainty of returns.
- Graham Rich, Publisher, PortfolioConstruction Forum
- Prof Jack Gray, Adjunct Professor of Economics, UTS Business School
- Michael Kitces, Partner/Head of Rsh, Pinnacle Advisory
- Tim Farrelly, Principal, farrelly's Investment Strategy
- Michael Furey, Managing Director, Delta Research & Advisory
- Christian Hawkesby, Head of Fixed Income, Harbour Asset Management
- Keith Poore, Head of Investment Strategy, AMP Capital NZ
- Derek Mock, Principal, Mercer
- Darren Howlin, Manager Research, Lonsec Research
- Jonathan Ramsay, Head Strategic Rsh & Asset Consulting, van Eyk Research

Resources

Critical Issues Forum 11

Where investing meets investors
Our closing session featured three interrelated aspects of practically managing client portfolios - constructing portfolios using buckets, diversifying human and financial capital, and the Withdrawal Policy Statement.
- Michael Kitces, Partner/Head of Rsh, Pinnacle Advisory (Washington, DC)

Resources

Due Diligence Forum

Due Diligence Forum 1

Global Debt
As global markets calm, be ever mindful of the risks
This paper and presentation argue that the bond market can offer compensation against rising rates through roll down and active management of forwards.
- David Fisher, Executive VP & Product Manager, PIMCO (Newport Beach)

Resources

 

Global Equities
US will surprise on the upside
This paper and presentation argue that there are real sign-posts that clearly suggest that the US is off its knees and ready to surprise the world on the upside, with significant implications for markets and portfolios.
- Nikki Thomas, Portfolio Manager, Magellan Asset Management (Sydney)

Resources

 

Risk
The risk tolerance paradox
This paper and presentation provide an introduction to the risk tolerance paradox, exploring the main reason it exists, and introducing risk management strategies that seek to solve the problem.
- Michael Armitage, Head of Fund Advisory, Milliman Financial Risk Management (Sydney)

Resources

Due Diligence Forum 2

Global debt
Popping the bonnet on central banks
This paper and presentation argue that understanding what is going on under the bonnet at central banks is key to understanding what will drive markets, and how best to position portfolios.
- Christian Hawkesby, Head of Fixed Income, Harbour Asset Management (Wellington)

Resources

 

 

Global Debt
Investing in global bonds - a smarter way

This paper and presentation argue against the use of debt-weighted benchmarks for global bond managers, in favour of a better approach to setting an appropriate benchmark.
- Graham Ansell, GM Investment Management, ANZ NZ Investments (Auckland)

Resources

 

 

Multi-asset
Valuations matter – the effect on portfolio risk and return outcomes
This paper and presentation argue that starting period equity valuations impact not just medium-term equity returns, but medium-term equity volatility and bond-equity correlations also.
- Keith Poore, Head of Investment Strategy, AMP Capital NZ (Wellington)
 

Resources

 

 

 

 

 

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