ASIC on hybrids

The head of ASIC says that hybrids are a ridiculous investment for retail investors. Are they? Yes and no.

Tim Farrelly, farrelly's More

Research review: Anomalies and irrationality

Two new studies provide widespread evidence of mispricings/irrationalities across world equity markets. One in particular provides valuable insight into managing risk in equity investing.

Ron Bird, University of Technology Sydney1.00 CE More

Achieve client goals with minimum discomfort

Observing how a client makes financial trade-offs can provide a more accurate measure of their risk preferences than if we ask questions about what they think they would do.

Shachar Kariv, University of California, Berkeley1.00 CE More

A Guide to forming an Investment Policy Framework

This Guide aims to assist practitioners develop their own investment policy framework by providing a helpful checklist of issues to consider, and publicly available examples from institutions in Australia and globally.

Andrew Fairweather & Jerome Lander More

A client's life is a mix of stocks & bonds - allocate around it

It is time to properly account for risk characteristics of client’s most valuable asset - their human capital. This isn’t easy to implement and places practitioners in a difficult situation...

Moshe Milevsky, York University1.50 CE More

A "Macroneconomic" Revolution?

Next month will mark the tenth anniversary of the Global Financial Crisis. Why have so few of the policies that might have ameliorated economic conditions and alleviated public resentment been implemented since?

Anatole Kaletsky, GaveKal More

Don't confuse the winds of change with "hot air"

The biggest portfolio risk in 2017 will be over confidence in assigning scenario probabilities. Don't confuse the winds of change with "hot air" when it comes to portfolio construction.

Robert Mead, PIMCO0.25 CE More

Policy rules versus discretion

The use of discretion in setting monetary policy has had a somewhat checkered history. Ironically, the debate about rules versus discretion is just heating up as the FOMC sets a steady course for unwinding its extraordinary policy measures.

Dr Robert Gay, Fenwick Advisers More

Cycles in a low growth world

In a low growth, low inflation, low interest rate and low yield environment, a cyclical economic upturn presents opportunities in asset classes such as equities and real estate

Andrew Milligan, Standard Life Investments More

The G20's misguided globalism

This year's G20 summit in Hamburg promises to be among the more interesting in recent years. The knee-jerk globalism that suffuses G20 meetings feeds into the populists' narrative.

Dani Rodrik, Harvard University 1 commentMore

What do we know about investor irrationality?

It's become conventional wisdom that under-performance is due to the irrational invest-ment behavior of individuals. It's time to question whether conventional wisdom has even a scintilla of meaning.

Michael Edesess, EDHEC-Risk Institute More

Forum Fodder 21 Jul 2017

In Fodder this week, a guide for creating an Investment Policy Framework that encapsulates your investment philosophy, Anatole Kaletsky argues we may be seeing a major structural shift in economic doctrine, Prof Moshe Milesvky top-rated lecture from Conference 2015 on integrating human capital into portfolio construction, Rob Mead on the biggest portfolio risk ahead, and a lecture from Berkeley Professor Shachar Kariv on observing how a client makes financial trade-offs as a more accurate measure of their risk preferences.

Graham Rich, Publisher, PortfolioConstruction Forum More

Mark your diary - 2017

2017

31 Jul - 04 Aug - IMAC (Syd)
23-24 Aug - Strategies Conference (Syd)
28/29 Sep - IMR Program Conference (Syd)
02 Oct - IMR Program Symposium (Akl)
14-21 Oct - Research Roundtable Intl (UK)
2018
13 Feb - Markets Summit
14 Feb - Finology Summit
08 Mar - farrelly's User Group (Bne)
13 Mar - farrelly's User Group (Mel)
15 Mar - farrelly's User Group (Syd)
12 Apr - IMR Program Workshop (Syd)
21 Jun - Masterclass NZ (Akl)
22-23 Aug - Strategies Conference (Syd)
27/28 Sep - IMR Program Conference (Syd)
01 Oct - IMR Program Symposium (Akl)
13-20 Oct - Research Roundtable Intl (US)

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2017 Markets Summit - Webcast

Markets Summit 2017 featured a stellar lineup of international and local experts offering their best high conviction idea/thesis on the opportunities and risks ahead as the winds of change sweep through economies and asset classes - and the implications for portfolios.

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2017 Finology Summit - Resources Kit

Finology Summit 2017 featured a stellar lineup of finology experts offering their best high conviction idea/thesis on how the winds of change are impacting how investors think and behave with respect to money, and how we can better relate with them (and help others who must do so).

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2016 Markets Summit - Resources Kit

Markets Summit 2016 featured a stellar lineup of international and local experts offering their best high conviction idea/thesis around the Markets Summit theme - is it deja vu (all over again)? - and the resulting portfolio construction decision(s) that must be made.

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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 More

2016 Conference - Webcast

Conference 2016 featured a stellar lineup of international and local experts offering their best high conviction idea/thesis around the the friction between short-term and long-term investing imperatives - and the portfolio construction decisions that must be made.

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Conference 2015: the director’s cut

PortfolioConstruction Forum Strategies Conference 2015 featured a carefully selected faculty of more than 35 international and local portfolio construction experts offering their best high conviction ideas about critical portfolio "crossroads". Here are the highlights.

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Backgrounder: The long and short of it

Managing the fundamental friction between short-term and long-term investing imperatives is a key challenge when building portfolios. This Backgrounder explores some of the key concepts and debates.

PortfolioConstruction Forum More