The Hunger Bonds

Investing often creates moral dilemmas over goals. Should decent people put their money in emerging-market bond funds?

Ricardo Hausmann, Harvard Kennedy School Opinion

The dramatic decline of risk - part 3 - Financial market risks

Overall stock market risk has declined modestly in the last 80 years, but the nature of risk has changed greatly. The risk stemming from market mistakes and, possibly, from irrationality has risen significantly.

Dr Woody Brock, SED White Paper

What ratings agencies are really good at

After the ratings failures of CDOs and other complex instruments in the GFC, many dismiss the work of the ratings agencies. But far from being hopeless, they do a wonderful job of assessing companies.

Tim Farrelly, farrelly's 1 commentFull Story

Rethinking the Next China

China is upping the ante on its connection to an increasingly integrated world, running against the grain of the populist anti-globalisation backlash that is brewing in many developed countries.

Stephen Roach, Yale University Opinion

Populist discontent a danger for markets

Governments must find a way to reconcile open markets with more evenly distributed income growth, or globalisation may reverse with dire implications for risk assets.

Jeremy Lawson, Standard Life Investments0.50 CE 2 commentsResources

The worry about indexing is overblown

The number of indexes has exploded and now exceeds the number of stocks in the US. But overall, the US stock market is still dominated by active management. And 96% of index products are of insignificant size.

Urban Carmel, The Fat Pitch Opinion

The dramatic decline of risk - part 2 - geopolitical risk

Despite increasing global political risk, the probability of outright war is paradoxically lower than it might have been at any previous period in history.

Dr Woody Brock, SED White Paper

Whistling past the geopolitical graveyard

Despite proliferating geopolitical risks, global financial markets have reached new heights. Markets have trouble pricing "black swan" events, the "unknown unknowns" that are unlikely, but extremely costly.

Nouriel Roubini, Roubini Global Economics Opinion

A Trump slump?

Trump's election triggered a global stock market upswing, on confidence that he would be able to fulfill his pledge to reignite US economic growth. But how much is Trump really likely to be able to get done?

Libby Cantrill, PIMCO Full Story

Research Review: Factor investing

Factor investing has its foundation in the empirical studies of EMH. Via ETFs, we now live in a world where the possibility of factor investing is available to almost everyone. Three recent papers are useful in exploring further.

Ron Bird, University of Technology Sydney Review

Buy Low, Sell High sounds simple but clients need a framework

Clients benefit from understanding the investment journey. Having prepared responses to scenarios improves the chance of success.

Douglas Isles, Platinum Asset Management0.25 CE 2 commentsResources

The dramatic decline of risk - part 1

In a world of risk-on/risk-off investing, it is important for investors to know where true risks lie and where they do not lie. In fact, macroeconomic risk has decreased by well over 80% during the eight decades.

Dr Woody Brock, SED White Paper

A world turned inside out

The pendulum of world economic growth has swung - by 2018, the developing countries will have a greater share of world GDP (59%) than developed countries (41%). New? Absolutely. Normal? Not even close.

Stephen Roach, Yale University Opinion

Forum Fodder 26 May 2017

This week, we bring you the third and final installment of Dr Woody Brock's review of the three key risks facing investors, Tim Farrelly then shows that despite their critics, the ratings agencies do a wonderful job of assessing companies. Urban Carmel then debunks the myth that indexing is a threat to market stability and Yale's Stephen Roach looks at the implications (and the irony) of China's new global push. Finally we feature Jeremy Lawson's excellent Markets Summit presentation on the "dire" implications for risk assets of the rising wave of populism.

Graham Rich, Publisher, PortfolioConstruction Forum Forum Fodder

Mark your diary - 2017

2017

22 Jun - Masterclass NZ (Akl)
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)
28 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)

More details

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.

Resources

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).

Resources

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.

Resources

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

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.

Resources

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 White Paper