The four stages of investment analysis

Using a Stage 4 investment analysis framework is a strong move towards a deeper understanding of portfolio risk drivers, and ensuring portfolios better reflect your investment philosophy.

Michael Furey, Delta Research & Advisory 2 commentsMore

Rampant confusion - monetary policy, yield curve, bond yields

The growing belief that the US has entered an era of permanently low economic growth, due in large measure to an alleged 50% reduction in productivity growth, is wrong. Both real growth and productivity growth have been strong, not weak.

Dr Woody Brock, SED More

Choosing discount rates for retirement planning strategies

While the use of a discount rate to compare strategies or choices that are dispersed or occur over time is useful, the proper discount rate is the investor's expected rate of return, means that the "right" discount rate will vary from one person to the next.

Michael Kitces, Nerd's Eye View More

Active v Passive – why can't we be friends?

When it comes to the active versus passive investment debate, many investors believe the answer is black or white. But the issue is deeper than that.

Mugunthan Siva, India Avenue Investment Management More

A dim outlook for Trumponomics

After six months, we can more confidently assess the prospects for the US economy under Trump's administration. Like his presidency, paradoxes abound.

Nouriel Roubini, Roubini Global Economics 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

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 5 commentsMore

Deciphering China's economic resilience

Forecasters find it difficult to resist superimposing the outcomes in major crisis-battered developed economies on China. It has been the wrong approach in the past; it is wrong again today.

Stephen Roach, Yale University More

Rising rates, populism... but infrastructure remains reliable

For the foreseeable future, earnings of the infrastructure assets asset class, if defined in a disciplined manner, should continue to be reliable.

Gerald Stack, Magellan Asset Management0.25 CE More

The quandary on inflation

Recently, Fed Chair Janet Yellen expressed dismay that inflation has remained persistently below the Fed's target of 2%. Will low inflation derail the Fed's exit strategy?

Dr Robert Gay, Fenwick Advisers 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 investment policy framework, by providing a checklist of issues to consider, and publicly available examples from institutions in Australia and globally.

Andrew Fairweather & Jerome Lander More

Forum Fodder 11 Aug 2017

This week, we feature Dr Woody Brock, Nouriel Roubini issues Trump a mixed first six months report card, Michael Kitces reviews how to work out the "right" discount rate to use to compare investment strategies. Michael Furey explains the four stages of investment analysis, and Mugunthan Siva argues why active and passive investing can be friends.

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