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PortfolioConstruction Forum

 

 

 

 

 

 

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Friday 24 March 2017

Specialist, independent investment continuing education & certification for portfolio construction practitioners

Dr Woody Brock leads this week with an exclusive 15-minute video filmed when he visited us last month, in which he debunks the myth that our living standards have declined - in fact, real GDP growth is understated. Berkeley Professor Eichengreen explains what "an impatient [US] president, frustrated and hemmed in on all sides" is likely to do. Michael Kitces argues that every retirement income strategy needs to address three key questions to satisfy our intrinsic (illogical) "hierarchy of retirement needs". Will Jackson covers demography specialist Richard Jackson's insights on how ageing in the developed world is increasing the risk of social upheaval in the developing world. And, we bring you Ron Temple's top five-rated presentation on why "the winds of change" sweeping through the markets are stronger than you think.
All the best for another week's continuing education - Graham
P.S. Mark your diary! PortfolioConstruction Forum Masterclass NZ - 22 June (Auckland) - by invitation to senior portfolio construction practitioners.

QUOTE OF THE WEEK...

"The function of education is to teach one to think intensively and to think critically..." Dr Martin Luther King, Jr

LATEST...

Markets
The myth of declining living standards
Contrary to popular belief, western living standards have not declined in recent decades. Rather, government statistics fail to capture a key element of real GPD growth.
Dr Woody Brock, SED |
Opinion

Markets
What's a president to do?
Trump promised a raft of sweeping economic-policy changes - but has quickly discovered that the US political system is designed to prevent rapid, large-scale change. So what will he do?
Prof Barry Eichengreen, University of California, Berkeley |
Opinion

Strategies | Finology
Behavioral biases and the hierarchy of retirement needs
We mentally account for income and assets with an intrinsic hierarchy of priorities - a "hierarchy of retirement needs". So retirement income strategies should answer three questions.
Michael Kitces, Nerd's Eye View |
Research

Markets
Ageing will reshape the global order
Over the next few decades, global ageing will reduce the economic power and geopolitical influence of developed nations, and increase the risk of social upheaval in the developing world.
Will Jackson, PortfolioConstruction Forum |
Opinion

Markets
The winds of change are stronger than you think
Investors should question the assumption that inflation and interest rates will be "lower for longer". Instead, inflation could be whipped into a storm by trade, monetary and border policy.
Ron Temple, Lazard Asset Management | 0.25 CE |
Resources
* Rated in the top 5 presentations by Markets Summit 2017 delegates

Tearing up TPP should be positive for Australia?
I am not sure that the TPP was more favourable to the US than Australia. Australia has bilateral trade agreements with our four major trading partners...
Stephen Halmarick, Colonial First State Global Asset Management
| Comment

Author Response
Andrew... mmmm... I think I've started responding to your comments about 10 different times so I guess that means the answer isn't that simple...
Michael Furey, Delta Research & Advisory | Comment

RECENTLY...

Markets | Strategies
The hunt for yield is over
Money velocity is accelerating in the US and UK, as commercial banks rediscover their appetite for risk and the two economies continue to normalise. The shift has significant implications for asset allocators.
Chris Watling, Longview Economics |
2 comments | Opinion

Markets
Rethinking productivity growth
In thinking about the future of growth, and the opportunities that continued growth will open up for all of humanity, we should reflect on how far we have come.
J. Bradford DeLong, University of California
1 comment | Opinion

Strategies
Negative gearing is responsible for high property prices?
A more realistic view of the world is that price appreciation drives negative gearing - not the other way around. Abolish negative gearing and nothing much happens.
Tim Farrelly, farrelly's
6 comments | Opinion

Strategies | Investing
Four fundamental portfolio construction decisions
Delegates at the recent Markets Summit 2017 program were asked to convert the Faculty's high conviction insights into four fundamental portfolio construction decisions  - here are their views.

Will Jackson, PortfolioConstruction Forum |
Opinion

Markets | Investing
Australian equities portfolios are vulnerable to inflation
Bond-sensitive stocks now form a record 60% of the ASX's market cap. Australian equity investors should hold a greater proportion in real-asset stocks and reduce exposure to artificially inflated financial stocks.
Martin Conlon, Schroders | 0.25 CE
1 comment | Resources
* Rated in the top 5 presentations by Markets Summit 2017 delegates

Inaccurate expectations of the market
I think of equity markets as indicators of future economic growth expectations, and those expectations will not be accurate all of the time...
Andrew Wilson, National Australia Bank
| Comment

Yes but do cash and conservative portfolios conserve wealth?
Great main point that risk tolerance and risk capacity aren't the same. Many risk questionnaires mostly measure sensitivity to volatility. That is certainly worth knowing...
Doug Turek,
Professional Wealth | Comment

 

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