1. 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 | 29-05-17 | Opinion
  2. 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 | 26-05-17 | 1 comment | Full Story
  3. 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 | 15-05-17 | Review
  4. Bonds are different - active v passive

    Opinions in the active-passive investment debate have drifted poles apart over recent years. This paper revisits this discussion finding that, unlike their stock counterparts, active bond mutual funds have largely outperformed their median passive peers over the sample period.

    Jamil Baz et al, PIMCO | 27-04-17 | White Paper
  5. Research Review: Only in Scandinavia?

    Do professional investors do better when investing on their own behalf? What is the relationship between the remuneration of professional investors and performance? What role to gender and age play in the use of ETFs?

    Ron Bird, University of Technology Sydney | 10-04-17 | Review
  6. First-home buyers should be able to use their super

    Home ownership is of critical importance for retirees. But compulsory superannuation plays a major role in ensuring low-income earners never gain access to home ownership.

    Ron Bird, University of Technology Sydney | 29-03-17 | 6 comments | Opinion
  7. Impact of manager benchmarking and tracking error

    Requiring investment managers to perform relative to a benchmark, including imposing tracking error constraints, causes short-term'ism.

    Prof Ron Bird & Olivia Engel, CFA | 23-03-17 | 1.00 CE | CE session
  8. 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 | 10-03-17 | 11 comments | Opinion
  9. Four fundamental portfolio construction decisions

    Markets Summit 2017 delivered 20+ high conviction ideas on how the winds of change are affecting the outlook for economies and asset classes - and delegates were asked to convert the insights into four fundamental portfolio construction decisions.

    Will Jackson, PortfolioConstruction Forum | 06-03-17 | Opinion
  10. The winds have changed

    The tectonic plates of the political and economic landscape are rupturing. Brace yourselves for a wild and entertaining ride...

    Jonathan Pain, The Pain Report | 14-02-17 | 0.25 CE | 1 comment | Resources
  11. Stereotypes and noise obscure good decisions

    Applying discipline, fact and data to the assembly of a portfolio leads to investment opportunities overlooked by many who pursue their 'feelings' rather than data.

    Kerr Neilson, Platinum Asset Management | 14-02-17 | 0.25 CE | Resources
  12. Credit - the epicentre of the next crisis

    Markets have run hard in recent months on speculative exuberance. However, the critical question is will President Trump prove to be a tailwind, or a headwind for the global economy?

    Vimal Gor, BT Investment Management | 14-02-17 | 0.25 CE | Resources
  13. Winds have changed

    The tectonic plates of the political and economic landscape are rupturing. Brace yourselves for a wild and entertaining ride...

    Jonathan Pain, The Pain Report | 14-02-17 | 0.25 CE | Resources
  14. 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 | 14-02-17 | 0.25 CE | 4 comments | Resources
  15. Now is the time to accumulate duration

    As 2017 began, there was (once again) an air of optimism that interest rates are about to return to normal. This optimism dismisses the significant structural headwinds that are prevalent.

    Brett Lewthwaite, Macquarie Investment Management | 14-02-17 | 0.25 CE | 3 comments | Resources
  16. There are 4 fundamental decisions to make now for portfolios

    When positioning a multi-asset, portfolio for the medium-term, there are four fundamental decisions we must make now. They are, in some cases, interdependent.

    Tim Farrelly, farrelly's | 14-02-17 | 0.25 CE | Resources
  17. Australian real estate is in for a soft landing

    A-REITs may face headwinds over the next two years, but total returns will likely remain positive, before returning to a more normal level of 8% to 10% per annum.

    Damien Barrack, Renaissance Asset Management | 14-02-17 | Resources
  18. 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 Management | 14-02-17 | 0.25 CE | Resources
  19. Australian government bonds can still provide positive returns

    There is a significant opportunity for actively managed Australian government bonds to continue to provide positive returns, while protecting against the storms of uncertainty.

    Charles Jamieson, Jamieson Coote Bonds | 14-02-17 | 0.25 CE | Resources
  20. Bonds are the "walking dead" - time to rotate into loans

    Bond investors have enjoyed a multi-decade bull run in yields, fuelled by unsustainable post-GFC stimulus, but "the times they are a-changing".

    Jeffrey Reemer, Invesco | 14-02-17 | 0.25 CE | 3 comments | Resources
  21. Caveat Emptor

    A large number of small, high conviction positions will lead to better outcomes for portfolios compared to a small number of large, high conviction positions.

    Olivia Engel, State Street Global Advisors | 14-02-17 | 0.25 CE | Resources
  22. Winds of change are driving opportunities in Europe and Korea

    Investors should focus on asymmetric opportunities with a margin of safety and multiple ways of winning. Developed Asia and Europe offer these in abundance.

    Jacob Mitchell, Antipodes Partners | 14-02-17 | 0.25 CE | Resources
  23. Panel: The winds of change

    Partners Group's Charles Dallara, Lazard's Ron Temple, and Magellan's Hamish Douglass debate the winds of change sweeping through the global economy and equity markets.

    Panel | 14-02-17 | 0.25 CE | Resources
  24. We are entering a year of nationalism by trial and error

    2017 will be a year of two halves: the first - trial and error, volatility and more setbacks than successes for Trump's economic policies; the second - a shift to less confrontation, more cooperation and a win-win for the US and the world.

    Charles Dallara, Partners Group | 14-02-17 | 0.25 CE | Resources
  25. Into the unknown: Ignore left tail risks at your peril

    With Trump, Brexit, Italy's "No" and China's currency woes, the world economy and markets have embarked on a journey into the unknown. Investors should aim for capital preservation until the veil of uncertainty over future policies starts to lift.

    Joachim Fels, PIMCO | 14-02-17 | 0.25 CE | Resources
  26. Au government bonds can still provide positive returns

    There is a significant opportunity for actively managed Australian government bonds to continue to provide positive returns, while protecting against the storms of uncertainty.

    Charles Jamieson, Jamieson Coote Bonds | 14-02-17 | 0.50 CE | Resources
  27. 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 Investments | 14-02-17 | 0.50 CE | 2 comments | Resources
  28. Backgrounder: 5 Megatrends driving portfolio construction

    In 2002, we embarked on a quest to identify the secular forces which would substantially influence markets over the coming decade. We proposed five megatrends - which still drive portfolio construction today.

    Will Jackson, PortfolioConstruction Forum | 13-02-17 | Backgrounder
  29. What are senior secured loans and why invest in them?

    Senior secured loans offer a combination of strong current income with relatively low volatility given their defensive position in the capital structure and short duration.

    Invesco | 25-01-17 | White Paper