1. Forum Fodder NZ 28 Apr 2017

    This week Fodder kicks off with an analysis of the first round of the French presidential election, and what an (increasingly likely) Emmanuel Macron-led France would mean. Then we turn to three offerings from Dr Bob Gay, Brett Lewthwaite and PIMCO's Jamil Baz, on debt markets and investments. Finally, Professor Jo Earl's top 5-rated Finology Summit session, on how to get clients (ourselves, for that matter) to turn good intentions into action.

    Graham Rich, Publisher, PortfolioConstruction Forum NZ | 28-04-17 | Forum Fodder NZ
  2. Forum Fodder 28 Apr 2017

    This week Fodder kicks off with an analysis of the first round of the French presidential election, and what an (increasingly likely) Emmanuel Macron-led France would mean. Then we turn to three offerings from Dr Bob Gay, Brett Lewthwaite and PIMCO's Jamil Baz, on debt markets and investments. Finally, Professor Jo Earl's top 5-rated Finology Summit session, on how to get clients (ourselves, for that matter) to turn good intentions into action.

    Graham Rich, Publisher, PortfolioConstruction Forum | 28-04-17 | Forum Fodder
  3. 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
  4. 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
  5. Forum Fodder NZ 31 Mar 2017

    Fodder kicks off with a unique insight from Peter Lilley on how BREXIT will play out. UTSProf Ron Bird disagrees with Paul Keating on first-home buyers using their super to get a foot on the property ladder. Yale's Stephen Roach argues that, yet again, the Western perspective has missed the Chinese context when it comes to growth. Charles Dallara explains Trump will have a bumpy first half year as he learns the ropes of navigating the US political system and we share details of the newly formed Investment Management Research Program, an initiative between the Forum and UTS Business School that will continue to enhance the breadth and depth of our CE and certification programs.

    Graham Rich, Publisher, PortfolioConstruction Forum NZ | 31-03-17 | Forum Fodder NZ
  6. Forum Fodder 31 Mar 2017

    Fodder kicks off with a unique insight from Peter Lilley on how BREXIT will play out. UTSProf Ron Bird disagrees with Paul Keating on first-home buyers using their super to get a foot on the property ladder. Yale's Stephen Roach argues that, yet again, the Western perspective has missed the Chinese context when it comes to growth. Charles Dallara explains Trump will have a bumpy first half year as he learns the ropes of navigating the US political system and we share details of the newly formed Investment Management Research Program, an initiative between the Forum and UTS Business School that will continue to enhance the breadth and depth of our CE and certification programs.

    Graham Rich, Publisher, PortfolioConstruction Forum | 31-03-17 | Forum Fodder
  7. 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
  8. Forum Fodder NZ 24 Mar 2017

    Dr Woody Brock leads this week with an exclusive 15-minute video in which he debunks the myth that our living standards have declined. 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.

    Graham Rich, Publisher, PortfolioConstruction Forum NZ | 24-03-17 | Forum Fodder NZ
  9. Forum Fodder 24 Mar 2017

    Dr Woody Brock leads this week with an exclusive 15-minute video in which he debunks the myth that our living standards have declined. 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.

    Graham Rich, Publisher, PortfolioConstruction Forum | 24-03-17 | Forum Fodder
  10. 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
  11. Forum Fodder NZ 10 Mar 2017

    Chris Watling returns to Fodder this week with a 10-minute video insight, Prof J Bradford DeLong compares society's overall wealth today to the Agrarian Age, Tim Farrelly debunks the notion that negative gearing is the driver of high property prices and Will Jackson sums up how Markets Summit delegates converted the Faculty's insights into four practical portfolio construction decisions. Finally we feature Martin Conlon's top-rated presentation from Markets Summit 2017 in which he argues how to reposition Australian equity portfolios to protect against the risk of higher inflation and interest rates.

    Graham Rich, Publisher, PortfolioConstruction Forum NZ | 10-03-17 | Forum Fodder NZ
  12. Forum Fodder 10 Mar 2017

    Chris Watling returns to Fodder this week with a 10-minute video insight, Prof J Bradford DeLong compares society's overall wealth today to the Agrarian Age, Tim Farrelly debunks the notion that negative gearing is the driver of high property prices and Will Jackson sums up how Markets Summit delegates converted the Faculty's insights into four practical portfolio construction decisions. Finally we feature Martin Conlon's top-rated presentation from Markets Summit 2017 in which he argues how to reposition Australian equity portfolios to protect against the risk of higher inflation and interest rates.

    Graham Rich, Publisher, PortfolioConstruction Forum | 10-03-17 | Forum Fodder
  13. 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
  14. Forum Fodder NZ 03 Mar 2017

    In this week's Fodder, Tim Farrelly, Jonathan Pain's top-rated presentation from our recent Markets Summit 2017 program, Bob Gay, Prof Jeffrey Sachs, Michael Kitces and Derek Thurp.

    Graham Rich, Publisher, PortfolioConstruction Forum NZ | 06-03-17 | Forum Fodder NZ
  15. 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
  16. Forum Fodder 03 Mar 2017

    In this week's Fodder, Tim Farrelly, Jonathan Pain's top-rated presentation from our recent Markets Summit 2017 program, Bob Gay, Prof Jeffrey Sachs, Michael Kitces and Derek Thurp.

    Graham Rich, Publisher, PortfolioConstruction Forum | 03-03-17 | Forum Fodder
  17. Forum Fodder NZ 24 Feb 2017

    This week's Fodder features Prof Niall Ferguson's presentation from Markets Summit, Prof Ken Rogoff explaining why Trump can't afford to bully China. Our own Will Jackson has written up his key takeouts from Finology Summit, and Michael Furey looks at the evidence of a link between Australian economic growth and equity market returns. And finally, we feature the WEF's founder, Klaus Schwab, on the impact of the fourth industrial revolution on how we will live, work and relate with one another.

    Graham Rich, Publisher, PortfolioConstruction Forum NZ | 24-02-17 | Forum Fodder NZ
  18. Forum Fodder 24 Feb 2017

    This week's Fodder features Prof Niall Ferguson's presentation from Markets Summit, Prof Ken Rogoff explaining why Trump can't afford to bully China. Our own Will Jackson has written up his key takeouts from Finology Summit, and Michael Furey looks at the evidence of a link between Australian economic growth and equity market returns. And finally, we feature the WEF's founder, Klaus Schwab, on the impact of the fourth industrial revolution on how we will live, work and relate with one another.

    Graham Rich, Publisher, PortfolioConstruction Forum | 24-02-17 | Forum Fodder
  19. 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
  20. 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
  21. 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 | Resources
  22. 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
  23. 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
  24. 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
  25. 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
  26. 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
  27. 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
  28. 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
  29. 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
  30. 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
  31. 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
  32. 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
  33. 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
  34. 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
  35. 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
  36. Populist discontent spells danger for markets

    If western governments cannot find a way to reconcile open markets with more stable and evenly distributed income growth, globalisation could begin to reverse with dire implications for risk assets.

    Jeremy Lawson, Standard Life Investments | 14-02-17 | 0.50 CE | Resources
  37. 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
  38. Forum Fodder NZ 03 Feb 2017

    In our first Fodder for the year, Jonathan Pain makes the case that 2017 is a year politics really matters to investing, while Mohamed El-Erian is on the same wave length. Dr Bob Gay gives his unique insider's view of what will cause the US Fed to raise rates, when and by how much. Michael Kitces explains how to properly integrate two dimensions of risk profiling into portfolios (don't use a simplistic questionnaire!). Lastly, our own Will Jackson reports on the hot topics debated by the group of 10 senior fund analysts on our Research Roundtable International program.

    Graham Rich, Publisher, PortfolioConstruction Forum NZ | 03-02-17 | Forum Fodder NZ
  39. Forum Fodder 03 Feb 2017

    In our first Fodder for the year, Jonathan Pain makes the case that 2017 is a year politics really matters to investing, while Mohamed El-Erian is on the same wave length. Dr Bob Gay gives his unique insider's view of what will cause the US Fed to raise rates, when and by how much. Michael Kitces explains how to properly integrate two dimensions of risk profiling into portfolios (don't use a simplistic questionnaire!). Lastly, our own Will Jackson reports on the hot topics debated by the group of 10 senior fund analysts on our Research Roundtable International program.

    Graham Rich, Publisher, PortfolioConstruction Forum | 03-02-17 | Forum Fodder
  40. 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