The idea that individuals are more sensitive to losses than to equivalent gains is critical in investment decision-making. Two recent papers highlight that loss aversion/tolerance is a more nuanced phenomenon than is commonly recognised.

Three articles provide us with insights into the impact that the growth in passive management has had on the performance of active managers; the risks taken by active managers and the general efficiency of markets; and, the behaviour of markets.

The future state of the economy and markets depends, in part, on what people expect it will be. Understanding people's expectations, and how and why they form and revise them, has important implications for portfolio construction practice.

There's much to learn from history, but every time is different when it comes to markets. The backdrop for investing will require investors to identify how the outlook today intersects with our experiences of the past and where it differs.

This economic cycle will mean revert to a traditional business cycle - a cycle that may not exactly repeat but will rhyme with prior inflation cycles. Opportunities exist in global bonds in 2024 and 2025 no matter hard or soft landing outcomes.

Second term presidents tend to be more ideologically aggressive, since they are freed from the need to face voters again. Investors globally need to think through the implications of a second term for either candidate.

While investors need to be mindful of the potential risks posed by different stress events, they should largely ignore macro and geopolitical predictions when it comes to selecting companies to invest in. The discussion covered a range of investment topics, from inflation predictions to niche equity opportunities in mid-cap and emerging markets

Equity valuations are at attractive levels for most emerging markets but the lack of interest in emerging markets in general has led to extraordinarily attractive valuations.

Investors should explore opportunities beyond the ASX20, focusing instead on the Ex-20 index which provides exposure to Australia's future rather than its past.

Three investment experts offer and debate their high conviction thesis on a long-term, deep rooted structural change impacting markets over a decade or more.

There's no such thing as "normal" for supply chains. The challenges for 2024 and 2025 that echo the past include logistics network disruptions, geopolitical risks and the cash costs of environmental policies - which make investing in supply chain security more important than ever.

Australia's residential vacancy rate is at a record low and net overseas migration at a record high. But, the banks can no longer participate in the market like they used to, providing greater opportunity for real estate private credit.

With heightened global geopolitical risks, reduced fiscal support from governments, a deflating Chinese property bubble, and an ongoing US commercial real estate crisis, 2024 is a year for investors to be nimble and tactical.

Our diverse panel of experts debated the high conviction propositions they heard during Markets Summit 2024 and the portfolio construction implications.

We are in an investment environment like that of the pre-GFC period. Bonds will offer higher levels of both income and diversification, within a multi-asset portfolio.

This paper provides a comprehensive review of the psychology of attention and its relationship to key economic concepts (utility, risk-taking, social preferences, and learning), and the emerging role of AI in the modern economy.

Contrary to wide opinion, globalisation is not "history" but is being reinvented. For investors, a less interconnected world has significant implications for corporate capital expenditure and country allocation.

This paper provides a penetrating view into some of the motivational dynamics in play for individual investors who select sustainability-related investments, and implications for financial intermediaries who manufacture and sell such products.

This report summarises the key observations from ASIC's review of how issuers of investment products are meeting design and distribution obligations and areas for improvement.

This lecture argues that client behaviour profiling should be a critical first step of the financial advice process. It examines why ethical client profiling - leveraging off psychology, behavioural finance, ethics, and the financial advice process - is necessary to successfully deliver consistent positive client outcomes. NOTE: This lecture is available for purchase - go to https://portfolioconstructionforum.edu.au/on-the-hunt/