Chalk one up for the old guys: a new study has found that, where funds management is concerned, age is correlated with both performance and persistence. “The most consistent result from our estimates of the cross-sectional relationship between manager characteristics and manager skill… are that accumulated wisdom, however this is proxied, has a positive relationship…
A storm has hit global equity markets. But investors should ignore the blood on the floor and focus instead on the big structural changes that will underpin earnings for decades to come. “The storm that’s hit Australian equity markets in the last couple of days is a storm we’ve been sitting in for the best…
Frontier Advisors has nabbed a contract with Western Australia’s Government Employee’s Superannuation Board (GESB). Frontier Advisors has won a $12.2 million multi-year contract with GESB, replacing incumbent consultant JANA Investment Advisers. Frontier will provide “tailored investment advice to help the Government Employees Superannuation Fund meet its investment objectives; insights on financial market opportunities and risks;…
As the retirement product race heats up in superannuation, funds and advisers need to confront a simple fact: people will live a lot longer than they think. Average life expectancy remains the main metric for determining the planning horizons for retirees. But research from the Actuaries Institute of Australia found that the tools used by…
Despite the popularity of that old adage, it’s never as simple as “buy low, sell high”. But if it’s not true, what are investors to do? “Everyone is familiar with the old saw that’s supposed to capture investing’s basic proposition: “buy low, sell high”,” writes Oaktree Capital founder Howard Marks in his latest memo, ‘Selling…
Despite their surging popularity, risks lurk within illiquid assets that put member outcomes and portfolio quality at risk – and there’s little regulation for handling them. Illiquid assets – anything from infrastructure and commercial property to venture capital and private equity – are experiencing a surge in popularity as institutional investors face down a future…
Jeremy Grantham believes the “superbubble” he’s been warning about for years is now on the brink of collapse – and that the “wild rumpus” can begin at any time. Calling the collapse of a market bubble is anybody’s game. One needs only to know that it exists – something now patently obvious to any investor…
In a world of concept stocks and near-meaningless valuation metrics, the trick to beating the market might well be ignoring it. “Hedge funds aren’t supposed to be a high-risk proposition,” says Omkar Joshi, principal and portfolio manager of Opal Capital Management. “They do get cast in a bad light, and that’s because there’s been lots…
Emerging markets have languished for years despite their explosive economic growth. But the new inflationary epoch – and a burgeoning focus on ESG – might turn all that around. Emerging markets can be a tough game. A decade of lackluster performance compared to their developed market counterparts has culminated in massive regulatory upheaval in China,…
Bronte Capital CEO John Hempton believes the ASX is a target-rich environment for short sellers, and that a potentially imminent “post-bubble environment” will bring better days for the fund. It’s been a tough few years for Bronte Capital, which – like many other hedge funds – has suffered from a period of pretty lacklustre returns…
