Attended CFA Society Australia Conference in Sydney, learned about industry trends and AI applications.

We’re excited to share the MCFS Capital Market Assumptions — our 10-year forward-looking outlook on expected returns and risks across equities, fixed income, and alternative assets — offering a comprehensive view on what investors may expect over the coming decade. A long story short: 📈 Australian equities are set to shine. 💵 Australian bonds remain less compelling relative to cash (T-Bill rate 3.75%). ↔️ More equity exposure = higher returns — but higher volatility. Our CMAs are developed for research and education purposes and do not constitute financial advice. 💡 We will update our CMAs quarterly, so follow us for more!!! Deep Kapur Ummul Ruthbah Nga Pham, CFA. Bei Cui, PhD Aditya Shankar Yashdeep Dahiya Monash Centre for Financial Studies #MCFS #CapitalMarketAssumptions #CMAs #LongTermInvesting #FinancialMarkets

The latest MCFS Capital Market Assumptions (CMA) offer a forward-looking view of what the next decade may hold for equities, bonds, and alternatives. A great resource to connect theory with current market expectations, and to see how asset allocation frameworks are built in practice.

Royal London Asset Management's Melanie Baker was a fantastic keynote speaker at last month's Portfolio Adviser Autumn Congress. “Be careful about any one economist’s central case on the economy. These are uncertain times. There are a lot of cross currents and genuine two-way risks at the moment.” Here's my article summarising her key points on the global and UK economy: https://lnkd.in/eyVd4ez4

📈 Fixed Income Factor Investing 💼 Recent shifts in central bank policies and the ongoing fight against inflation have created a challenging environment for fixed income investors. Despite higher interest rates, credit spreads remain tight — signaling strong demand for yield but also increasing portfolio sensitivity to potential market shocks. In this context, innovative investment approaches are more relevant than ever. ✨ These dynamics were at the heart of our recent SFI Master Class on Fixed Income Factor Investing in Zurich, co-led by SFI Prof. Amit Goyal (University of Lausanne), Alexander Hunziker (Zuger Kantonalbank) and Matevz Nolimal (Zuger Kantonalbank). Participants explored: 🔹 Industry challenges driving innovation in investment strategies 🔹 Theoretical foundations of fixed income factors 🔹 Popular factor investing strategies in fixed income 🔹 How to incorporate factor investing in portfolio management 🤝 A special thank you goes to our participants and speakers for combining academic excellence with practical market perspectives, and to our cooperation partner, the Zürcher Bankenverband ZBV, for their valuable support. 🌐 The interactive discussions, problem-solving sessions, and networking apéro once again provided an excellent platform for knowledge sharing and peer exchange among finance professionals. 👉 Discover more about upcoming SFI Master Classes here: www.sfi.ch/mc #SFIMasterClasses #BankingAndFinance #FixedIncome #FactorInvesting #AssetManagement #KnowledgeExchange #PortfolioManagement

Oxford Recollections. Why Global Markets Hold Their Breath for US & UK Economic Data? Winter 2013, Oxford. At our dinner table at St John's College, four MBA students—from an investment bank, insurance firm, asset manager, and pension fund—debated a fascinating question: Why do interest rate, inflation, and employment announcements from the US Treasury and Bank of England command such intense global attention? The answer reveals how deeply interconnected our financial world was and how it is increasingly becoming. The Foundation. The US dollar represents ~60% of global foreign exchange reserves. US Treasuries serve as the world's "risk-free" benchmark. The UK, while smaller, remains a crucial financial hub with the pound as the fourth most-traded currency globally. When these economies shift policy, capital flows worldwide respond within milliseconds. The Ripple Effects. -Asset & Fund Managers must rapidly adjust portfolios—rotating from growth to value stocks, rebalancing duration risk, and recalibrating currency hedges as rates shift. -Pension Funds face a paradox: rising rates improve their liability calculations but simultaneously reduce existing bond holdings. The 2022 UK gilt crisis highlighted these vulnerabilities. -Insurance Companies benefit long-term from higher investment yields but navigate near-term mark-to-market losses on bond portfolios. -Sovereign Borrowers, especially emerging markets with dollar-denominated debt, face higher borrowing costs and currency pressures as capital flows reverse toward higher-yielding US assets. -Commercial Banks typically gain from improved net interest margins but face increased credit risk as borrowing costs rise for customers. -Private Equity sees deal economics shift—higher rates increase buyout costs while reducing projected returns' present value. -Businesses recalibrate capital allocation, favoring debt reduction over growth investments. Working capital management becomes critical as inventory holding costs rise. -Individuals experience direct impacts: mortgage rates adjust, real estate values shift, and retirement planning assumptions change. The Reality. A surprise inflation reading in London or unexpected employment data from Washington triggers algorithmic responses within milliseconds, cascading through every economic sector within hours. This interconnectedness explains why seemingly routine announcements command such extraordinary global attention. What seemed like an academic dinner discussion in 2013 remains strikingly relevant today—perhaps even more so in our increasingly integrated financial system. #GlobalFinance #MonetaryPolicy #InterestRates #InvestmentStrategy #FinancialMarkets #MacroEconomics #AssetManagement #CentralBanking

The RBA just revealed the REAL threat to small businesses. 𝗔𝗻𝗱 𝗜𝗧’𝗦 𝗡𝗢𝗧 𝗜𝗡𝗧𝗘𝗥𝗘𝗦𝗧 𝗥𝗔𝗧𝗘𝗦. Everyone’s been staring at the cash rate like it’s the whole story. But quietly, the Reserve Bank of Australia just revealed what’s actually squeezing business owners: Access to finance is tightening — quietly and selectively. This isn’t media noise. It came straight from the latest RBA bulletin. Actual data. 𝙃𝙚𝙧𝙚’𝙨 𝙬𝙝𝙖𝙩’𝙨 𝙧𝙚𝙖𝙡𝙡𝙮 𝙝𝙖𝙥𝙥𝙚𝙣𝙞𝙣𝙜 𝙧𝙞𝙜𝙝𝙩 𝙣𝙤𝙬: • Demand growth is slowing • Input costs remain high • Loan appetite is softer • Approvals are becoming more selective • Insolvencies are rising (still below pre-pandemic, but climbing) It’s not the price of money that hurts small businesses. It’s the availability. And here’s what most people missed 👇 Small businesses that built cash buffers during the pandemic are coping far better than those that didn’t. The future is quietly shifting toward one thing: Those who prepare early win. While everyone’s distracted by rate headlines, green finance is expanding. 2050 net-zero targets are already shaping capital access behind the scenes. If you’re not watching where the money is being re-allocated you’ll only realise it when it’s too late. 𝐌𝐲 𝐭𝐚𝐤𝐞: The next 12 months won’t reward the business that works the hardest, it will reward the business that secures capital early, while credit is still relatively open. This is the year the capital strategy becomes proactive, not reactive. This is the kind of signal I pay attention to; the ones that don’t make the headlines but move the market later. Because real strategy isn’t built on noise. It’s built on knowing what matters before everyone else does. #Investing #PropertyInvestment #FinancialServices #BusinessFinance #AustralianFinance

Dr. Lin just wrapped up an intense session on Quantitative Equity Investing, High-Frequency Trading, and the mechanics behind modern market structure. From value, momentum, and quality factors to stat-arb, HFT, and the 2010 Flash Crash—we explored how today’s markets can be almost efficient, yet still full of opportunities for those who understand the frictions, constraints, and behaviors beneath the surface. Antti Ilmanen’s Efficiently Inefficient remains one of the best frameworks to understand why skilled investors can still earn excess returns—and why inefficiencies persist even in highly competitive markets. Markets aren’t perfectly efficient. They are efficiently inefficient: just inefficient enough to reward expertise, discipline, and innovation. A great discussion tonight with NCCU students. Looking forward to the next deep dive into alternative investments and private markets.

A new dawn for global markets? https://lnkd.in/eVVRpeJa. Explore some of the best analysis we read in October – including J.P. Morgan Asset Management’s iconic Guides to Markets. This selection of thought leadership touches on all manner of subjects, from private credit fund structuring, to China’s reaction to U.S. tariffs, to European real estate. #PrivateCredit #USTariffs #EURealEstate #RealEstate By... PGIM, Invesco Ltd., Fidelity International, Nuveen, a TIAA company, PIMCO, Hong Kong Institute for Monetary and Financial Research (HKIMR), Abu Dhabi Investment Authority (ADIA), Deutsche Bank Research, The Brookings Institution, AIMA - The Alternative Investment Management Association, CAIA Association, EDHEC Infra & Private Assets Research Institute.

Let's talk about Covered Bond & SSA View... and breaking new grounds ✅ Just today, te #nordlb #floorresearch team did publish the most recent issue of the Covered Bond & SSA View. (⏬Link in the comments ⏬ ) ✅ With regard to the content of this week's issue the topic of "Canadian Pension Funds" is really eye-catching. Norman and Lukas-Finn did focus on this special asset class and examined a selection of relevant issuers who regularly raise fresh funds in the EUR primary market. Definitely a must read! ✅ Furthermore, Lukas and Norman provide their readership with an update on EUR sub-benchmark Covered Bonds. In this interesting market segment of the Covered Bond universe it have been especially German issuers which approached investors recently. 📌 Having said that, the German savings bank sector was an important growth driver here. In 2024, we saw Sparkasse Dortmund, Die Sparkasse Bremen AG and Kreissparkasse Ludwigsburg with EUR sub-benchmark debut transactions. And Nassauische Sparkasse completed the quartet of new public-sector banks in this sub-market in May 2025. This means that the number of German savings banks in this market segment grew to a total of nine issuers. 🔔 Looking in the direction of the primary market the NORD/LB Floor Research team did comment on the most recent covered bond EUR benhchmark deals from La Banque Postale and HYPO NOE Landesbank für Niederösterreich und Wien AG as well as the fresh sub-benchmark from Natixis Pfandbriefbank. 🔊 With regard to the SSA universe the Team comments inter alia on the latest transactions from issuers out of Spain (ICO - Instituto de Crédito Oficial), Germany (Lower Saxony), Finland (Finvera) and the Netherlands (Nederlandse Waterschapsbank (NWB Bank)) as well as the Supranational "International Development Association" from World Bank Group. 🔊 Not just with an #ECB preview, comments on the Standard & Poors Ratings Services Downgrade of France and its implications for the SSA segment or the latest reading of the Deutsche Hypo - NORD/LB Real Estate Finance real estate climate index this week's Covered Bond & SSA View has many more topics to offer... NORD/LB Floor Research, Norman Rudschuck, Lukas-Finn Frese, Lukas Kühne, Tobias Cordes, CIIA, Alexander Grenner #pfandbrief #coveredbond #ssa

I failed CFA Level 1 but… I learned that real wealth isn’t always made in the stock market — sometimes it’s made in what lies outside it. Day 96/365 – Alternative Investment Structures & Their Importance When we hear “investment,” most people think of stocks, bonds, or FDs. But the world of finance is much bigger — and often, the big players play outside the stock market. That’s where Alternative Investments come in — things like private equity, hedge funds, real estate, commodities, venture capital, and even art or crypto. Story time 👇 Imagine two friends — Ravi and Aman. Ravi keeps all his money in the stock market. Aman invests in stocks plus a small portion in a real estate fund and gold. When the market crashes, Ravi panics 😰 but Aman’s portfolio stays stable — because his alternative investments move differently from stocks. That’s the beauty of alternatives — they diversify your risk and can provide higher returns (though often less liquid and more complex). In CFA context 🎓 Alternative Investments are studied deeply because they: Have low correlation with traditional markets, Offer inflation protection (like real estate and commodities), And give institutional investors better risk-adjusted returns. At personal level 💰 You can’t always access private equity, but you can invest in REITs, gold ETFs, or even fractional real estate. These protect your portfolio when markets go wild. At company level 🏢 Corporates and funds use alternatives to hedge risks or diversify earnings — think of how sovereign funds or pension funds invest in global real estate or infrastructure. Lesson: Diversification isn’t about owning more assets — it’s about owning different kinds of assets. Pro Tip 🧠: CFA teaches that Alternatives improve portfolio efficiency — by shifting you closer to the efficient frontier with better returns for the same risk. #CFAJourney #AlternativeInvestments #FinanceSimplified #PortfolioManagement #FinancialLiteracy #WealthBuilding #InvestSmart #LearnFinanceDaily #Diversification #InflationHedge