PortfolioConstruction Conference: questioning ‘normality’ in asset markets
Despite early signs that some asset classes are beginning to show signs of recovery, any suggestion that asset markets are returning to “normal” must be met with the question “What’s normal?”, according to PIMCO’s Bill Gross.
At this year’s PortfolioConstruction Conference (August 26-27, 2009), the bond ‘guru’ will discuss why, in his view, the “new normal” will be dominated by three key elements: delivering, deglobalisation, and reregulation.
Gross will also consider the impact for investors of these elements, being an across the board rise in risk premiums, higher volatility and therefore lower asset prices for a majority of asset classes.
Further, he will look at why historical axioms — such as “shares for the long run”, “house prices cannot go down” and the levering of asset structures to double or quadruple returns — must now be questioned.
Now in its seventh year, PortfolioConstruction Conference has earned a reputation as the investment conference of the year. To register, go to http://www.PortfolioConstruction.com.au/Conference.
Research papers from the PortfolioConstruction Conference will be available in the August edition of Money Management’s Technical Adviser.
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