Markets & views
The Investors Journal (October 2009 | vol. 4)
The fourth edition of The Investors Journal centres on the road to recovery, as a heightened investor risk appetite anticipates more tangible evidence of economic green shoots emerging. This follows on from the third edition’s focus on the ramifications of the market dislocations resulting from the de-risking and deleveraging of investors, consumers and companies.
This edition includes articles on why quantitative easing, rather than increased borrowing, is the right policy by which to engineer an economic recovery, the challenges of optimising the asset mix under conditions of uncertainty, the widespread social and financial benefits that flow from the superior governance of the much maligned private equity model, how local currency emerging market bonds, despite their greatly improved fundamentals, still offer a yield premium and true diversification, which real estate markets, after a synchronised downturn, appear closest to a sustainable recovery and, finally, the importance of understanding both the benefits and risks of pooled investment funds as a means by which to gain a diversified exposure to one or a number of asset classes.
Finally on behalf of Aviva Investors and each of our contributors, as editor of The Investors Journal I hope you enjoy this fourth edition.
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Chris Wagstaff
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We need more money, not more debt
As excessive borrowing was how the current problems began, what we need is more money, not more debt, so the solution lies in quantitative easing.
Asset allocation – adopting an uncertain approach
The asset allocation decision requires investors to form beliefs about future asset returns and risks, dynamically optimise the asset mix and avoid succumbing to biases, whilst contending with uncertainty.
Private equity: portfolio company governance and institutional allocations
Private equity makes a significant aggregate contribution to the wider economy through superior governance and alignment of interest combined with active, engaged ownership.
Local currency emerging market debt: a true diversifier
Despite credible fiscal policies and the improving "quality" of many emerging market currencies, local currency emerging market bonds still offer a yield premium and true diversification.
Global real estate: entering the recovery phase?
Despite credible fiscal policies and the improving "quality" of many emerging market currencies, local currency emerging market bonds still offer a yield premium and true diversification.
How the actions of other investors can affect your returns
The continued popularity of pooled investment vehicles will benefit from a better understanding of how they work, so their many advantages can be accessed with knowledge of the associated risks.
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