Practical analysis for investment professionals

Demographics


The Older Population: Where the Money Is

"Why on earth worry about demographics?” asked Clint R. Laurent, founder and CEO of Global Demographic. Because "Demographics change quietly in the background," he explained. "Suddenly, the target market that you thought Company X was going to do well in no longer exists." Laurent identifies four key demographic trends that investors should keep in mind.

Health Care Investing: The Promise and the Pitfalls

For Andy Acker, CFA, portfolio manager of the Janus Global Life Sciences Fund, these are especially exciting times for investors in the health care sector. Opportunities abound, as significant advances in understanding the genetic causes of disease have resulted in a surge in new and more effective treatments. At the same time, risks remain and a disciplined approach to stock selection and portfolio construction is imperative for success.

Peter Zeihan on Geopolitics: “A World That Will Fragment”

Geopolitical expert Peter Zeihan foresees simultaneous political crises that will erode local state authorities, unleashing violence and terrorism. Capital flight, driven by geopolitical concerns, will surely follow. “The result is a world that will fragment," he said. "The result is a breakdown in global trade.”

Career Management: Adapting for the Future

Advances in medicine and technology, combined with other forces in society, are coalescing to propel average lifespans easily toward 100. Tracey Wilen asked delegates at the 69th CFA Institute Annual Conference to consider what that means for their career planning. For most people, it will mean having to build a revenue stream that funds their later years for at least 10–15 years longer than was the norm over the past several decades.

Technology, Demography, and the Future of Economic Growth

The global economy will never again experience the rapid growth rates seen prior to the financial crisis of 2007–2008, says economist Dambisa Moyo. Why? Because of technology and demographics.

A View to the Future: Changes in the Investment Industry

By 2030, investment management will be transformed by megatrends that are already reshaping the industry, according to a new study.

The Coming Consumption Boom from the Emerging Middle Class

Vikram Mansharamani argues there is a great insight to be gleaned from trends in animal protein intake in emerging markets, even in highly vegetarian India. To tell this story at the recent India Investment Conference, he started by comparing GDP and population sizes among advanced economies and emerging markets.

Tracing the Connections between Economic Growth, Capital Markets, and Demography

Robert Arnott, chairman and CEO of Research Affiliates, discusses what demographics can tell us about equity and fixed-income performance in the years ahead.

Fewer, Richer, Greener: The End of the Population Explosion and the Future for Investors

The population explosion is almost over, with fertility below the replacement rate in many advanced countries and rapidly declining in most developing countries. In the next half century, economic growth will be robust, especially in developing countries, and will increase world wealth dramatically. These factors will make it easier, not harder, to preserve the natural environment and avoid resource shortages. Investors should focus on natural resources and other industries that will benefit from these trends.

Book Review: Pension Finance

M. Barton Waring has succeeded in creating one of the definitive works on the structure and management of defined benefit plans. This indispensable guide for pension advisers dispels any notion of easy solutions to the problems of defined benefit plans, especially underfunding. His sensible solutions are within our grasp if we choose to accept them.



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