First Day: September 21st, 2021
Prof. Dr. Lutz Johanning, WHU, Vallendar, Germany
Dr. Jochen Kleeberg, alpha portfolio advisors, Kronberg im Taunus, Germany
8:45 Opening remarks
Module 1: Perspectives for Investing after the Pandemic
- Why are we handling uncertainty wrong?
- Why is modern money and finance theory doomed to fail?
- What fatal wrong paths society and politics are treading today
- Why the “insurance state” fails as a risk manager
- Suggested solutions for the correct handling of radical uncertainty
- The pandemic as an accelerator of structural trends in technology, consumer behavior, political responses and sustainability
- Have pandemic-induced fiscal and monetary policy measures resulted in a turning point in the bond markets?
- Will bonds still be able to offer the usual combination of positive returns, risk protection and diversification in the future?
- Return to inflation: which political reactions can we expect?
- How can investors navigate the increasingly complex environment?
11:00 Coffee Break & Networking
Module 2: New Ideas for Asset Allocation
- What are the challenges for asset allocation in a low interest rates world?
- How to navigate in shrinking public markets
- Increasing risks due to investor’s hunt for the illiquidity premium
- Strategic asset allocation with approximate correlation estimates
- How should investors shape their asset allocation for the future?
- What is the asset allocation of a typical US endowment in 2021?
- How did the investment policy of US endowments evolve over the last five years?
- What are the six crucial elements that drive the success the best US endowments?
- How should investors apply these six crucial elements in their investment process?
- Beside that which major investment themes should be considered in the next decade?
- The state of global climate: scenario calculations for the future
- How do increasing risk awareness and ESG sensitivity change stakeholder expectations?
- How can institutional portfolios reflect the climate requirements of politics, regulation and consumers?
- How can decarbonisation, climate neutrality and “net zero” targets be implemented in concrete terms?
- Which solutions supporting the goals of the Paris Agreement will be important for investors in the future?
15:30 Coffee Break & Networking
Module 3: New Perspectives for Risk Management
- A higher volatility world: why less diversified equity markets will keep risk high
- What is the impact of rising US inflation expectations on risk?
- Which strategies work and which will suffer from higher volatility?
- How can investors adjust their risk management to higher volatility?
- How to reduce losses during stress periods
- Which fundamental considerations are leading risk management?
- Are exogenous shocks particularly threatening in a zero-interest-world?
- Does central banks behaviour make risk hedging obsolete?
- Which risk protection measures are useful and which are not?
- What role do illiquid assets play in the scope of risk management?
Second Day: September 22nd, 2021
Dr. Marc-André Göricke, alpha portfolio advisors, Kronberg im Taunus, Germany
Dr. Jochen Kleeberg, alpha portfolio advisors, Kronberg im Taunus Germany
8:50 Opening remarks
Module 4: The World of Tomorrow: What Changes Should Investors be Prepared for Today?
- How to evaluate growth companies properly?
- A look into the future: what will the financial industry look like?
- Will digital health be the next global mega trend?
- What role will artificial intelligence play in the future?
- What opportunities does the crypto sector offer?
- Mobility, not automotive: a value chain with new stakeholders
- Which enormous opportunities come along with electric mobility?
- What are the implications of fewer cars for cities and infrastructure?
- Who will be the winners and losers of the mobility revolution?
- What are the consequences of the mobility revolution for the automotive industry and real estate markets?
11:00 Coffee Break & Networking
- Understanding the inner working of cryptocurrency and blockchain
- Is the future of cryptocurrencies in convenience of digital payments and anonymity of cash?
- Are our accounting standards and central banks lagging the reality?
- Should institutional investors consider cryptocurrencies as a relevant asset class?
- What role will cryptocurrencies play in 2050?
Module 5: Current Issues for Institutional Investing
- Magnitude of climate finance needed is significantly underappreciated
- Regulation, technology and consumer behaviours are tailwinds
- The investment returns of companies offering solutions for decarbonisation are therefore vast
- Engagement not just on the environment – social and governance too
- Measurable and reportable climate impact rather than greenwashing
- A historical outline: the evolution of factor models for alpha forecasting
- Smart beta, factor investing, active quant: how “crowded” is quantitative equity management “really” today?
- What are the classic quant approaches missing to be successful in the future?
- Machine learning: what can “machines” actually “learn” from data?
- Dynamics, non-linearity, interaction: are model forecasts still comprehensible in the future?
- How persistent is asset manager performance?
- Do results differ for various performance measures?
- What are possible reasons for a lack of performance persistence?
- Which recommendations for manager selection can be derived from the empirical results?
16:15 End of conference