First Day: December 8th, 2020
Moderation:
Dr. Marc-André Göricke, alpha portfolio advisors, Kronberg im Taunus, Germany
Professor Dr. Lutz Johanning, WHU, Vallendar, Germany
8:45 Opening remarks
Module 1: Perspectives for the Global Economy, Capital Markets and Active Management
- What is important for institutional investors with regards to European regulations
- Crypto Assets and Digitalization – Modernising of the regulatory framework
- Digital Finance Package of the European Commission
- Can Digital Finance be helpful to fullfil the return expectations of the regulated investors?
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Why the messages from bonds and equities are NOT in contradiction
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If low interest rates are a permanent fact they justify high valuations for equities, property, credit and other “risk assets”
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To bring down valuations would require a global recession
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Will US, China or Europe lead the world into recession in 2021?
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If not, what are the other risks to “risk assets”?
11:00 Break
- What are the prerequisites for successful active management?
- US-equities: Provide small cap manager more alpha than large cap manager?
- Which manager and strategy characteristics determine the future success?
- Could the results be observed also for other capital markets?
12:30 Lunch break
Module 2: How will Artificial Intelligence and Machine Learning Affect the Institutional (Capital) Investments
- What can Artificial Intelligence (AI) in relation to Asset Management provide and what not?
- Is the current hype about Machine Learning and AI justified?
- Which pitfalls should user consider when applying AI?
- Living AI – Thinking and acting of an AI algorithm in a certain example
- For which areas of application are AI and Machine Learning generally suitable?
- Which resources regarding HR and IT are required for the practical use?
- Which kind of data can be used best especially for the application of AI and Machine Learning?
- Which future have classical multi factor models? Are value, growth and momentum still up to date?
- Will the impact of Artificial Intelligence and Machine Learning become a choice or a duty?
15:45 Break
Module 3: (Geo)Political Challenges and Their Impact on Asset Allocation
- China’s path to the global market leadership
- The trade war out of US and Chinese perspective
- The 3 levels of innovation in Chinese companies
- Which drivers generate the future GNP growth?
- How will the world order change through the silk road?
- Opportunities to participate in China’s future economic growth
Second Day: December 9th, 2020
Moderation:
Dr. Marc-André Göricke, alpha portfolio advisors, Kronberg im Taunus, Germany
Professor Dr. Lutz Johanning, WHU, Vallendar, Germany
8:50 Opening remarks
Module 4: The World of Tomorrow – Which Big Trends Will Change Capital Markets in the Future?
- Are capital market crises to be regarded as “outliers” or informative data points?
- Tests of portfolio strategies in the crises: portfolio insurance, hedge funds and alternative risk premiums
- The performance of ESG in the crisis: alpha, beta or just noise?
- Lessons for portfolio construction and risk management
- Economists vs. virologists: who has the better models?
- Why can antitrust regulation lead to a more competitive internet industry?
- How can stricter privacy laws trigger innovation?
- Are changes in taxation a big problem for tech giants?
- Why are developments in Washington and Brussels as important as those in Silicon Valley?
- What are the crucial factors to determine businesses’ success of big tech in the future?
11:00 Break
Module 5: The New Paradigm of Monetary Policy and the Consequences for the Capital Market
- New paradigm of interest rates or artificially induced bubble?
- Dealing with the next downturn – Unconventional monetary policy and policy coordination
- Rethinking government bond allocations
- Sustainability is going mainstream
12:30 Lunch break
- Performance of factors during the COVID-19 market crisis and the subsequent V-shape recovery
- Why have some factors performed particularly well while others poorly?
- Can you expect a performance reversal for underperforming factors like value and small cap?
- What are the key takeaways from the COVID-19 market crisis for investors?
- How will factor investing evolve post COVID-19?
Module 6: New Ideas for Active Portfolio Management
- In which asset classes is active management a “must have”?
- How are ESG requirements compatible with active management?
- Do illiquid asset classes offer the most attractive alpha?
- “Beyond alpha” – What else do investors expect from their active managers?
- How will management fees develop
- Experiences in the crisis
- How did value perform in the long and in the short run?
- How did the relative valuation between growth and value stocks change?
- What has caused the spectacular run of growth stocks since 2008?
- Under what conditions should the growth rally come to an end?
- Is there still a place for a contrarian value style?
16:30 End of conference