Fresh Perspectives for Institutional Investment in a Fragile Environment

First Day: September 27th, 2022

Prof. Dr. Lutz Johanning, WHU, Vallendar, Germany
Dr. Jochen M. Kleeberg, alpha portfolio advisors, Kronberg im Taunus, Germany

8:45 Opening remarks

Module 1: Prospects for the Markets in Times of Inflation and Geopolitical Tensions

  • Growth and inflation: Should we expect bigger swings and shorter cycles?
  • Which trends are likely to change the global economy and the markets in the long term?
  • What do these developments mean for the different asset classes?
  • What opportunities arise for active investors who can cope with change, and what risks should be kept in mind?
  • What causes and drivers of price increases can be diagnosed?
  • What is the central banks’ toolbox for containing inflation?
  • What are the consequences of the inflation environment for asset allocation?
  • Is the end of the outperformance of growth stocks by monetary policy sealed?

10:50 Coffee Break & Networking

  • How sustainable is the burst of non-transitory inflation?
  • Structural headwinds on long-term real returns: How can investors prepare against the three critical long-horizon issues?
  • How should investors set their expectations for the future in a zero-yield world with frothy equity valuations?
  • Are there any compelling bargains today for the long-term patient investor?
  • The nature of bubbles: How can one identify bubbles and anti-bubbles in real-time?
  • Are growth stocks a bubble and is it now over?

12:20 Lunch

Module 2: Understanding China – What Investors Should Be Prepared For

  • How does China’s rise influence the geopolitical balance of power?
  • How does the conflict between China and the USA affect geopolitics in the 21st century?
  • What internal risks does China face?
  • What are the dangers of decoupling for prosperity and peace?
  • Has “Change through Trade” failed?
  • Is deglobalization of supply chains and deglobalization of financial flows equally relevant?
  • Will Chinese savings stay in China, American savings stay in the USA and German savings stay in Germany?
  • What effects of financial flow deglobalization do we already see in the markets and what can we expect?
  • Against the new deglobalization backdrop, how should investors deploy capital?

15:45 Coffee Break & Networking

Module 3: Present Approaches for Institutional Investors

  • The difficulty of being contrarian: Behavioral and agency
  • Excessive valuation, growth rates and competition
  • The return drivers of value and growth companies
  • The merits of contrarian strategies and the dangers of chasing past performance
  • Why most tips on calming down & recovering are useless
  • Scientific evidence why strategic recovery is the only way to go through life with 100% energy and power
  • What happens when we ignore the topic recovery – examples from everyday coaching life
  • How we significantly improve our sleep recovery and daytime energy levels with deep sleep densification – without sleeping 1 minute longer!
  • 3 quick win recovery strategies that quickly boost our energy, performance and health

Second Day: September 28th, 2022

Prof. Dr. Lutz Johanning, WHU, Vallendar, Germany
Dr. Jochen M. Kleeberg, alpha portfolio advisors, Kronberg im Taunus, Germany

8:50 Opening remarks

Module 4: The Changing World – Opportunities and Risks for Institutional Investment

  • The path towards a more sustainable European energy system
  • How will technological and economic factors influence the pace and direction of this transition?
  • What challenges in storage and seasonality currently limit the adoption of renewables?
  • What could a ‘Just Transition’ look like?
  • How can investors influence this transition through asset allocation, portfolio strategy and corporate engagement?
  • Why is now the right time to focus on disruptive innovation?
  • How can investors identify investable innovation platforms?
  • What are examples of problems that innovation has solved, and why will the solutions continue to scale?
  • Why does innovation deserve a strategic allocation in investor portfolios?

11:00 Coffee Break & Networking

Module 5: New Ideas for Active Bond Management

  • New Monetary and Fiscal Landscape in 2022 and Beyond
  • How does Inflation Evolve Globally?
  • What are the New Geo-Political Paradigms?
  • Opportunities and Risks in Emerging Markets
  • How the World Emerges and Navigates New Political & Economic Paradigms

12:30 Lunch

  • Duration, Credit, Currency: Where does active management make sense?
  • In which fixed income segments are active managers really successful?
  • What are the characteristics of sustainable successful fixed income strategies?
  • Alpha or beta: How can “black sheep” be identified?
  • What investors should consider when designing the mandate profile

Module 6: ESG and Other Challenges for Institutional Investment

  • Risk management 2022: (How) can capital market risks be sensibly hedged?
  • What influence do geopolitical upheavals have on the direction of investments?
  • To what extent are rising inflation rates and interest rate changes reflected in asset allocation?
  • The path to more sustainability: How are investments adjusted with regard to ESG?
  • How are active and passive approaches used in the context of investments?
  • What role do illiquid asset classes play in asset allocation today and in the future?
  • How do investors incorporate ESG preferences into their portfolio?
  • How can investors jointly optimize expected returns, risk, and ESG in a simple way?
  • When does ESG raise vs. lower returns?
  • Is it a mistake to pursue ESG investing even if it does not raise returns?
  • Can ESG investing mitigate risk?

16:30 End of conference