National Conference 2005

2005 AIA National Investors Conference Papers - 17 to 20 July 2005

This page contains an index for the papers presented to the National Conference 2005 on the Gold Coast in July, 2005.

Where authors provided the AIA with copies of their papers, a link to the presentation is provided so you may download them if you wish (Note: The Powerpoint presentations have been converted to *.pdf format but the files still vary in size though most are under 500 Kb.  Those over 1Mb are indicated, therefore your download time could be significant).  Links to the available presentation material are provided after the entry.

The 2005 Conference offered presentations in a number of themed streams together with some Plenary Sessions.  The papers indexed here are listed by the theme to which they belong.

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Session Index

  • Plenary Sessions
  • Theme 1: Back to Basics
    The three sessions are aimed at the not so experienced investor and serve as both an introduction to and consolidation of financial planning; the importance of asset allocation; risk profile; portfolio design; equities; managed investments and portfolio management. At the end of these sessions the participant has completed a comprehensive overview of the world of the investor.
  • Theme 2: Australian Equities
    This is a series of sessions focussing on the ASX-listed equities including ASX sectors and their comparative performance, as well as major stocks within the major sectors. These sessions also relate to the Reviewing Your Investment Portfolio and Spicing Up Your Investment Portfolio themes.
  • Theme 3: Reviewing Your Investment Portfolio
    Aimed at the experienced investor who wishes to have an opportunity to review their portfolio against 'best practice', these sessions include coverage of: what questions to ask about your portfolio and where to get answers; how to review the appropriateness of investments (equities; property; fixed interest), how to review your share portfolio and practices for reviewing your portfolio management.
  • Theme 4: Spicing Up Your Investment Portfolio
    This series of eleven sessions provides an opportunity for investors to examine other investments in sufficient detail so that they will be able to decide whether to seek more information about them and how to get such information/advice, prior to including them in their portfolio. This theme relates to both the Reviewing Your Investment Portfolio and Australian Equities - where to next themes.
  • Theme 5: Using an On-line Broker to Invest in Equities
    CommSec and Bourse Data illustrate how to invest on-line and how to find and use the type of research that an investor needs to invest in equities. The four sessions includes an introduction to on-line investing; using online resources for fundamental and technical analysis and managing your portfolio.
  • Theme 6: Self Managed Super Funds
    This series of sessions brings participants up to date with changes in the rules governing SMSFs. Both members with a SMSF and those considering establishing one will gain much valuable information from attending. Topics include coverage of: establishing and maintaining a SMSF; taking an income in retirement (RBLs); asset allocation and estate planning considerations.

 Plenary Sessions

The Mother of All Crossroads
Jonathan Pain is the Executive Director and Chief Investment Strategist of HFA Asset Management. Over the last several years we have been witnesses to the mother of all stimulations in the United States, both monetary and fiscal. During this time America has accumulated an unprecedented amount of debt having "gorged" itself at the trough of low interest rates. They have turned their homes into glorified bank ATMs, they have gone to war twice and they have built record deficits. As we stand at the crossroads perhaps we are staring at the "Mother of all Slowdowns". As we look East we see an emerging global superpower and a new locomotive for global growth. As we look West we see an empire in decline. What impact will this "tectonic" shift in the global economy have on your future?      powerpoint

A Global & Market Outlook
Dr Chris Caton, Chief Economist, BT Financial Group. There is no shortage of questions overhanging investment markets. Will the world economic recovery continue? When will China slow and by how much? Will it repeg its currency? Where will our exchange rate go next? What is the outlook for share markets? How long before residential property begins to recover? Will financial markets turn their attention to the Australian current account deficit? Where are interest rates going next? Chris Caton gives his views on these and other matters.      powerpoint      document      paper

Five Decades of Serving Investors
Neville Ward
is the owner of Neville Ward Direct Pty Limited. Five decades of serving private and corporate clients, happy campers, portrait subjects, tax payers and investors led Neville to start Neville Ward Direct - where he has been serving investors who know what they want since 1988. In this presentation Neville talks about his journey and how Neville Ward Direct became the largest direct distributor of managed funds in Australia.      no paper

The New New World of Investing
Brian Thomas
is a Managing Director and Head of Distribution for Credit Suisse Asset Management covering Australia and Asia (ex Japan). Where are the world's largest pension funds investing? What are the latest trends that you should be aware of? What does all this mean to me? These and other issues are addressed by Brian.      powerpoint

The Media - Investors' Friend or Foe
Robin Bowerman
is Head of Retail at Vanguard Investments Australia Ltd. Prior to joining Vanguard Robin spent over 15 years in financial journalism as a writer, editor and commentator. Robin shares insights from both inside and outside the media to discuss the topic of whether the media is an investor's friend or foe. With access to greater resources than ever before, today's investors face an interesting question - how much is information from the media really worth? Robin discusses the pros and cons of the media and the unique role it plays in our economy and financial markets.       powerpoint

People, Partners & Perfection
Eddy Groves
is a co-founder of ABC and was the architect behind ABC's listing on the ASX in 2001, establishing the company as the first listed Early Childhood operator in Australia. Other business interests include ownership of the Brisbane Bullets NBL basketball team, and ownership of Quantum Foods which is Queensland's largest distributor of Pauls milk. Eddy presents an entertaining, insightful address on his journey with ABC and the points investors should look out for when assessing growing companies.      no paper

Why Your Behaviour as an Investor May Drastically Reduce Your Returns: What Evidence do we have?
Frank Ashe
has been an Associate Professor at the Macquarie University Applied Finance Centre since January 2002, with research interests in the robustness of investment portfolio construction techniques, market risk management, and the statistical underpinnings of Applied Finance.
      "I make flexible but disciplined investment judgements, taking into account my overall financial position, my tax status, and my informed view of the markets. This enables better performance, for me, than a high cost external advisor would be able to achieve." If you believe this then you are in a majority, but, given the evidence, most probably wrong. What is the evidence? And why do the insights from behavioural finance say that this is not surprising - most people will under perform the market and feel good while doing it.      powerpoint

Selecting Quality Companies with Fundamental Analysis
Tim Lincoln
is the Managing Director of Lincoln Indicators. Tim discusses pertinent topics for every share market investor, including; the current health of the share market and its performance over the last two years, examining in detail a number of companies that have fallen, as well as risen in share price and why.      powerpoint

A Demonstration on How To Get The Most Out of StockDoctor Program
Justin Scattini
has been a Business Manager and Authorised Representative for Lincoln Indicators, an active user of the Stock Doctor program and a successful private investor in his own right. Justin demonstrates how to get the most out of the Stock Doctor program, beneficial to both users and non-users alike.      no paper

 Back to Basics

How to Prepare a Financial Plan
Scott McKenzie
is the Vice-President of the AIA and considers the types of financial objectives that commonly arise at different life stages, how the the assets, liabilities, income and expenditure of a family provide opportunities for wealth accumulation, and the range of strategies available to achieve the financial objectives. Participants are helped to develop their own plans or review plans they already have in place.      powerpoint      document

Simple Share Valuation Methods
Roger Montgomery
is the Chairman and Chief Investment Officer of listed investment company Clime Capital Limited. Part of the BACK TO BASICS stream, Roger discusses what is an asset worth? Most investors believe that an asset is worth what someone else is willing to pay? Success in investing requires you to understand two things: 1) Market prices - how to think about them and, 2) How to value a business. This session shows you how to value the companies in your share portfolio, how to better understands the earnings power of your portfolio and what to do when prices vary from their valuations.      powerpoint      document

Risk & Return for the Asset Classes
Jenni Erbel,
Money Solutions. In the final session of the BACK TO BASICS stream Jenni examines the relationship between risk and return for the various classes of assets, assist participants to estimate their risk tolerance, and to devise a portfolio that is appropriate for their risk tolerance.      powerpoint

 Australian Equities

Around The Bourse - An Overview of the Sectors
Charles Hyde
is a Senior Equities Analyst at CommSec in Sydney. This presentation gives an overview of the sectors that make up the ASX. The differences in the investment properties of each sector are discussed, along with a review of the recent performance of each sector. The talk concludes with a discussion of the main factors shaping the outlook for each sector over the next year.      powerpoint

LMIs - Australian Idols or Candidates for Nip/Tuck?
Matthew Bullock,
Aegis Research. Listed Managed Investments have had a topsy turvy ride over the past few years. From trading at high premiums, we have seen a glut of issues dampen demand and prices. This presentation examines the state of the sector and if and why investors should consider allocating funds to it. Matthew looks at how LMIs have really performed, particularly compared with their unlisted counterparts, the popular managed fund.       powerpoint

Emerging Companies
Peter Cuthbertson
is a Senior Retail Client Adviser with Austock and discusses those companies in the smaller to medium cap sector that have increasing earnings through organic or acquisition growth strategies. This is not a blue sky wish list, just companies with positive cashflows on the path to success. This presentation is of interestto those seeking capital growth.      powerpoint

The Banking & Insurance Sector
Felicity Scanlon
joined Goldman Sachs JBWere in 1999 as an Investment Adviser, based in the Gold Coast office. Felicity presented a session on the medium to longer term investment outlook for the banking and insurance sector with a particular focus on the major banks.      powerpoint

The Resources Sector
Ron Cameron
, Ord Minnett Pty Ltd. In the short space of five or so years the resources sector has transformed itself from market pariah to market darling! There are well documented reasons for the significant metamorphosis. Put simply, demand has exceeded supply causing prices to rise! Basic economic theory, you might say, but THE big question on everyone's mind, is "What lies ahead?" From here the 'crystal ball' begins to cloud over. Are we in a so-called resources 'super-cycle' or facing yet another agonising commodity price slide?      powerpoint      document      paper

 Reviewing Your Investment Portfolio

Using Credit & Investment Risk Ratings To Identify Overvalued & Undervalued Stocks
In this session Graham Rich, PortfolioConstruction Forum, demonstrates a research tool that analyses audited full year financial data to identify cheap companies; overvalued companies; troubled companies and distressed companies.      powerpoint      document

How To Review Your Asset Class
Graham Rich
demonstrates one valuable asset allocation tool will help you clarify and document your preferred investment destination and your preferred investment journey, and match this to an appropriate asset allocation strategy - that is, the mix of investment types, and level of diversification across those investment types - for you. In this hands-on workshop session, delegates will use this tool to identify the "right" asset allocation strategy for them, and compare it to the current asset allocation of their portfolio, to identify whether it is the best match to their preferred investment journey and destination.       powerpoint      document

Reviewing Your Share Portfolio
In this session Roger Montgomery builds a more advanced valuation technique and then apply it using actual examples of listed companies to demonstrate the importance of a structured process in determining your investment activity.      powerpoint      document

 Spicing Up Your Investment Portfolio

Do Absolute Funds Make Cents?
Jonathan Pain
, HFA Asset Management. An absolute return manager seeks to achieve positive returns whilst minimising losses. In this regard they have the flexibility to buy shares which they think are cheap, avoid shares they have no opinion on and sell shares they think are very expensive. In essence the absolute return approach enables the investor to participate in the potential upside in the markets and minimise the potential downside. The absolute return manager seeks to generate a positive return rather than outperforming a particular benchmark. The absolute return approach is in alignment with your own investment objectives, namely positive returns with an emphasis on capital protection. This makes both cents and sense!!      powerpoint

Using Structured Products In Your Portfolio
Stuart Donaldson
, Director, Structured Investments, Westpac Institutional. In this session, Stuart explains what Structured Investments are and the asset classes that they typically invest in. Through examination of some past offerings, the risk/return profile of this type of product is discussed, as well as strategies commonly used to include Structured Investments in a portfolio.      powerpoint

The Evolution of Investing For Income
Russell Maddox
is a Managing Director and Co-Chief Investment Officer at Merrill Lynch Investment Managers (MLIM). The demand for regular income from an ageing population coupled with a number of years of a low and stable interest rate environment has forced fund managers to seek new and innovative ways of delivering income. Russell explores these developments and discusses product solutions for the years ahead.      powerpoint

The Ins & Outs of Retirement Villages
Andrew Macintosh
is National Operations Manager of Forest Place retirement villages. Retirement villages are a growth industry driven by our increasing ageing population. This presentation reviews the investment opportunities and outline accommodation options for the prospective investor-resident. The presentation covers key investor questions i.e. Who are the industry players?; What do they offer in the way of investments?; What accommodation is on offer and the acquisition options?      powerpoint

How to be Street Smart & Creative with Your Contracts; Joint Ventures & Property Options
Robert Balanda
is a senior partner of McDonald Balanda & Associates.

Being Street Smart and Creative with your offers to buy property
Robert educates you on how to be more street smart and creative in presenting your offers to sellers to maximise your chance of securing the property on the most favourable terms. He also educates you on how to buy property with a safety net i.e. how to use "escape" clauses. This session will leave you with a grab bag of ideas that will power you up as a property investor.      powerpoint

Joint Ventures
In this part of the presentation Robert outlines how to join with like minded people with different skill sets or contributions to joint venture real estate. Are you asset or cash-flow rich but don't have the time or the expertise to get into a real estate deal? This part of the presentation demystifies Joint Ventures and educates you about how simple they can be.      powerpoint

Property Options
This segment educates you on how to "lay by" properties while you decide whether you wish to buy them and how to use options to defer tax and as a vehicle for buying and speculating in real estate. Used correctly, property investors selling properties can defer any tax on capital gain made on properties until next year by entering into a Put and Call Option now.      powerpoint

Trading the Market Via CFDs
Daniel Semmler
is an Associate Director of Macquarie Bank. Over the past couple of years, few financial instruments have created more excitement amongst retail investors than Contracts For Difference. In this talk, Daniel provides a frank overview of CFDs, as a component of your trading strategy, in addition to examining their strengths and weaknesses as trading instruments. CFDs are not for everyone and this presentation helps you decide whether they are something that you should be trading and if not, what you could be doing instead.       powerpoint

Gold - Why Buy it and How
Bron Suchecki
is Corporate Analyst and Joint Company Secretary for The Perth Mint. With the US gold price up 65% in the last four years, more and more investors are considering including gold in their portfolio. However gold isn't for everyone. Bron cuts through the misinformation that can surround this mythical asset and give you an insight into why people buy it, some of the wrong reasons for buying it, the advantages and disadvantages of the various ways of acquiring it, and if it is right for you.       powerpoint      document

Boutique Funds
Dean Fergie
is an executive director of Opis Capital and talks about the proliferation of Australian Boutique Funds Management companies. He discusses the differences within the boutique space, and between 'boutiques' and 'institutions'. Focus is made on the opportunities and risks of making investments in products issued and managed by these groups and the likely outcomes from these investments. The talk primarily revolves around the Australian Equities sector.      powerpoint

Property Investment - What role should property funds have in your portfolio?
This session looks at the role of property funds in private client portfolios and review the different types of property funds including listed property trusts, property securities funds, unlisted property funds and property syndicates. The session also examines the globalisation of property and how private client investors can access global property through managed funds. Adrian Harrington has 12 years experience in the funds management and property industries and was appointed CEO of James Fielding Funds Management, the funds management division of Mirvac Group in January 2005.       powerpoint

How We See International Markets
Douglas Isles
, Platinum Asset Management in May 2003. Platinum Asset Management is a specialist international equity manager that uses a thematic stock-picking approach that concentrates on identifying out-of-favour stocks. They attempt to manage money to protect against loss and will hedge both stocks and currencies. Douglas Isles talks about Platinum's Investment Philosophy, the major themes they are focussing on and some of the interesting stocks within their portfolio.       powerpoint

The Role Of Private Equity In Your Portfolio
Robert Credaro
is the Chief Executive Officer of the Macquarie Private Capital Group.  Over the past few years private equity has emerged as one of the most exciting alternative asset sectors. However apart from large institutional investors access has been sporadic and issues of liquidity have limited the involvement of individual investors. The last year has seen the emergence of a range of vehicles that provide better access to private equity for individual investors. However while the potential of private equity is widely acknowledged the challenges of integrating this asset sector into a portfolio is rarely addressed. Issues such as liquidity, taxes, fees and ensuring an appropriate level of exposure and limiting cash drag need to be considered by all types of investors.      powerpoint

 Using an On-line Broker to Invest in Equities

An Introduction to Online Investing
Michael Blomfield
, General Manager of CommSec, shares his favourite tips and tricks for DIY investors. Discover how to use CommSec's powerful online tools to seek out potential investments and make better investment decisions.      powerpoint      document

How to Manage Your Share Portfolio Online
Michael Blomfield
, General Manager of CommSec, shows how you can save time and improve your trading by managing your portfolio online. CommSec's online tools can help you track your portfolio, analyse its performance, and reduce risk. They even make tax time a breeze.      powerpoint      document

Using Online Resources for Fundamental Analysis
David Galtieri
is the Client Training Manager for Bourse Data. In the first of his two presentations, David draws on a range of online resources available for the analysis techniques. David predominantly uses the resources available from Bourse Data for the presentations, but also endeavours to illustrate that similar analysis can be done using other sources.       powerpoint      document

 Self Managed Super Funds

Establishing & Maintaining a SMSF
Barbara Smith
is the Chief Executive Officer of Online Super Pty Ltd. Barbara outlines how to get the best out of a SMSF; making the right decisions before and after set up; your duties as a trustee of a SMSF and maximising your superannuation benefits.      powerpoint

Taking An Income In Retirement
Continuing on from her previous session Barbara Smith takes you through all the pluses, minuses and features of alternative income streams available in SMSFs. How they work; the impact on your RBL and social security issues are addressed.      powerpoint

Asset Allocation for Accumulation & Pension Phase
Stephen Roberts
, Grange Securities, touches on the economic cycle as it pertains to the suitable types and sectors of investments as they fit the various phases of a Self Managed Super Fund.       powerpoint

Estate Planning Considerations
In the final of the SMSF stream sessions Patrick Cork talk about the design of SMSFs and benefits as they relate to asset protection, control and the tax-effective transfer of super fund benefits on the death of a member.       powerpoint