Retreat 2001

Papers Presented at Retreat 2001

This page provides an entry to further education possibilities.  It contains a summary of most papers presented to Retreat 2001 on the Gold Coast in June, 2001.  Some were also presented at the Melbourne Conference.  The classification into topics is not claimed to be precise, rather it is intended to give you a "first cut".  The Author Index gives a link to the author's paper, where an author has presented more than one paper the second is linked from the first by use of [also].

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: These presentations vary in size from 23kb up to 3Mb, therefore your download time could be significant).  Some authors have provided both a Word document and a Powerpoint presentation, in such cases the former is linked from the title of the presentation and a link to the ppt is given after the intro.

To view the presentations, please login, or if you are not a member then please consider joining the AIA.  Find out more on the Member Benefits page.

Computerised Investing

Mental Attitude

Personal Experiences

John Aldersley
Bill Anderssen
David Asplin
Bruce Baker
Steve Baldwin
Murray Britton
Bob Crawford
Geoff Davey
Jeremy Duffield
Adam Ford
Gordon Gray
Adrian Harrington
Peter Hogan
Cyril Jinks
Hans Kunnen
Ian Keys
Hugh Latimer
Laurence Laveau
Tim Lincoln
Gordon Lochran
Margaret Lomas
Tom Maxwell
Martin May
Colin Nicholson
David Reese
Graham Rich
James Rose
Suzanne Salter
Felicity Scanlon
Barbara Smith
Harry Stanton
Greg Tanzer
Andrew Telford
Brett Wignall
Dennis Wilkie
Bruce Woodfield
Matt Yourell
Andreas Yui
ABN AMRO Morgans
Anderssen & Company
Challenger International
Colonial First State
Continental Venture Capital
Credit Suisse First Boston
Cressey Lynch
Destiny Financial Solutions
Deutsche Asset Management
Direct Portfolio Services
Hartley Poynton
Integrative Systems
Johnson Taylor Potter
Lincoln Indicators
Macquarie Bank
Puzzle Financial Advice
SG Australia
Taxpayers Association
Vanguard Investments Australia
JB Were


 Using Technical Analysis to Manage Market Risk
Market risk is the risk associated with movements in the overall market. Managing it is the missing ingredient in many trading and investment plans. Colin Nicholson [also] will show his strategy for managing market risk using technical analysis.

 Using Technical Analysis to Add Value to Fundamental Analysis
Fundamental analysis is useful in indicating which shares are undervalued in the market. Technical analysis tells us when the market is doing something to re-rate the stock. Colin Nicholson will show how he combines both forms of analysis.

 Profiting From the Stockmarket Using Fundamental Analysis
In order to prosper from the share market you must be in a state of control. Tim Lincoln, [also] Director of Lincoln Indicators, will guide you through his simple and proven techniques that allow you to always understand the financial health of companies that make up your share portfolio. This in turn will contribute to a safer and more profitable portfolio with minimal stress.


 Dot Crash Dot Com
James Dunn, [also] Editor, InvestorWeb.
Remember the days when any stock with a was headed for the stratosphere, and all you had to do to secure your future was be on board? Revenue, earnings, dividends, they were all passé. Well, the rude awakening that we had last year ended those dreams. But is tech dead? Or do we have to reassess what tech means, and what is its place on the sharemarket?

 Banking & Financial Stocks
Murray Britton, JB Were, will present a session on the medium to longer term investment outlook for the banking sector with a particular focus on the major banks.
[powerpoint also]

 IT & Telecommunications Sector
Cyril Jinks, Senior Client Advisor from Johnson Taylor Potter, will outline a short historical perspective on this sector. This presentation will also discuss the industry structure, how IT & Telecommunication compare with traditional sectors, the key drivers going forward and the Best Picks.

 Healthcare & Biotechnology Sector
David Asplin [also] will cover the following: the health and biotechnology investment opportunity; a significant part of the global economy; companies in the sector; global health and biotech in an investment portfolio and Colonial First State's investment approach.

 Infrastructure & Utility Stocks
In this session Adam Ford, JB Were, will outline this burgeoning sector of the market, showing where there are good investments for both long and short-term. This neglected sector has much to offer the self-funded retiree looking for solid defensive assets.

 Resources & Energy Sector
Tom Maxwell, Johnson Taylor Potter.
The fall in the Australian dollar and world-wide rationalisation in resource companies are current trends in the market. Likely acquisitions and a comparison of fundamental value in the major resource versus industrial stocks has highlighted the value in the sector. From a technical analysis view the sector also shows interesting opportunities.

 Trading For A Living
John Aldersley, [also] Direct Portfolio Services, will teach you how to maximise your investment returns through intelligent investing and derivatives trading.

 Identifying Takeover Targets
David Reese & Andreas Yui, Johnson Taylor Potter.
Merger and acquisition activities are considerably increasing in the wake of market globalization. If you are able to identify takeover targets in the stock market, it can be a quite rewarding exercise. This session will outline Australian examples where capital appreciated up to 55% and help you identify future opportunities.

 Some Undervalued Smaller Stocks
Gordon Lochran, Senior Client Adviser, Credit Suisse First Boston will present an investment portfolio of a dozen companies that provide sound prospects for growth in capital value and is supported by regular distributions to shareholders. Summary notes on each company will be provided.

 Some Undervalued Smaller Stocks
Bob Crawford, Authorised Representative from ABN AMRO Morgans, will outline the fundamentals underlying some undervalued smaller stocks. Bob has a keen interest in identifying smaller, growing companies as well as management of balanced portfolios of blue chip stocks.


 Managed Funds
Graham Rich, Director, Morningstar.


 Property & Positive Cash Flow Investing
Margaret Lomas, Destiny Financial Solutions, will look at property types including trusts, syndicates, residential and tourism. She will then outline why you should refuse to buy negatively geared property, what to consider when buying and selling property and recognising Positive Cash Flow Property and creating an income which continues beyond your working life!

 Realising the Value of Bricks & Mortar
Adrian Harrington, [also] Deutsche Asset Management, will look to answer the following questions: where does commercial property sit in a balanced investment portfolio?; how will property perform in a slowing economy?; and what are the types of property investment vehicles available to investors?. He will look at Syndicates vs Listed Property Trusts.


 What Is Your Risk Profile & How Do You Use It?
Your risk profile is an objective assessment of your personal financial risk tolerance. Geoff Davey, Proquest, will explain how it can be assessed accurately. He will demonstrate how risk tolerance differences within couples can be explored and resolved; how you can use your risk profile to give clear instructions to your adviser(s) about the level of risk you are willing to accept and how your risk profile can be applied in your financial decisions.

 Risks That Investors Need to Think About But Rarely Do
Risk (for well-diversified investors) is much more than short-term volatility. Risk also includes the poorly-understood, enormous variability of long-term returns. What are the real messages of the last 200 years of history and what are the implications for investors? Bruce Baker, Puzzle Financial Advice, will discuss these issues. Being unprepared could ruin your retirement.

Mental Attitude 

 Psychology of Investing
Dr. Harry Stanton, a well-known and respected author, will outline six key factors involved in achieving superior performance in investing, sport and life in general. He will look at how to maximise the use of these factors.
[powerpoint also]


 Asset Allocation & Portfolio Design
Jeremy Duffield [also] will provide supporting evidence to show that asset allocation is the primary key to long-term investment success. By showing that it is markets that are the ultimate drivers of performance, index managers believe selecting the right exposure to each market sector and patiently waiting will provide investors with better results than choosing active investment strategies - and they say they can prove it.

 How The Tax System Affects Your Investments
Brett Wignall, Tax Manager from Cressey Lynch, will cover the many issues relating to the government's tax reform, including income tax, Capital Gains Tax, the GST and dividend imputation. Brett has been working in chartered accounting for 8 years and until last year was based with a large firm in Melbourne.


 Self-Managed Super Funds
Barbara Smith, [also] Taxpayers Association, will cover many issues relating to the self management of a Superannuation Fund including: set up and administration; transferring assets from other funds; income streams and death benefits; impact of tax reform.

 Tax Strategies for Retirement in a Self-Managed Super Fund
Barbara Smith, Taxpayers Association Australia, will cover a broad range of issues including: structuring for self-funded retirement; superannuation strategies to reduce tax; CGT concessions under Ralph; maximising allocated pension benefits and more.

 From Super To Retirement Income Stream
Peter Hogan  [also] will outline the options available to the self-funded retiree in relation to turning pre-retirement assets into those able to support a tax-effective income stream. He will cover most of the traps - and especially RBLs.

 Allocated Pensions - All You Need to Know
Peter Hogan, Colonial First State Investments, will cover in detail the difference between allocated pensions, complying pensions and annuities, and the taxation issues relating to each. He will also address the recent changes in tax for self-funded retirees announced by the government.

 Estate Planning 1
In this interactive workshop, Bill Anderssen, Solicitor,  [also] Anderssen & Company will deal with a model family owning assets in various forms such as Discretionary Trusts, Company and Superannuation Fund. Issues such as Income Tax, Capital Gains Tax, the need for asset protection and succession will be covered.

 Estate Planning 2
Bill Anderssen will elaborate in further detail the issues raised in the first workshop. He will use a model family owning assets in varous forms such as Discretionary Trusts, Company and Superannuation Funds.


 Option Writing 1
Matt Yourell and Ian Keys  [also], Hartley Poynton
The presentations on writing options is divided into two 1 hour sessions in which the first session explores the theory behind options and the ways of using options, especially to gain additional cash flow.

 Option Writing 2
In this second session, Matt Yourell and Ian Keys, from Hartley Poynton, will elaborate further how options can be used as part of a long-term investment strategy aimed at achieving superior portfolio growth and diversification over a long term investment horizon.

 Boost the Returns From Your Equity Using Warrants
Laurence Laveau, SG Australia Pty Ltd.
This session will examine in detail the range of trading warrants available to Australian investors and various strategies that can be adopted. As a result participants should be able to decide which warrants are appropriate for their portfolios and their investment goals.

 Leverage Your Investment Ideas with Warrants
Suzanne Salter [also], SG Australia Pty Ltd.
This session will demystify the wide range of warrant products and highlight the advantages of including them in an investment. It will be shown that - 'there is a warrant to suit every investor' - and issues such as risk and return will be addressed.

 Leverage - Your Choice
Martin May, Director, Challenger International.
The presentation will explore how investors can potentially maximise wealth creation through Leverage Choice. Martin will explain how Leverage Choice works and the benefits, tax implications and general rules to follow.
[powerpoint also]

 Adding Value With Derivatives
John Aldersley, Director of Direct Portfolio Services, will demonstrate how derivatives can be used effectively.

 Introducing SGCaPELS: The first Stockmarket Investment Guaranteed Not to Lose Principal
Suzanne Salter will give those who attend an exposure to SG CaPELS, or Capital
Protected Equity Linked Securities - the first investment in the stock market with a capital guarantee at expiry. Installment warrants will also be briefly examined in this session.

 Computerised Investing

 An Active Sharemarket Investor's Use of Computer Tools
Bruce Woodfield, an AIA member, will take the attendee through the process of fundamental analysis (which stock to buy) and technical or momentum analysis (when to buy and when to sell), using a charting computer system, a fundamental analysis computer system and Microsoft EXCEL to develop a radar screen of target stocks.

 Stockdoctor Software Presentation
Tim Lincoln will demonstrate STOCKdoctor, a popular Fundamental Analysis software package. Tim will share with you his family's secrets for identifying quality stocks and demystify the art of fundamental analysis in this Research Stream. With the market experiencing volatile conditions, understanding the financial health of your stocks has never been so important.

 Technology for Investing
Technology has revolutionised investing, bringing access to data, information and the actual ability to transact, to anyone with a computer and a modem. But while access to information has been democratised, the ability to interpret it has not. It is even more confusing than ever. James Dunn looks at the technology available, and tours some sites that put investors right in the thick of the action.


 KEYNOTE ADDRESS Globalisation & The Investor
Hans Kunnen, Head of Investment Markets Research, Colonial First State, will endeavour to give a well rounded expression of what globalisation means for the investor. While he will come to the conclusion that investors need to pay more attention to international investing, Hans will not over-rate the potential.
[powerpoint also]

 Key Events Affecting the Australian & Global Stockmarkets
Jeremy Duffield, Managing Director, Vanguard Investments Australia Ltd, will discuss the major forces driving share markets and take a closer look at some of the "popular" explanations. Are they meaningful or helpful to an investor? Jeremy will help you identify market "signals" amongst all the "noise".

 Spinning The Globe - International Investments
Adrian Harrington, Investment Specialist, Deutsche Asset Management, will examine the reasons why investors should look to invest part of their portfolio overseas, the issues that need to be considered when investing - performance, currency, types of funds and the blending of managers. Finally, Adrian will briefly look at the prospects for international equities over the next twelve months.

Personal experiences 

 A Day On-Line
Gordon Gray, AIA Councillor, will cover on-line trading from the perspective of the
trader and investor. Gordon will demonstrate how to access various categories - eg. Market Depth, Market Watch, Company Announcements, Company Research etc and what to look for and how to use the information and your own knowledge, to make on line trading or investing a viable source for investment needs.

Here's How I'm Approaching the Next Few Years
For this final plenary session we have asked an investor (Gordon Gray), an investment adviser (Bob Crawford) and a financial journalist (James Dunn) to discuss where they think the market is heading in the next few years and how they will respond and/or advise their clients/readers to respond. There will be opportunity for questions and discussion from the floor.


 Private Equity Funds
Steve Baldwin, Head of Private Equity at Colonial First State Private Equity, will present an overview of the history of the private equity industry, outlining the recent trends for this emerging asset class, the benefits of investing in this fast growing investment area, as well as the associated risks. Steve will also discuss Colonial First State's new Diversified Private Equity Fund.

 The Hidden Gem in a Balanced Portfolio
If you would like to learn about an investment which yields higher returns per unit of risk, attracts nil capital gains tax and attracts nil tax on dividends then attendance at this session is a must. Dennis Wilkie, Manager Private Equity, Continental Venture Capital, will outline the benefits of unlisted Pooled Development Funds (PDFs) - the hidden gem in a balanced portfolio.


 Alternative Investments - A Brave New Asset Class
Alternative investments are one of the fastest growing sectors in the global investment arena. These investments have historically been available to institutions and a select number of high networth investors. Alternative investment products are now beginning to appeal to Australian private investors who are attracted by the prospect of higher returns and the low correlation they have to traditional investment classes like shares and property.
     Hugh Latimer, Challenger International, will explain why many private investors are now seriously considering alternative investments as part of a properly diversified portfolio.

 Ethical Investments
James Rose, Integrative Systems.
The goal of the presentation is to give attendees food for thought about ethical investing and to suggest some tools by which further explorations into ethical and active shareholding can be undertaken.

 Investing - Lessons Learnt
Jeremy Duffield is an investment fund manager with experience here and in the US. Robin Bowerman as the Editor of Personal Investor has spent the last 10 years trying to relay financial planning messages to investors. Along the way both have heard and seen a lot of successes - and a good number of failures. The aim of this session is to look at common mistakes investors make - and how to learn from them. This is an interactive session where Jeremy and Robin are looking for audience members to share their own experiences - for the benefit of everyone.

 How To Increase Your Income
In this session Andrew Telford, Branch Manager, and Alan McKinnon, Associate Director, from Macquarie Bank will outline how to utilise different listed products to improve your income without investing in risky assets. Products discussed will include Listed Property Trusts, High Yielding Equities, Installment Warrants, Prymes, Recaps and Preference shares. Learn how they work and which products suit your profile.

 ASIC - The Role of the Regulator
Greg Tanzer, Regional Commissioner Queensland National Director, Australian Securities and Investments Commission, will provide an outline of the regulatory structure, including the roles of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority; ASIC's investor protection initiatives; ASIC as an information resource for investors; and challenges for ASIC in the current regulatory environment.

Forum - Getting Investment Advice
Robin Bowerman, Editor, Personal Investor, will chair this session. Two AIA members, Dave Shorter and Cliff Bunning, will outline their experiences in seeking financial advice. Robin will call on the panel including James Dunn, Editor of InvestorWeb and David Child, AIA Councillor, for comment, advice and suggestions. There will also be opportunity for questions from the floor.