As the US potentially enters its sixth year of expansion, we are optimistic its economy can continue on a steady trajectory throughout 2015. Elsewhere in the world, the outlook is murkier.

After a run of historically rapid improvement in living standards in the first decade of the millennium, emerging markets will face a more challenging outlook - not a crisis - over the next few years.

The most important issue for investors is the risk of a US recession in 2016. It would play out to a global recession. There are cyclical, structural and secular forces at work.

An emphasis on tactical asset allocation, careful bottom-up security selection and prudent relative value decisions are going to be critical in 2015.

This Backgrounder defines the terms "cyclical", "structural"" and "secular" and provides examples, in order to increase the clarity of debate about what's really driving markets.

2015 has got off to an eventful start - we've seen dramatic changes only five weeks into the year. Here's where I see markets going in 2015. A couple of things really stand out.

PortfolioConstruction Forum Academy Summer Seminar 2015 featured four sessions. This Resources Kit contains the materials for preparing for the Seminar, as well as the presentation slides.

Who would have thought that six years after the GFC, most advanced economies would still be swimming in an alphabet soup?

New this week - BCA on geopolitics and investing (1.25cpd), Edessess on benchmarking, Priest on share buy backs, Gay on wage inflation, Griffen on Japan

New this week - BCA on geopolitics and investing (1.25cpd), Edessess on benchmarking, Priest on share buy backs, Gay on wage inflation, Griffen on Japan

Share repurchases have recently been receiving a lot of press, much of it critical. We see dividends and share repurchases as equal ways of returning excess free cash flow to business owners.

Does geopolitics have investment implications? In short - yes - and this paper provides a clear understanding of both geopolitics and its clear link to investment markets.

The consensus of FOMC participants expects core inflation to revert toward the 2% target over the next two years. I think they will be wrong.

New this week - Michael Kitces on risk transfer vs risk retention, Bob Gay on falling oil prices, Gavekal on Australia, John Mauldin on the Swiss franc

New this week - Michael Kitces on risk transfer vs risk retention, Bob Gay on falling oil prices, Gavekal on Australia, John Mauldin on the Swiss franc

The real distinction in retirement income philosophies is not about which are "safe" and which are not. It is whether risk is transferred or retained (and if retained, managed).

In an era when central bankers are supposed to be more open, collaborative, and communicative, why did the SNB decide to turn on a dime and shock the markets?

As long as policymakers can stay on course and avoid the policy mistakes of the late 1990s, the oil price collapse could prove more therapeutic than destructive.

The latest food for thought on the markets, strategies & investing...

The latest food for thought on the markets, strategies & investing...