Navigating the lower limbo stick will require more unconstrained investing, greater consideration of the chosen benchmark, and a greater focus on downside risk management.

Lower 'neutral' monetary policy rates across the developed world will continue to serve as an important anchor for the secular valuation of all asset classes.

Emerging markets will face a more challenging economic and financial outlook over the next few years - but systemic risk across the emerging world is lower than before the Asian crisis.

De-leveraging, widening inequality and structural reforms limit growth in developed markets. The US is the most advanced in addressing these challenges.

Bond markets were once the world's most liquid. Today, trading even $5 million in bonds can be difficult. Managed fund holders must recognize that funds may limit withdrawals and hold larger cash balances.

2015 will be a year of huge uncertainty about the future of the Euro. These uncertainties are likely to pose a fundamental challenge to investing in the Eurozone.

Differentiation is key for emerging markets. Secularly, countries enjoying the rise of consumerism are expected to drive local company earnings above the global norm.

Economic signals are everywhere. By being alert to signals, anyone can start to navigate through the turbulence of the world economy.

PortfolioConstruction Forum Publisher and Markets Summit 2015 Moderator, Graham Rich, opened Markets Summit 2015 in his usual entertaining way, highlighting key issues to consider over the jam-packed, marathon program.

That the global economy didn’t kick on in 2014 may instill some scepticism among investors about 2015’s prospects. There are five important themes to consider through 2015.

Focus on structural reform and potential room for monetary easing provides a positive backdrop for India in the current global context.

EM equities and fixed income enjoyed a boom in the 2000s. Now after several years of relative underperformance, EMs appear to be on the cusp of stronger growth.

The US secondary corporate bond market is in a time of significant upheaval. Changes to regulations has caused a new, insidious liquidity risk.

At first glance, it appears that the US job market has healed. Unfortunately, it is not that simple. The US still has substantial excess labor supply.

Japan has become a nation to which many investors are largely indifferent. But individual Japanese stocks offer some of the most compelling asymmetric risk/return profiles within the equity landscape.

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.