For investors, one of the most important events of 2014 was the dramatic collapse in the oil price. The long-term equilibrium price is now likely to be lower. Overall, portfolios must be repositioned for increased volatility.

Returns in defensive equity yield and income sectors have been outsized as bond yields have fallen. Growth sectors have underperformed. But globally, technology shares are cheap on a relative basis.

High and rising house prices in Auckland hog the headlines. Increasingly unaffordable house and land prices result from the collision of two, no doubt individually well-intentioned, sets of policies.

World-wide low interest rates are not a temporary phenomenon. The world has changed and it is highly likely that the current low rate environment will be with us for decades. Getting used to low rates will be a critical adjustment for all investors to make in the coming years.

Slow growth is an old story. The new story is that world is finally beginning to re-balance - a process that unfortunately will take another 20 years. Well-intended policies are causing bubbles and distortions to asset prices.

The outlook for the global economy is unambiguously positive. At long last, all regional economic cylinders are firing in unison and secular stagnation is yesterday's story.

PortfolioConstruction Forum Publisher and Symposium NZ 2015 Moderator, Graham Rich, opened Symposium NZ 2015 in his usual thought-provoking (and entertaining) way, highlighting key issues to consider over the jam-packed, marathon program.

New this week - Roubini on currency wars & McCormick on the debt unwind. Plus, earn CPD with articles from Dr Joanne Earl, John Hock & Scott Weiner

New this week - Roubini on currency wars & McCormick on the debt unwind. Plus, earn CPD with articles from Dr Joanne Earl, John Hock & Scott Weiner

I think we have seen the low in European bond yields and that we have commenced on the path - at long last - of secular reflation.

With NZ fixed interest portfolios arguably harder to build than ever before, this paper introduces a framework for practitioners to build fixed interest portfolios for to meet the needs of individual clients.

Globally, technology shares are cheap on a relative basis. Tech investing has significant challenges but it remains the fastest growth segment and appears to have attractive valuations.

The ACSI Governance Guidelines, which hold a wealth of information about what constitutes good corporate governance, are a valuable resource for any investor (or business owner).

The collapse in oil prices in the second half of 2014 is very large in a historical context. This paper explores the implications for portfolios.

When combining managers together to form a multi-manager global equity portfolio, investors should aim to keep active share relatively high.

Lower oil prices and a wave of monetary policy accommodation are a net positive for the global economy, but there are losers as well as winners, especially in some emerging market economies.

In Fodder this week - Bill Gross on the end of the secular bull market, plus the latest "undiscovered fund" from Zenith.

New this week - Bill Gross on the end of the secular bull market, plus the latest "undiscovered fund" from Zenith.

Investment managers have a better chance of adding alpha if they have a clear philosophy of how they generate it, according to research on the importance of a robust investment philosophy.

I have a sense of a secular bull market ending with a whimper, not a bang. Only the timing is in doubt. Because of this, I have increasingly a great unrest. You should too.