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.

Is the practice of measuring manager performance by comparing it to a market index distorting prices across the whole market? That is the conclusion of a recent paper.

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.

Australia still looks like one of the holdout anomalies in global markets where the adjustment from a decade of mispriced assets has yet to fully play out.

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?

Recently, I attended the Eureka Report Around the World of Investing Forum. The overwhelming impression was that global investing is very new to many Australians.

The right policies are the opposite of those pursued by the world's major economies. No wonder global growth keeps disappointing. In a sense, we are all Japanese now.

The US dollar rally could contribute to the "rebalancing" that has long eluded the world economy. But that is far from guaranteed given the related risks of financial instability.

Gridlock may be perfectly acceptable in Washington these days - but Europe, like Japan, now badly needs strong political leadership.

The answer seems obvious. But more complicated forces are at work that have reduced real interest rates far below historic norms and may keep them very low for many years.

The taboo that savers have to be compensated for handing money to a financial institution has been broken, with the ECB's negative rates finally being passed on to retail clients.

The global economy is like a jetliner that needs all of its engines operational to take off. Unfortunately, only one of its four engines is functioning properly.

Our Forum Fodder e-newsletter alerts Members to what's new on PortfolioConstruction.com.au and live progams. This week's Fodder features three of the giants of the investment industry.

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

Last week's volatility surprised many. How should portfolios be positioned? And what does this recent bout of volatility tell us about the economy and financial markets?

Our Forum Fodder e-newsletter alerts Members to what's new on PortfolioConstruction.com.au and live progams. What a week it's been for markets - not surprisingly, this week's Fodder has a distinct markets focus

The German word for what we saw in markets this week is Torschlusspanik. Literally "gate-shut-panic", it describes the nasty crush when everyone rushes at once for an exit.

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