Fixed income markets seem to have gotten the correct message, albeit perhaps for the wrong reasons – short-term interest rates will stay low for a long time.

These are words that I utter with the utmost caution - this time, it really is different. For something genuinely new to the modern experience, consider the curious case of collapsing equity volatility.

Investors often face unknown and even unknowable states of the world. How should we make investment decisions under ignorance?

Low GDP growth, very low real rates, higher PEs and valuation multiples - it's a new world. We all need to get used to it. In particular, we should review client spending plans.

Fodder is back this week with Dom McCormick and Oliver Hartwich, plus 3 pieces on active management

Fodder is back this week with Dom McCormick and Oliver Hartwich, plus 3 pieces on active management

I had been going to write something about housing this morning, but got distracted in the WEO database. House prices, especially in Auckland, are a political and social scandal.

Even the most skillful active managers will sometimes underperform. And, in some market environments, most active managers can be expected to underperform.

New in Fodder this week - Oliver Hartwich & Charles Dallara on Greece, plus GaveKal, Bob Gay & JP Morgan

New in Fodder this week - Oliver Hartwich & Charles Dallara on Greece, plus GaveKal, Bob Gay & JP Morgan

Now the Fed has opened the door to normalising interest, what constitutes "normal"? Take care in stretching for yield now the Fed is no longer making promises.

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

After more than six years of near zero interest rates, the Fed seems set upon the long journey back to more normal monetary policy. What are the investment implications?

We start this week's Fodder with 2 views on consensus with Tim Farrelly & Anatole Kaletsky, plus articles from Mohamed El-Erian, Tim Griffen & Scott Weiner's top rated Markets Summit presentation.

We start this week's Fodder with 2 views on consensus with Tim Farrelly and Anatole Kaletsky, plus articles from Mohamed El-Erian, Tim Griffen & Scott Weiner's top rated Markets Summit presentation.

This paper by Rob Arnott and Denis Chaves looks the effects of different age cohorts on GDP and asset class returns.

The US dollar is hitting new 12-year highs almost daily and the euro seems to be plunging to below parity. But there are at least four factors pressuring it the other way.

How should one understand the disconnect between new highs reached by global equity indices and new depths plumbed by real interest rates worldwide?

Since the 1980s, oil prices have fallen 50% or more over six months just twice - including last year. Was oil a bubble which has now imploded? Or is oil set to bounce back?

New this week - Pippa Malmgren's keynote from Markets Summit plus Woody Brock & Chris Watling