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

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.

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

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

Despite forecasts of continued superior US economic growth, we are selling down our beloved US quality stocks in favor of the problem children of the investing world.

Markets Summit 2015 - Cyclical? Structural? Secular? - featured 19 international and local investment experts debating their best ideas on the key cyclical, structural and secular issues driving the medium-term outlook for markets - and, of course, the implications for portfolios. This Resources Kit is a deluge of videos, podcasts, and papers for all sessions of the jam-packed program so you can "attend" even if you weren't there.

The world was shocked by the oil price collapse. Anuraag Shah, who made a fortune betting on a falling oil price, summarised the astonishment - "It's nuts!". Actually, it isn't.

In this seminal paper, Ibbotson confirms that after the decision to actually invest is made, asset allocation and manager selection are equally important.

New this week - Our new backgrounder and Markets Summit key takeouts plus Dom McCormick on currency and Jonathan Pain's outlook for 2015