It seems that the markets are indicating that we have entered a period in which jewels (gold) will outperform tools (stocks). Try as we may (we are no gold-bugs), we struggle to find reasons to discard the market's message.

For all its ups and down, 2015 ended up being a year to forget for Australian investors, with little variation in the performance of major asset classes. Dynamic allocation within portfolios and additional levels of diversification will be critical for 2016 to avoid the feeling of deja-vu.

The consensus view that falling oil prices and a China slowdown are the main drivers of slowing world growth is only half the true story of why global growth is 3% rather than 6% as it was - and could and should be again.

There's a high likelihood that global equities are already in a Bear Market. If so, assessing the likely end of the Bear Market becomes critical. Most importantly is the need to forecast the end of the recession.

Three demographic megatrends support a number of structural growth themes that allow identifiable companies to benefit from strong and compounding cash returns over investible timescales.

As global economic uncertainty persists in the markets, a coherent and structured approach to assess macroeconomic and market scenarios and their impact on investors’ portfolios becomes critical.

Never let a good crisis go to waste. Historically, the EU used to thrive under adversity. The current European crisis is different. It will either be the end of the EU, or at least the end of the EU as we know it.

In Fodder NZ - Markets off to an ''interesting'' start with articles from Gave and Papic, plus Farrelly and Kitces.

In Fodder - Markets off to an ''interesting'' start with articles from Gave and Papic, plus Farrelly and Kitces.

The FSC has called for a cut in the company tax rate to 22%, funded by an increase in the GST. It's hard to see why FSC made this call, particularly given that its stated number one priority is "working to improve the well-being of all Australians".

2016 has started poorly for the global economy - and horribly for markets. A number of negative themes are ascendant, whereas the positive ones are either pausing or petering out.

All that is left of the euro is a currency that bears the same name but that has none of its original features. It is a zombie currency, an undead monetary system pretending to survive.

Do not be distracted by conventional presumptions about the Fed’s tightening cycle and interest rates. The ultimate bogeyman of this investment cycle will be credit quality and the warning sign will be when banks tighten lending standards.

With the Federal Reserve today moving away from zero with a 25 basis point move, has anything changed my view that bond yields will stay lower for longer? I don't think it has. 2016 should be a very interesting market environment

In Fodder NZ this week - Markets and Managers with Mohamed El-Erian, Woody Brock, Bob Huebscher, Michael Furey and Ashley O'Connor

In Fodder this week - Markets and Managers with Mohamed El-Erian, Woody Brock, Bob Huebscher, Michael Furey and Ashley O'Connor

There's a widely held belief that in order to create alpha, a fund manager needs to make meaningful bets away from the market. But is this the reality? Does greater non-market risk actually produce higher alpha?

Today's slowdown is truly global, with economies everywhere contributing to it. We witness "disappointing" growth, quarter by quarter, year after year. The consensus pays too much attention to China as the cause. So what really is behind all this?

In Fodder NZ this week - Dom McCormick on illiquid assets, Michael Kitces on goal risk tolerance plus articles from Jon Shead, Dr Marcel Erni and Fidelity Worldwide Investment.

In Fodder this week - Dom McCormick on illiquid assets, Michael Kitces on goal risk tolerance plus articles from Jon Shead, Dr Marcel Erni and Fidelity Worldwide Investment.