I think of two winds of change. The first is a fundamental change in the direction of global monetary policy. The second is technology. For now, though, we really need to think about the first.

While parts of the asset management industry appear to be dumbing down, we must continue to educate individuals on the differences between investment and speculation.

It's 10 years since the Forum's publisher, Graham Rich, interviewed Hamish Douglass and Chris Mackay as the firm launched the now behemoth Magellan Global Fund.

The Fed has begun its interest rate tightening, and deja-vu - there continues to be a great disagreement about the quantum of the rises. Rates will go higher than most expect and QT will impact on financial asset volatility.

With the Fed signalling its intention to raise rates, there is great disagreement about the quantum of rises ahead. Rates are likely to go higher than most expect - and the risk of a material equity market correction is elevated.

The US is the critical market of the global economy - and there are sign-posts that clearly suggest it is ready to surprise on the upside, with significant implications for portfolios.

The US is undeniably the critical market within the global economy - and there are real sign-posts that clearly suggest it is ready to surprise the world on the upside.

Big event risk is less important today than back in 2008 and 2009, when investing was all about whether the world was going to melt down. It's now important to focus on the micro.

What's the probability of a major risk event for global equity markets this year - and what are the major opportunities?

Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, Hamish Douglass shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...

Key themes playing out in the market at present include the ECB's LTRO, ongoing recovery in the USA, the rise of the Eastern consumer and a secular move to e-commerce and electronic payments...