Many worry that "the new normal" may be over, that the peak of the bond market has been reached, and so forth. We agree in part with this new view and offer some pointers to help navigate the bond market shoals ahead.

The belief that innovative and extremely easy monetary policy on its own would restore a suitable level of economic growth and inflation was wrong, both in theory and in practice.

The reality is that Brexit will hurt everyone involved more than was admitted during the campaign. Investors should expect heightened volatility, not only of stocks, but even of government bonds.

I awoke to read three pieces in the papers. These items contained news that would have surprised nobody, had global economic and market commentators been doing their job of properly interpreting the news.

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.