Was the recent market volatility predictable? Was the volatility exogenous or endogenous in nature? What lies ahead as regards inflation and interest rates?

The investment (as opposed to transaction) appeal of Bitcoins has grown and will grow. But we believe that Bitcoin will be very undesirable as an asset due to a very high degree of price volatility.

During the past three months, a salient topic of debate has been whether the so-called Phillips Curve is relevant in today's disinflationary environment. The debate is important to investors.

Twenty years ago, I predicted that the Digital Revolution would cause productivity growth to accelerate and inflation and interest rates to fall for a very long period. We now believe this trend will continue for at least another 10 and probably 20 years.

The growing belief that the US has entered an era of permanently low economic growth, due in large measure to an alleged 50% reduction in productivity growth, is wrong. Both real growth and productivity growth have been strong, not weak.

Overall stock market risk has declined modestly in the last 80 years, but the nature of risk has changed greatly. The risk stemming from market mistakes and, possibly, from irrationality has risen significantly.

Despite increasing global political risk, the probability of outright war is paradoxically lower than it might have been at any previous period in history.

In a world of risk-on/risk-off investing, it is important for investors to know where true risks lie and where they do not lie. In fact, macroeconomic risk has decreased by well over 80% during the eight decades.

Contrary to popular belief, western living standards have not declined in recent decades. Rather, government statistics failed to capture a key element of real GPD growth.

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.

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?

This week's market correction is long overdue. It is also not over because the true underlying problems are much more serious than the commonly cited causes. And, at last, markets are teaching Xi and Li who in fact is the boss.

Indexing could be as problematic during the next few decades as it has been successful in the past few. This heightens the appeal of active management for those brave enough to pursue it.

China is a glass both half full and half empty. It will continue to grow and become a great superpower, but its future growth rate will be significantly lower than President Xi's "new normal" 6% forecast.

We are reminded daily that the US stock market has achieved record highs between 2009 and today. But the true bull market covers 35 years. What does an understanding it tell us about the future? The answer is: a lot.

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.