Financial markets have always had a fixation with short-term news flow. Indeed, the endless stream of headlines about the eurozone crisis in recent weeks has been deafening, leading markets to gyrate between panic and euphoria, often in the same day.

• Growth will be slow for a very long time. Many developed economies are simply not competitive and structural impediments will preclude a rapid recovery;

• Weaker economies need to leave the euro or accept a lower standard of living. The poor will get poorer;

• Slow growth and high leverage will lead to periodic recession fears. The accompanying volatility will present a need for more pro-active asset allocation;

• The European Central Bank will ultimately need to adopt reflationary tactics; these periods may be good for risky assets even as growth remains subdued. Currency is one of the few remaining policy tools and currency volatility will continue on its upward march;

• Short-term interest rates are going nowhere fast, and so the search for income will strengthen;

• Negative real interest rates do not equate to low risk – there are no risk-free assets remaining.