Investors have long relied on two crystal balls when predicting future returns: equity risk premium and the yield curve. Crystal balls have their place, so long as they are combined with an uncommon degree of common sense.

Game changer or new danger? The rise of passive funds throughout this decade is recalibrating the traditional core-satellite portfolio model.

In the last decade, investor interest in long-horizon outcomes was rare and when it prevailed, it was severely tested by events. The long-term was viewed as opaque and uncertain. It's amazing how attitudes change when new opportunities emerge.

Deleveraging will leave a lasting impact - and meeting the challenges it presents investors will be critical to everyone operating in the new financial landscape.

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