Many investors appear to have lost their bearings. It is as if the proverbial rug has been pulled from beneath their feet. Last week's bolt from the blue by the Swiss National Bank is simply the latest in a string of significant surprises. The decline in US Treasury yields despite the fastest growth in more than a decade in the April-September 2014 period took many by surprise. The collapse in oil prices was unexpected, even though the increase is US output was widely known. It was also well known that OPEC itself was producing in excess of its quota agreement. In late October 2014, the Bank of Japan took the market ... (full story)