If financial assets no longer work for you at a rate far and above the rate of true wealth creation, then you must work longer for your money.

Bond investors are the vampires of the investment world. They love decay, recession - anything that leads to low inflation and the protection of the real value of their loans.

Accountants, machinists, medical technicians, even software writers that write the software for "machines" are being displaced without upscaled replacement jobs. Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren't enough of those jobs.

When you're underperforming the index, you go home at night and cry in your beer. It's not fun, but who said this business should be fun. We're too well paid to hang our heads and say boo hoo.

Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.

Be cautious and content with low positive returns in 2015. The time for risk taking has passed.

Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.