How long can interest rates stay negative? Think about this. Not only are you lending your money to governments, but you're paying them interest for the privilege of doing so.

Most people are under exposed to global assets, including foreign stocks, bonds and currencies.

[When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.

Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?

We normally think if you're going to lend someone money, you should get some reward for doing this. In Europe, it's a tax!

Once you start moving [market] lower, then you trigger of all sorts of things. You trigger people who have to sell because they're over-levered. So they sell their winners and their losers. They're just trying to raise cash. So, what you then get is spreading malaise throughout the global markets.

As a whole, investors should welcome attempts to safeguard the integrity of markets. You need very clear rules applied to markets.