The first half of 2019 was kind to financial markets. Will the good times keep on rolling? In our view, that will depend on whether loosening monetary policy is still an effective way to boost growth.

Populist, anti-establishment policies will be with us for a while because the conditions that inspire them, such as rising inequality and stagnant incomes, will, too. That has long-term implications for inflation and global growth that investors cannot ignore.

The past year was a rough ride for bond investors. Will 2019 deliver more of the same?

It's human nature to want to protect your portfolio when the market takes a sharp turn. But too often, bond investors make the wrong choices when interest rates rise and credit cycles end. This can have disastrous consequences for returns.

The volatility bond investors expected when 2017 began never showed up. We suspect it will come out of hiding in 2018. With valuations stretched and monetary policy turning, investors will want to think carefully about which risks they take.

Investors trust open-ended mutual funds because they promise easy entry and exit. We think proposed new liquidity rules should help fund managers deliver on that promise.

Bond market liquidity is drying up-something every investor and financial advisor should take seriously. But liquidity risk can also provide an additional source of returns. The trick is knowing how to manage it.