As we look forward to 2015, global growth should be somewhat stronger. Among the advanced-market economies, Europe should be advancing at a better, thounh still moderate, pace as the global manufacturing cycle recovers. Europe is gains from lower oil prices will be modest, as it is not a heavy consumer of oil. Nor will the expacted increase in quantitative easing have a great effect on the pace of economic activity, as it is weak credit demand, not a shortage of liquidity, that is the us dollar, though at a slower pace, hedging against this currency factor will still be desirable. Japan's economic and equity markets should advance further in 2015, and hedging against additional yen depreciation will also be desirable.