Swiss National Bank’s decision to end the Swiss franc’s peg with the euro has resulted in the euro falling as much as 41 per cent against the franc.  Photograph: Thomas Hodel/Reuters

No amount of risk management could have saved traders

In the US, almost $92 billion was withdrawn from active funds last year, while passive funds attracted inflows of $156 billion. In the UK, money flowed into passive funds but more than $17 billion was pulled from active funds. Photograph: Spencer Platt/Getty Images

Active funds will have to prove their worth or risk being overtaken by the passive trend

Traders  on the floor of the New York Stock Exchange. Photograph: Jewel Samad/AFP/Getty Images

Proinsias O’Mahony takes a look at the ups and downs of the stock market

Under review: NYSE traders consider the stock market which sceptics say is due a serious decline. Photograph: Brendan McDermid

An increasing number of strategists believe we are in a secular bull market, with any decline likely to prove fleeting

Proinsias O’Mahony looks at what’s been happening and what might happen

Traders on the floor of the New York Stock Exchange look forward to 2015. PHOTOGRAPH: CARLO ALLEGRI/REUTERS

Learn from the experts and you can be a more effective investor

Traders work on the floor of the New York Stock Exchange. Photograph: Reuters/Brendan McDermid

Momentum can drive markets, but a value-based approach also matters

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