2014 has been a perplexing year for many investors and 2015 may prove no less vexing. Weighing the macro, micro, and “known unknowns,” portfolios may struggle to generate returns next year comparable to those in 2013 or perhaps even those seen this year. In this piece we briefly review the past year and then provide our thoughts on five key questions for 2015: Will US equities continue to outperform global peers? Is the macro environment in Europe getting worse and what does this mean for equity investors? What will diverging monetary policies mean for currency and fixed income markets? Should investors position for rising commodity prices? What events could roil markets in 2015?