Michael Murray: New year, new danger

As our Christmas and New Year break draws to a close, there is plenty for investors to chew on for 2016. Market analysts, stockbrokers and other financial intermediaries are bullish. They usually are. No doubt estate agents are too.

There is indeed much to be bullish about. Oil prices are on the floor, providing a boost to consumer spending and reducing input costs for many companies. Bank balance sheets are repairing. Quantitative easing ...