The geopolitical storms which rocked markets in 2014 are unlikely to calm in the coming year, with a raft of warnings about a new era of instability.
The relative calm to the start of 2014 now seems like a distant memory. "From jihadism to populism to revanchism, politically-generated challenges to globalization are transforming the landscape," as Tina Fordham, chief global political analyst at Citi, pointed out in a report.
And after many got their fingers burned by not spotting risks like the dispute between Russia and Ukraine this year, investors are likely to react more quickly to geopolitical concerns.
On one hand, this could be positive as big market moves in response to news can often be the spur for governments to take action.
Yet on the other, it's likely to mean a bumpier ride for investors. They may want to put some history books on the economic fallout from previous crises on their Christmas list.
Here are four of the key themes likely to worry investors next year.