For the main 90% of my portfolio nothing will change - just stick the course.
If I'm going to have a punt,... ok first let's have a look at what the big macro stories for 2014 were. Locally, austerity became a policy, Medibank floated (gov commitment to continued privatisation), we joined the US in a war against ISIS, property continued to boom, the dollar dropped to 81c or so and we finished the year with oil/commodities prices lower. Internationally, I'd pick as a decent cross-section of big stories the China and Europe slowdown, the failure of Abenomics as a policy, the US Fed not increasing interest rates, the Russia story, oil, US's ostracism due to FATCA coming into effect, Bitcoin, maybe the US economy's bumper year for stocks and the continued slide of the price of gold.
With this in mind, I think the big story of 2015 is going to center around the continued weak consumer spending globally. The world is more connected (read: less ignorant) these days and in the developed world even a quote-unquote uptick in the economy over the last two years has inspired neither consumers nor companies to dip into their savings. Going forward global growth will largely be driven by consumer spending growth in China, India and a little bit of SE Asia. Maybe a little in LATAM. But it's not going to be much.
Now, whether this weak consumer spending or an increase in US interest rates is going to be enough to trigger the correction that all the talking heads seem to think is inevitable in 2015,... I'd give it a 15% chance of happening (and it doesn't change my strategy regardless).
Oil is the wildcard! I have no idea which way it is going to go during 2015 but it will affect absolutely everything globally. If one thing is certain it's that politicians globally will blame oil for the country's woes while taking credit for the places where oil has provided a little relief. Even so, the individual impacts will be small. $20 oil would be a different story.
I'm also bearish on USD hegemony long term, but I doubt the house of cards is going to fall apart in 2015.
Australia-specific, I think it's going to be another flat year, maybe slightly down. Oil/commodities/China narrative aside, my biggest "wildcard" concern for the ASX 200 is possible disruption in the banking sector. Payments are already under attack from Bitcoin and the technologies that harness the bitchain, robo-investing is putting downward pressure on the entire sector, meanwhile Australian politicians continue to alienate voters by signing in legislation such as GATCA (global FATCA), driving up demand among consumers for alternatives. It'll be a shame to see a massive chunk of this business go overseas to US technology firms but the Australian economy isn't exactly known for Silicon Valley-level innovation.
The other things I'd keep an eye on locally are changes to Superannuation legislation, negative gearing legislation and interest rates. But this has been the same for the last several years so should already be factored into one's strategy.
Actually, that reminds me of another thing: will 2015 be the year AGBs finally come of age in Australia?
**edit: I see AustralianMustachio posted about government bonds while I was typing. Maybe their heyday has arrived! (but I think they have just been pushed up by wealthy Chinese purchasing Australian residency/passports in 2014; it'll take changes to negative gearing legislation to really get the domestic bond market pumping).