We present multi-wavelength long-term monitoring observations of V635 Gas,
the optical counterpart to the transient X-ray pulsar 4U 0115+63. The evolu
tion of emission lines and photometric magnitudes indicates that the Be sta
r undergoes relatively fast (similar to3 - 5 yr) quasi-cyclic activity, los
ing and reforming its circumstellar disc. We show that the general optical,
infrared and X-ray behaviour can be explained by the dynamical evolution o
f the viscous circumstellar disc around the Be star. After each disc-loss e
pisode, the disc starts reforming and grows until it reaches the radius at
which the resonant interaction of the neutron star truncates it. At some po
int, the disc becomes unstable to (presumably radiative) warping and then t
ilts and starts precessing. The tilting is very large and disc precession l
eads to a succession of single-peaked and shell profiles in the emission li
nes. Type II X-ray outbursts take place after the disc has been strongly di
sturbed and we speculate that the distortion of the disc leads to interacti
on with the orbiting neutron star. T;Ve discuss the implications of these c
orrelated optical/X-ray variations for the different models proposed to exp
lain the occurrence of X-ray outbursts in Be/X-ray binaries. We show that t
he hypothesis of mass ejection events as the cause of the spectacular varia
bility and the X-ray outbursts is unlikely to be meaningful for any Be/X-ra
y binary.