Despite a gloomy outlook a year ago, global economic growth continues, credit remains easy, unemployment rates are close to historical lows, and markets boomed in 2019. And yet, despite these benign conditions, elevated demand for safe-haven assets, including government bonds and gold, suggests that investors are anxious. Such fears reflect the current high VUCA - volatility, uncertainty, complexity and ambiguity - market environment which carries many risks, of course. But with those risks come opportunities, too. Portfolio construction practitioners need to discern which risks and opportunit...