VUCA will be prominent in 2020. Investors, particularly retirees, are facing a “Code REDD” with reflation, election, duration and disruption all key themes. The central question of whether 2020 will be a good year or not depends on whether the market chooses to focus on the positive developments in economic data and financial conditions that could lead to reflation on the one hand, or the negative impact ongoing trade tensions could have and doubts whether strong market performance can be sustained on the other. The reflation theme will win, underpinning the continuing outperformance ...