In the 1990s and 2000s, investors were largely able to ignore the “macro” picture, as geopolitical stability and benign inflation provided a supportive backdrop for portfolio returns. Even the Global Financial Crisis failed to end the party, as policymakers stepped in to cushion the blow. But in recent years, macro forces have reawakened. The world has returned to a heightened state of tension between two economic and military superpowers, technology is disrupting business and society at an ever-increasing pace, and “big government” is b...