This is our 2019 outlook piece, the purpose of which is to provide our views and insights into the key questions affecting our decision making in client portfolios today. As a reminder, we don’t have a crystal ball and we don’t make significant short or medium term timing decisions on markets that are volatile and unpredictable. However, we do invest probabilistically and we do have longer term thematic views that cut across asset classes which inform the way we invest portfolios for the longer term. The main bulk of this letter addresses these key themes that drive our investment thinking for the coming year and beyond.