Each year we begin our Q1 market outlook by holding ourselves to account for the results of the previous year’s macro strategy calls. We then give a detailed overview of what we see as the chief headwinds and tailwinds for risk assets in the coming year. Our acquisition of Piedmont Investment Advisors last year, an investment management company that offers both equity and fixed income solutions, gives us the resources to provide a more detailed outlook on global bond markets. Look for our insights across global capital markets in our future quarterly reports. We also provide an overview of the potential risks (some perhaps underappreciated) that could be presented by diminishing USD liquidity. And finally, we share 2019’s risk assessment and portfolio positioning, by region/country, sector and factor.