Anticipating events a week ahead is difficult enough and here we set on the task of considering the broad forces that will impact the investment climate in the year ahead. Although fraught with the risk of seeming foolish in hindsight, we recognize the path dependent nature of such prognostications that we make, knowing full well that our information set is, of course, incomplete. Our purpose is to describe the main contours of the investment climate and the broad forces that will impact it. As is our mandate, we are particularly attentive to the impact on and from the foreign exchange market, where the variability ... (full story)