Indeed, sometimes whether a risk pays off is dependent on your approach to it (just ask Icarus and Daedalus), as opposed to being dependent on the risk itself. In this vein, we think it is sometimes important to understand the investment risks you are taking. Not in terms of volatility; however, we think there may be one obvious macroeconomic risk (or opportunity, depending on your viewpoint) that needs to be considered when constructing portfolios and selecting strategies at this time. That is the current confluence of two core investment decisions and one macroeconomic variable.