Hindsight is 20-20, as we all know. Look around and forward vision for 2020 is cloudy at best, be it for geopolitics, economies, businesses or markets. Markets might look great having bounced back (through April from the sharp declines end of 2018 and then since October), due to corporate buybacks, extended monetary-easing across both developed and emerging markets, consumer spending and a false dawn of phase one China-US deal. But cash buffers are rising in portfolios as is the cost of hedging against sharp market declines. At the same time, government bonds and gold have