This newsletter is normally about the long-term view. Tune out the noise, look to the long term, and things will be alright. The problem with this philosophy, usually a wise one, is that you must survive the short term to get to the long term. Entering 2020, most market commentators had pointed at a difficult investment environment, subject to radical uncertainty and a range of secular disruptors such as China’s rise and the resulting geopolitical tensions, populism, defl