Against an uncertain macro economic backdrop, investors may begin to question whether traditional ideas of what constitutes a ‘balanced' investment portfolio remain applicable. With debt to GDP ratios at 100% or more in most of the G7 economies, can developed market government bonds really live up to their ‘risk-free' tag? And can diversification truly be achieved from the global equity market when the US accounts for over 63% of the MSCI ‘All Country' World Index (ACWI) and every one of the top 10 stocks (nine of which are US-listed), making up a quarter of the entire index, is effectively a technology company? We set out some brief thoughts on ways of navigating the current economic, geopolitical and market uncertainty