Today's environment is “high signal”, in that meaningful changes are colliding in the technological, financial, political and geopolitical dimensions. However, this does not make it more predictable. The key challenge of portfolio construction in an uncertain world to find the right balance of offence and defence. Dylan will illustrate the unpredictability of similar “high signal” events in history and explore the robust portfolio solution that Calderwood deploys to deal with them in the pursuit of defence.