The President-elect’s style, approach, diplomacy and agenda are not easy to pin down. One might call it pragmatic or populist. It is possible that he becomes more conventional as President than he was as a candidate, however his position as an ‘outsider’ to Washington (and even within his own party) elevates the likelihood that established order will be challenged during this presidency. Challenging orthodoxies will, in our view, generate moments of tension and uncertainty for markets and thus opportunities and risks.