So great has been the monetary stimulus since the Great Financial Crisis almost 15 years ago, that many asset markets are largely untested in today's world of tighter money.
We are faced with three principle known unknowns.
Firstly, how will consumers react? Secondly, how will markets react to quantitative tightening? Thirdly and finally, how will we fare with the global house price increase?
In his latest strategy update, Guy Monson addresses these uncertainties and what this may mean for asset allocation and portfolios.