During this pandemic, some of us turned to new hobbies like baking and gardening, while others turned to day trading, with financial markets surging despite deteriorating fundamentals. The hunt for yield has led investors into a myriad of exotic bets. Looking ahead, there are three major sources of risk in the coming year, which one should note when making investments. 1. Global supply chain and trade war Global stock market valuations appear highly optimistic using a myriad of measures. Upon announcement of the Pfizer vaccine’s FDA approval on November 8, 2020, the Dow Jones index rose 5.7%, S&P 500 rose 1.2%, and the small-cap Russell 2000 rose by 3.7%. Investors flocked into travel, hotel, and leisure stocks that were hardest hit by the pandemic. All seems good, but let’s not forget that the distribution of the vaccine poses some challenges. First, although COVID-19 vaccines are being made available all around the world, recovering to normalcy will still take at least half a...