Everybody is talking about a synchronised global slowdown these days. But the way I see it, there is a possibility that 2020 will surprise to the upside, and we&rsquo ll see higher than expected global growth. Trump will be having an election year, and he&rsquo s going to do everything in his power to keep the US economy chugging along well to improve his election chances. And say whatever you want about that guy, but he&rsquo s clever as hell, and he knows how to pull the right strings to get what he wants.

So if growth starts to surprise to the upside, then those US treasury yields are going to jump, and all those blue-chip REITs that had such an amazing 2019 are going to drop like a rock."