Being defined as urban areas exceeding 10 million inhabitants, megacities accumulate impressive physical, human and intellectual resources.

What are the biggest risks that individuals, businesses and governments face in the year ahead, and beyond?

Investors are often drawn to social, technological, or economic trends that they think may o er lasting opportunities and the potential for investment returns. From e-commerce to big data to Chinese consumption, many durable themes have the potential to cause substantial asset repricing. In our opinion, prudent capital allocation compels asset owners to remain vigilant of such trends, given the potential for new risks and opportunities to arise over time.

Amid recent extreme weather events, many clients have asked for insights on climate change. Macroanalyst Spencer Glendon has spent several years researching climate science and writing about it for our investors. Here we share excerpts from a series of his notes to our rm.