How do you play the investment game when the rules keep changing?

The distinction between uncertainty and risk is incredibly important to finance, despite being used largely interchangeably in everyday conversations. Specifically, uncertainty implies that the future is completely unknown to us, while risk implies we have an idea of the various possible outcomes but not which one will actually occur. It is this difference between risk and uncertainty that allows managers and asset allocators to add value to portfolios. If the direction of markets was completely unknown, any decision would be as likely to be rewarded as any other. However, through rig...