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Enterprising families are showing an increased interest in participating in direct investments around the globe. Some families have turned to private equity out of frustration with the volatility in the public markets and the unexpected correlations between asset classes that occurred during the 2008-2010 timeframe. The factors that impact their private equity portfolios’ success are complex in nature, and there are 15 key considerations that inform families’ preferences for private investments, and, ultimately, impact how well they will do.

Although markets got off to a calmer start in 2017 than it did in 2016, this year may still be one of the most difficult years for long-term investors in recent memory. There is little basis on which to anticipate the policy actions of the new administration and there is substantial potential for large scale change. There will be opportunities to make money, but there will also be many red herrings. Investors, money managers, and wealth advisors will all be challenged to have discipline this year.

At the beginning of 2016 many growth markets were experiencing a drop in economic performance and weaker growth predictions, which led to several commentators and investors questioning the future role of these markets as leaders of global growth. In their view, the growth markets’ era was over. However, growth is now projected to return to certain developing markets by 2017—most notably Brazil, Nigeria and Russia.

Heading into 2017, the top five investment themes center around prolonged expansion, inflation rising, a new upward interest rate bias, going from global to local, and stock pickers being back in style. With all the dire headlines, it’s easy to forget that we are in the midst of the fourth longest expansion on record. Looming risks exist, namely the prospect of trade wars, rising debt and deficit and other geopolitical threats, but broadly speaking, this expansion environment is positive for equities and other risk assets.

As high-net-worth investors discuss plans for charitable giving and investing with their financial advisors, it is absolutely crucial for them to be on the same page in terms of the outcomes desired, both financially and philanthropically. For this reason, advisors and their clients need a set vocabulary of terms going into the first meeting. Only then can they discuss goals (and ways of achieving them) without stumbling over communication roadblocks.

History has typically played out such that the president and at least one of the houses of Congress are of different political parties. President-elect Trump, however, will benefit from a “unified government,” which has been an important driver of overall post-election market reactions. With a clean political party sweep, much of what Trump campaigned on will at the very least make it to the bargaining table. What will be the likely impact of a Trump administration on current regulations and legislation, and the potential implications for capital markets?