Okay. Others you might have mentioned  include Climate Change,...

Okay. Others you might have mentioned  include Climate Change, Brexit,  Rise of the Far Right, US-China Trade War, Cyber Attacks, War on the Korean Peninsula, Iran with Nukes (or Iran without Nukes), Overpopulation, Pollution, Falling Oil Prices, Rising Price of Energy, War in the South China Sea, Civil Unrest in France, Influenza (or other) Pandemic, .... Then there are the true Black Swans that none of us can foresee. How does your investment strategy accommodate these kinds of macro risks while still providing a meaningful return?

Assuming you are making a long term investment (say 5 years plus) the question is whether you would be be better off investing in WBC and a diversified portfolio of other strong businesses or piling into cash or bonds in what is a low interest environment that's looking increasing likely to be with us for some years. I guess the biggest difficulty is knowing what earnings and PEs of the Banks are likely to be in 5 years particularly in the event of a recession (in which case both would take a big hit).