Investors should ignore media-hyped narratives, insights from "smoke-filled rooms" and political consultants and, instead, focus exclusively on the measurable, material constraints facing policymakers. In the tug-of-war between policymaker preferences and their constraints, the latter always win out in the end. With geopolitical tensions on the rise, portfolio construction practitioners need a framework for making sense of the cacophony of geopolitical risks with the eye towards generating investment-relevant insights. - Watch Marko Papic and Mathew Jeremy on Portfolio Construction Forum and earn 0.75 CE/CPD hrs