John Authers

Pension money is not necessarily smart. Far from it. But the flows of money controlled by retirement funds are so huge that it behoves everyone else to take notice. And that implies that, for the foreseeable future, all investors should be paying attention to asset classes like real estate and infrastructure.

Many 2014 predictions from the investment community are positive, but it's worth asking what can go wrong. Here are some of the risks that we can envision.