The process of preparing for different scenarios will allow you to have an actionable plan in place to minimize risks and maximaze opportunities when they come to pass.

Something like this.

"Isolate an event - Assume a specific downside event. For example, what happens if there is an escalation of a trade war with China?

Walk through the implications of the event. What markets will be affected? What will happen to the correlations across these markets? Are the market effects expected consistent with cross-market relationships? What will be the reaction of other investors?

Portfolio review - Can the current portfolio take advantage or mitigate the event? What are the risks from this event?

Analyze the restructuring alternatives that will be effective for hedging against this downside event. Be specific on what you will buy and sell? 

Analyze whether your hedging will meet your return expectations.

Walk through other possible solutions."