The biggest geopolitical events are often ones that few saw coming.
Moran said investors should keep an eye on how the U.S. energy revolution is rippling through Africa. Countries like Nigeria, Algeria and Angola that used to export significant quantities of oil to the U.S. are now being squeezed by shale. That could lead to political instability.
Unlike the Saudis, these countries don't have massive sovereign wealth funds and currency reserves to fall back on during times of turmoil. Nigeria has also been under pressure from Boko Haram, the terrorist group that killed over 30 people and kidnapped nearly 200 more this week.
There's also North Korea, which every few months provokes tensions with South Korea and the West. The cyberattack on Sony (SNE), believed to be carried out by North Korea, showed off the country's increasingly-powerful cyber capabilities.
"North Korea is the herpes of geopolitics. It goes active every once in a while and then goes dormant. It's an annoyance," said Moran.
