The Anti-Goldilocks Era
Goldilocks is over. The last twenty years were a period of low inflation, few geopolitical frictions, free-trade, and neoliberal policies. We believe this stable, goldilocks environment is over. Record high inequality, persistent inflation on higher fiscal spending, rising geopolitical risks and climate polarisation will shape the future investment environment.
Here’s how we think investors should get ready for this challenge.
Regime-change across Macro, Policy and Geopolitics
Since the post-war period and the end of the Bretton Woods system, western governments engineered a multi-decade period of stable growth and low inflation. Demographic growth, the rise of private credit, and globalisation have boosted growth – but generated long-standing imbalances …