There is a fundamental inconsistency over the long run between an ever-rising share of US debt in world markets and an ever-falling share of US output in the global economy.

To say a lot has changed since I spoke to you back in February at Markets Summit 2020 is an incredible understatement. Between now and Markets Summit in February 2021, I'm going to be watching three things.

It turns out that 'retiring’ and withdrawing from productive life actually conflicts with our own natural drivers of well-being. The concept of ‘retirement’ is an obsolescent by-product of the industrial era that needs to be retired.

For investors needing more from their fixed income allocation, global convertible bonds offer a whole new world of opportunity.

While it may not be a new approach, ESG investing creates risk-aware portfolios that are more likely to outperform over the long term.

As Joe Biden eked out a victory in the US presidential election, observers of American democracy were left scratching their heads. How did Donald Trump manage to retain the support of so many Americans?

The world today is an acceleration and escalation of the world that existed before Covid-19, rather than a whole new world. Broad, multidisciplinary thinking is essential.

Driven by Covid-19, 2020 saw economics 101 meet market psychology. Today, fear and greed set up a rich opportunity set on long and short sides.

Investors should not attempt to time, but rather allocate to well-diversified and balanced multi-factor portfolios and provide consistent exposure to targeted factors.

Relatively little is known about what greed is and does. These two papers highlight the importance of greed in economic behaviour, and to a greater chance of engaging in ethically questionable behaviour.

Just as China led the world in economic recovery in the aftermath of the Global Financial Crisis of 2008, it is playing a similar role today. It is a bitter pill for many to swallow.

In a world where interest rates are zero or negative, we need new ways of valuing assets. This is a very common refrain and it drives me nuts. It is almost all wrong - and on so many different levels!

Unlike ESG investing, impact investing accelerates the allocation of capital to solve the world’s climate and social challenges.

The Covid-19 crisis has triggered a step change in policy, accelerated trends and transformed investment frameworks. Opportunities will arise out of dislocation – but a more regional view is required.

Post GFC, inflation risk skewed to the downside with central banks fighting against disinflation and deflation – and the market is potentially under-pricing inflation risks going forward.

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