Equity markets have favoured “bond-like equities”. There is a significant risk in this behaviour – namely any rise in, or steepening of, yield curves. After years of commentary about populism, the defining feature of the phenomenon is not being priced by markets. Populists spend money! There is a real chance that future fiscal impulses will be far more redistributive and inflationary. In a VUCA world, the consensus of “lower forever” may prove damaging. Practitioners should examine portfolios for slow or no growth equities, priced like bonds, whose attractions...