A great attack scores points, but defence wins premierships. The same principal applies to investment portfolios where, by attacking with allocations to growth stocks, investors can run into problems when equity markets fall. But by making private debt the centre of a defensive strategy, investors can win in all conditions. Private debt protects investors via its position in the capital structure, contractual obligations and the close relationship between borrower and lender. It also shields investors’ income against inflation and interest rates by prici...