The US has dominated global equity returns for approximately 15 years. This is a cycle – it is all cycles! And that cycle is over. It turns out that Francis Fukuyama’s “End of History” wasn’t quite accurate. We live in a multipolar world. Amid complexity and ambiguity, investors will have to work harder to make money than just owning US beta. The silver lining is that there are large equity markets and sectors including China and Japan that are cheap, with significant growth drivers.

Presentation  (28 mins)  |  Slides