Regime identification is critical to successful portfolio construction strategy. The asset management industry has operated in a disinflationary world for 40 years - a world where capital takes the spoils. If labour is to become more dominant, what does that mean for asset allocation? As we move into an era which is both more inflationary and more volatile, asset allocators will need to adapt in order to deliver returns. There will be significant opportunities to do so - but a different set of tools will be required. Correlations that have held firm in a low i...