Introduction

Understanding the secular, structural and cyclical drivers of economies and financial markets is critical for portfolio construction. But, in a world where Volatility, Uncertainty, Complexity, and Ambiguity (VUCA) are becoming more acute, making sense of what is happening in economies and markets, and assessing the implications for future investment returns and risks, has become truly daunting. Investors and their investment advisers are confronted with a reality that is, on the one hand, at odds with the theories they have been taught and, on the...