Markets are not breaking. They are repricing assumptions. What stands out most right now is not recession panic, nor speculative euphoria - but transition. Leadership is shifting. Capital is rotating. Long-held assumptions about inflation, technology, labour, and diversification are being tested.

The more useful question is not “Are we heading into a downturn?” It is: “What regime are we moving toward - and which portfolio assumptions quietly depend on the old one?”

For multi-asset, multi-manager practitioners, that distinction matters because regime trans...