Over the past three decades, geopolitical fragmentation, technological disruption, fiscal expansion, energy security concerns and changing market structures – and now, the infusion of AI into every aspect of society – have altered the very foundations on which portfolios have been built. In short, the macro environment that shaped portfolio construction no longer exists.
Before investment decisions are made, we need to answer a fundamental question – what world are we designing portfolios for?

The stories we tell ourselves are often wrong
The world is always uncertain. Many events – wars, pand...