Since I addressed Markets Summit 2022 back on 23 February, arguing "The days of abnormal monetary policy are over", Russia's invasion of Ukraine has triggered a food and energy crisis while declining consumer sentiment and Chinese lockdowns provide headwinds to growth.

Since I addressed Markets Summit 2022 back on 23 February, arguing it was time for a new investing playbook, there has been a major repricing in financial assets. The adjustment has further to run.

With stock market valuations close to record highs, and interest rates beginning to rise from all-time lows, traditional portfolios are likely to disappoint in the years ahead.

Real US Treasury yields collapsed from 7% to -6% between 1981 and 2021, yet most people fail to understand why. Understanding changes in real rates is crucial to forecasting nominal interest rates, and the outlook for asset prices.

Rich Pickings explores the investment beliefs and philosophies of prominent professional investors. In this episode, I'm in conversation with Hari Balkrishna, Portfolio Manager - Global Impact Equity Strategy, T. Rowe Price.

In 2022, emerging markets are poised to outperform the developed world, as Western policymakers tighten monetary policy and withdraw fiscal stimulus. Portfolios should be reallocated to those parts of the world that are beneficiaries of this macroeconomic backdrop.

With US inflation at a 40-year high, and the housing and labour markets red hot, the US Fed has finally taken a distinct and meaningful step forward on the path back to normal. Investors need to accept that the days of abnormal monetary policy are over.

Is there such a thing as normal? Steady states are becoming increasingly rare, the belief in 'reversion to the mean' is less relevant than ever and, ultimately, investors are better placed focusing long-term change.

Investing over the next several years is going to be unlike anything we've experienced in decades. It's time to go back to the drawing board to reassess the best approach to both defence and offence in a more volatile, changing market.

Unlike the annexation of Crimea in 2014, the 2022 Russia-Ukraine crisis is occurring in an inflationary macro context. As in 2014, increasing exposures to wheat and gold to hedge against the risk of higher inflation is a strategy that should perform strongly.

As we shift to a bipolar or tripolar world, in which the US and China decouple more rapidly, and Europe lives somewhere in the middle, we must seek to understand the implications for asset classes, sectors and geographies.

Investors shouldn't overlook the potential benefits of focusing on companies in the energy sector. It looks like what's "old" will be “new” again.

Over the long-term, dividend growth and dividend yield are the dominant sources of long-term return. Valuation's importance recedes over time. Sustainable dividend growth companies appear to play defence well.

In a world of rising yields, fixed income investors must know that what's worked in the past might not work going forward. A braver and broader approach is required, by going on the offensive in fixed income.

All the indicia of a colossal equities bubble are in place. But there is a lot to own for the next five years if you are prepared to go where the crowd is thinnest, allowing you to be on offense as you defend your clients' portfolios.

Investors may be facing a regime shift in markets that changes the traditional relationship between growth and defensive allocations. In a low conviction world, an allocation to a blend of public and private credit makes sense.

Global microcaps offer investors an unparalleled opportunity to invest in economic or market recoveries. Global microcaps' asymmetry around large market events provides investors with a powerful offence that is a great portfolio defence.

The game has changed - the 2010s is the wrong analogue for the 2020s. DIG in for an important era, when stakeholder capitalism displaces shareholder capitalism and becomes the main route to boosting shareholder value.

The next decade of decarbonisation is the decade of opportunity to de-risk portfolios and identify green investments. Climate change risk factors are changing asset valuations. Key to success is the need for portfolios to account for climate change risk or risk being obsolete.

Rising interest rates will create casualties and collateral damage in asset prices, but will bring back market discipline, requiring a rethink of what "defensive" even means.