The Book

The macro and market landscape is in a state of constant change, and investors must adapt to prevail. That calls for a comprehensive view of the forces shaping their world and the implications for portfolio construction.

The Book lays out what we see as the key issues asset owners face. The scope is broad—from macro forces to the outlook for capital markets and from strategic asset allocation to what’s on the horizon for our industry. Make no mistake: the decade ahead will likely look very different to investors than the past 40 years.

We assess the potential impact of changing demographics, deglobalization, the rise of artificial intelligence, growing government debt burdens and climate change. We don’t do this in isolation. We look at how their alchemy will redefine risks and opportunities—and we offer recommendations for investors to revamp portfolio design.

The Book attempts to guide investment thinking, assessing the challenges investors face and suggesting what investors can, and should, do in response. A deep assessment of the investment world we will live in—and a sharper view of the possible pathways to choose—lead to a call to shift portfolio allocation and design.