In a lower return world with flat or rising rates there will be more winners and more losers. In this environment, opportunistic investing in growth assets along with an intermediate term perspective are providing an unexploited source of alpha.
Today’s volatility is the result of forces that have been building for a while. For many years, the global savings rate was relatively stable. Then, just before the global financial crisis, it stepped up. We saw extreme caution from businesses, central banks, and investors. Far fewer people and institutions were investing.
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