Now more than ever, worrying about the downside is going to be key for driving returns for investment portfolios. We stand today in a period of significant regime change with a series of drivers of further inflationary pressures, including structural labour shortages, increasing geopolitical tensions, and an energy crisis. Putting all of these things together, it seems very hard to make the case for returning to the deflationary dynamic that has supported asset markets over the past four decades. The key risk to protect against is inflation, which means that you must hold real a...