As policymakers begin to craft a new Bretton Woods, and seek to embed the values that liberal democracies want to uphold, practitioners must understand the implications for portfolios.

The next 10 years are likely to be dramatically different than the last 10 years, and investors will need allocations to alternative investments in this challenging environment.

Prolonged exposure to high volatility causes investors to subsequently underestimate volatility (and vice versa), leading to predictability in stock returns - and the ability to construct a trading strategy that exploits the effect.

We must take a multi-factor approach to analysing funds – including ESG, Quality, Size, amongst others – to ensure portfolios reflect the investor's longer-term philosophy and/or shorter term views.

This Research Roundtable focused on the Lazard Emerging Markets Total Return Debt strategy, with senior practitioners deciding, after briefings, Q&A and debate, their individual rating for the strategy and whether to include it on a hypothetical APL and/or multi-manager portfolios. Afterwards, the meeting is truncated and published for on-demand viewing by all Forum members.

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.

Hindsight can be a valuable source of learning. However, hindsight is undermined by a range of factors and hindsight bias clouds judgments in all areas of life - including investing.

For many decades, the default investment portfolio was a 60/40 split – this was seen as the ideal blend of growth and defensive investments for most investors most of the time. Will it continue to deliver in a high inflation, high interest rate environment?

This Research Roundtable focused on the Aspect Capital Diversified Futures strategy, with senior practitioners deciding, after briefings, Q&A and debate, their individual rating for the strategy and whether to include it on a hypothetical APL and/or multi-manager portfolios. Afterwards, the meeting is truncated and published for on-demand viewing by all Forum members.

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.

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.