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.

In achieving longer term objectives, climate change demands both a defensive strategy to mitigate longer term risks and an offensive, tactical, approach to capitalising on opportunities.

A great attack scores points, but defence wins premierships. The same principal applies to investment portfolios. By making private debt the centre of a defensive strategy, investors can win in all conditions.

Inflection points in inflation, interest rates and the large-scale monetary distortion of recent decades suggest the future will not repeat the same playbook as recent decades.

Many expect that the end of the pandemic, reopening of economies, tight labour markets and excess consumer savings will push markets higher. Proceed with caution, the best offence is a great defence.

Record low interest rates have fundamentally changed the playbook for income investors. With banks withdrawing from the CRE debt market, other lenders have greater opportunity.

Although traditional barriers to participation in PE are fading, PE remains on the bench for many individual investors. With an end to easy value creation and challenging conditions ahead, don't miss out on PE outperformance in 2022.

Our diverse panel of experts debated which of the high conviction propositions they heard during Markets Summit 2022 resonated most strongly, and which they disagreed with most - and the portfolio construction implications.

Classical economists often incorporated human behaviour into their thinking. But in the 1960s and 1970s, homo economicus - the great rational agent of economic theory - was born. It was not until the 1990s that the link between human behaviour and economics began to be re-established. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture reviews the evolution of economic thinking, concluding that, with the link between human behaviour and economics being re-established, economics has come full circle.

How we organise information in our heads, evaluate it, give it weight and then store it in our memories impacts our decisions. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture looks at the concept of the schema, a mental model of the world we use to swiftly understand incoming information.

The ability of prospect theory to explain many observations in both investing and everyday decision-making made it an incredibly powerful approach in economics. But that wasn't enough to allow it to challenge 'expected utility theory'. To do that it needed to consider the way in which people evaluate probabilities. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture reviews prospect theory, the disposition effect, and expected utility theory.

Cognitive dissonance theory can explain our motivation to seek the information that drives our choices. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture reviews the theory of cognitive dissonance and the mental discomfort that results from holding conflicting beliefs, values or attitudes, that can explain our motivation to seek the information that drives our choices.

Standard finance assumes that economic agents discount the future exponentially - yet the original proponents of Discounted Utility Theory conceded that human beings do not act that way. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture reviews what researchers have discovered about intertemporal choice, the process by which people make decisions about what and how much to do at various points in time, when choices at one time influence the possibilities available at other points in time.

Stopping losses, exposing ourselves to information that goes against our beliefs, not indulging story-tellers, facing hard truths about our past decisions - all these things detract from our comfort. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture provides 10 recommendations for improving investment decision-making, drawing on the learnings from Lectures 1 to 5.

Two of the most important practical implications of prospect theory in asset pricing are the existence of price momentum, and investors' preferences for skewness in the distribution of returns. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture reviews explains why these phenomena persist and practical ways they can be exploited.

We like to think our beliefs are the result of a long, thoughtful evaluation, the product of carefully curated information and our personal experiences. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture reveals the origins of many of our beliefs, and shows what we can do to make our belief-building more robust.

When should I retire? Will I be happy? How long will I live? Our responses to questions like these are prone to systematic biases that influence our choices and, ultimately, life satisfaction in retirement. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture focuses on the behavioural influences on decision making about the transition from the workforce into retirement.

Why is it that a client selects one asset manager over another? And why are some asset managers retained during the challenging periods in the cycle and others are not? Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture concerns the science of trust, revealing what really causes trust to be built over time.

Advisers, not clients, are responsible for the creation of a high-trust relationships. But when does interpersonal trust building become selfish manipulation? Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture reviews the ethical limits to advisers' actions to build and maintain trust with clients.

As for other life outcomes, personality types are useful in explaining personal finance outcomes such as wealth accumulation, retirement planning, spending, compulsive consumption, indebtedness, and risk-taking. Part of the Finology short course, Behavioural Finance - Investment Decision-Making, this lecture explores the link between personality and individual preferences for communication, information-seeking, and susceptibility to persuasion.