As the clouds of Volatility, Uncertainty, Complexity and Ambiguity continue to swirl, the silver lining is that we are on the road back to normal monetary policy settings, from abnormal, and a return to more rational asset prices. But we must be patient.

Investors need to leverage the experience of past decades while also humbly contemplating an uncertain outlook. Compared to any post-WWII period, this time really is different!

The pre-pandemic New Normal decade introduced investors to TINA - there is no alternative. With interest rates and bond yields having moved higher, it's time to say goodbye to TINA because bonds are back.

Those constructing portfolios must understand the nuances of bond risk/return drivers and how bond market performance can be impacted by different macro scenarios. Opportunities abound.

Global demand for greater computing power continues to escalate, presenting an exciting silver lining of possibilities and investment potential.

Inclusion of private equity as an alternative asset in portfolios is an out-of-date approach that does not consider secular trends in companies staying private and the unfolding democratisation of PE.

As economies continue to recover from the catastrophe of Covid-19 lockdowns, we must re-embrace the pursuit of progress, an idea that is central to science, freedom, and a thriving society.

After a lost decade, cyclical and structural headwinds are abating for emerging market equities, while profound secular changes are becoming tailwinds. But the path ahead will look very different to the past.

Our diverse panel of experts debated which of the high conviction propositions they heard during Markets Summit 2023 they most strongly agreed with and why, including identifying "silver linings" (investment opportunities not yet fully priced into the market) and which they disagreed with most and why - and the portfolio construction implications of both.

The first of these two papers provides a comprehensive review of the several thousand papers written on ESG investing and investment performance, while the second looks at downside risk reduction.

This Research Roundtable focused on the Warakirri Diversified Agriculture 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 ever greater participation in superannuation, the accumulated sum held those entering retirement is often significant. But do older people have the cognitive ability and financial acumen to invest effectively?

Despite widespread criticism of the efficient markets hypothesis, development of comparably broad alternatives has been lacking. One promising direction is the adaptive markets hypothesis which seeks apply the concepts and methods of ecology and evolutionary biology to financial market dynamics.

The latest national census reveals that Australia is a nation determined to change direction. This will re-shape Australia's economic and cultural landscape and influence the way that practitioners build multi-asset portfolios capable of meeting the long-term financial goals of Australians.

As a new age of economic localisation reunites place and prosperity, practitioners must understand the implications for economies and societies - and for portfolio construction.

With geopolitical tensions on the rise, portfolio construction practitioners need a framework for making sense of the cacophony of geopolitical risks with the eye towards generating investment-relevant insights.

Post Covid, the inflation equation has changed between the East and the West. Diverging monetary policy settings and subsequent future economic growth favour the East in a world where the future ain't what it used to be.

The future ain't what it used to be – that's just noise. Listed Global REITs provide investors with a competitive return profile and diversification from equities, a compelling reason for allocations in portfolios.

The future ain't what it used to be, so capital allocators should look beyond arbitrary benchmarks and combine a thematic universe with the structural benefits of small cap investing.

Practitioners must remain open-minded and continuously challenge their portfolio construction beliefs, techniques and tools. This session addressed three contemporary portfolio construction issues: We must use a risk-based framework for portfolio design; The value rotation has just begun; and, ESG ratings undervalue climate solutions…