The game has changed - the 2010s is the wrong analogue for the 2020s, a time when major transformations will lead to more investment in technology, broader sharing of income, and greater greening of the world economy than we have ever seen. It will likely lead to higher growth potential, supporting investments in equities, credit, private assets, and real estate. At the same time, core bonds in many areas have already significantly repriced and are set to play an important defensive role in what is a fast-moving cycle. So, DIG in for an important era, when stakeholder capitalism displaces shareholder capitalism and becomes the main route to boosting shareholder value. - Tony Crescenzi, PIMCO. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum