Pent up consumer demand, fiscal stimulus and accommodative monetary policy set the stage for a sharp global recovery. The Biden Administration’s planned COVID relief, infrastructure investment and ambitious climate policies could turbo charge growth. This will bring opportunities for many companies, yet rising discount rates and steepening yield curves pose challenges to investors. Stocks driven by speculative earnings may give way to companies delivering high returns on capital today, while fixed income investors will need to seek alternatives to long duration assets. Following a long period of secular stagnation, it is back to the drawing board in a high growth environment. - Ron Temple, Lazard Asset Management. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum