Beyond a near-term sluggish outlook for global growth, practitioners should think about three key forces which will drive long-term market risks and opportunities. The energy transition will disrupt economies for decades, while generative AI will affect businesses ranging from fast food chains to healthcare providers. Meanwhile, geopolitical tensions have significant implications for the profitability of multinationals. Shorter term, practitioners should prepare for sluggish global growth in 2024, driven by weak US and European consumer sentiment, and by real estate and youth unemployment challenges in China. - Ronald Temple, Lazard on Portfolio Construction Forum