In early 2020, Nathan Lim, Head of Wealth Management Research at Morgan Stanley Wealth Management, noticed a strange phenomena. Chinese New Year had just passed, but thermal coal consumption wasn't recovering as it normally does. This rang alarm bells, and Lim was soon warning clients that the economic cost of the coronavirus would be far greater than people appreciated.

Fast forward to a year later, and the world and the economy are entirely different places. Importantly for investors though, the cycle has been reset. Markets were already late-cycle going into 2020, but the economic upheaval of last year has brought spring time upon investors again.

"We think we are very much early cycle, and we think you should be adding risk to your portfolio."

In this episode of The Rules of Investing podcast, Lim details how and why it's time to add risk, explains their process for picking great fund managers, and he shares some of the managers they prefer for today's market conditions.