Investing over the next several years is going to be unlike anything we've experienced in decades. The pandemic triggered a paradigm shift in the economy, politics, and markets that stimulated a rapid economic recovery. This recovery, however, also added fuel to the fire of inflation resulting from a surge in demand for goods whose supply was constrained. As central banks pivot from QE to QT and rate hikes to dampen price pressures, investors should re-evaluate the post-GFC era playbook that might no longer work amidst structurally higher inflation and rising discount rates. Undoubtedly, it's time to go back to the drawing board to reassess the best approach to both defence and offence in a more volatile, changing market. - Ronald Temple, Lazard Asset Management. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum