“A year that we never expected, and a year we’ll never forget.” With these words, Ewout van Schaick sums up the defining traits of 2020. The new year will not mark a sudden shift: uncertainty linked to Brexit and US fiscal policy continues to roil markets, and the first few months of 2021 will likely see continued mobility restrictions. Still, a different market environment is probably on its way, marked by a sector rotation in equities and a search for increasingly elusive yield in fixed income.

In our final podcast of 2020, Ewout reflects on how the lessons of this exceptional year will alter his investing approach in the new year and beyond. We cannot predict the next black swan event – but we can prepare for it by staying adaptive, focusing on the right topics, and prioritising sustainability every step of the way.