A great attack scores points, but defence wins premierships. The same principal applies to investment portfolios where, by attacking with allocations to growth stocks, investors can run into problems when equity markets fall. But by making private debt the centre of a defensive strategy, investors can win in all conditions. Private debt protects investors via its position in the capital structure, contractual obligations and the close relationship between borrower and lender. It also shields investors' income against inflation and interest rates by pricing at a margin above official rates. So, as central banks signal rate rises this year to combat inflation, the price and earnings of equities may fall, but private debt investors' income should rise. Those who understand these advantages know that private debt is the best defensive strategy for all market conditions. - Andrew Lockhart, Metrics Credit Partners. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum