After a decade of falling inflation and interest rates, investors must now go back to the drawing board as we look to a very different world in prospect. The aftermath of the GFC saw a series of discrete factors which crippled growth: fiscal austerity; EU intransigence; Chinese tightening and reform… then a global trade war and a global pandemic! The world has changed. Yet investors appear anchored to a narrative about growth and inflation that will prove supremely unhelpful as the global economy reopens amid vaccine distribution, sees the effective cessation of the “US-versus everyone” trade war and widespread, colossal, redistributive fiscal policy. Those who cling to yesterday’s narrative may forego one of the great trades of recent decades as the world shifts to a “global reopening” narrative and away from that of “secular stagnation”. - Julian McCormack, Platinum Asset Management. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum