As Much Digital Freedom as Possible, as Much Regulation as Necessary

Last month we said it was ‘welcome back to the good old days.’ The global economy and financial markets are entering a more typical phase:  Persistent growth, sustained inflation and rising rates, all moderate, should provide an environment in which our investments in assets that have quality and value can generate good returns.

We are optimistic (not just because we see little sense in being anything else), but we have not forgotten that those good old days were far from dull or uneventful, that they were full of risks or uncertainties, and that markets were subject to occasional bouts of volatility and re-versals as is their nature.  On the contrary, we expect our normalizing environment to provide plenty more events, risks and volatility to come. 

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