We think market optimism can persist for now but stay nimble. We get more active in our long-term portfolios given a greater dispersion of returns.

We think 2023 stressed the value of adapting to a new volatile macro regime and leveraging investment insight and structural forces to find opportunities.

We see different and abundant opportunities in the new macro regime. We go granular within asset classes, regions, and sectors – and harness mega forces.

We prefer private to public credit long term on better return potential. It’s the mirror image in equity: We prefer public stocks as risks fade in the medium term.

Financial cracks from rate hikes have led to jitters over commercial real estate. Yet granularity is key. We see opportunities in some U.S. industrial properties.

Strategic rivalry between the U.S. and China is creating a bipolar world.

How has the coronavirus shock changed medium-term fundamentals? And how does that change our long-term asset views?

Vivek explains why we see a need and opportunity to adjust strategic portfolios in the wake of the pandemic.