Investors today might be too complacent about the risks to earnings from slower growth and higher inflation
As international structures that promoted free trade are unwound, there is a rising risk of a return to capital controls
It may well be time for governments and central banks to revisit their monetary policy mandates.
If 2022 was about the repricing of capital, 2023 is likely to be about the reduction in the quantity of it
The US faces a perfect storm of rising financing costs, squeezed demand and increased supply
Investors have probably seen only the first phase of this bear market in stocks
Structural shifts will require more investment in technologies and supply chains
Expansive fiscal and monetary policies may see 1980s-style Japanese melt-up and meltdown
Current investor complacency about global equities might soon be tested
