Having just lived through a once-in-a-generation crisis in the form of the COVID-19 pandemic, we’re now seeing the status quo of the past 30 years turned on its head. After decades of relative peace and falling inflation, we find ourselves confronted by increased geopolitical tension and rising inflation.

As investors, however, we’re seeing a return to some semblance of normality. I don’t mean that this environment is easy by any means, but for the first time in a long time we have positive nominal interest rates on holding cash. This changes the investment dynamic considerably compared to a couple of years ago, when we were forced to buy ever-more expensive assets in a world of endless liquidity in seeking to generate return. 

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