Turbulent market alters long-term outlook

Many people say they like to be long-term investors. It’s a laudable ambition, but often the short term gets in the way. Our notes typically focus on the strategic horizon, but when the S&P 500 falls by 20%, 10-year Treasury yields rise by 140 basis points and Bitcoin is down by 60% since the start of 2022, strategic investors need to respond. Rather than frame this piece as a typical “strategist” outlook for key capital-market assumptions, we anchor it on key strategic risk allocation questions for asset owners. We hope that this makes it directly relevant to the allocation decisions that...