look, the biggest trend out there, which partly goes with the energy story, is that we've moved from a fundamentally deflationary world to a fundamentally inflationary world. And in an inflationary world, portfolio construction is massively, massively different. We're seeing it every day. In a deflationary world, bonds are the natural diversification for portfolio. In an inflationary world, they're not. An inflationary world, energy is the natural diversification for portfolio. Failing that precious metals and failing that strong currencies. And that brings me to the third big trend out there, is that for the past decade, partly thanks to energy, partly thanks to monetary policies, the US dollar has been structurally strong. And I firmly believe that with the fiscal policies that are being implemented in the US, frankly, the monetary policies that are being implemented in the US, we've now had three consecutive years where inflation has been above 3%. And instead of sounding hawkish, (12/42)
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