For the past ten years, investors had a major tailwind of low rates, a Fed put, and deflation; this permitted buy-and-hold, low-cost beta ETFs to produce high Sharpe Ratios. Money poured into these strategies, leading to distorted valuations. Most of this money went into US indexed stocks and bonds, while other asset classes were ignored on a relative basis.
We are in a much different environment now. There is high inflation, higher rates, and no more Fed put. This requires a different investment approach. This report includes our actionable investment ideas as we enter the dawn of this new decade, one which will breed new winners.
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