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Private Client Portfolio in 10 Years?
The classic sort of 60, 40 clearly has been invalidated or made less applicable in the world in which we have no yield on cash. I think you're going to see a bigger growth in real assets. So it may be have school infrastructure or water infrastructure probably owned through some form of fractional ownership on a bit of blockchain that will look very different from today. But I think increasingly you'll have assets that you can relate to. And then you build a portfolio that's bespoke to those issues of belief and issues of value. It will still have a good chunk of equities in it, but it will have a tilt towards things that are specific and real to you.