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108: 2023 Outlook: A New Investment Playbook

The Bid

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Geopolitical Fragmentation Is a Permanent Fixture

We have seen geopolitical moderation, globalization and global coordination being supplanted by fragmentation into competing blogs with a large number of hotspots. This is the most fraught environment that we have seen in the world post-world war. We're now in an environment where actually economics are being driven by geopolitical development,. And that warrants a more permanent risk premium from a portfolio construction perspective.

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