The future of globalization
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Is There Going to Be More Inflation?
If we have slightly higher inflation and some efficiency losses in the near term, what does this mean for valuations in which sectors might be more or less vulnerable? I think starting at a very broad level, if there's going to be more inflation, we should sort of base the fact that real rates are going to be higher than they have in the past. Now, if you have higher real rates, that would lead to lower valuations and an aggregate level. That's just simply how the maths works out. However, it's never going to be that simple. Obviously investors are going to need to compensate it for the risk that comes with the perception around maybe supply chains or access to markets
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