INSIGHTS

Fallen angels, or bonds downgraded from investment grade to high yield, have quietly outperformed comparable fixed income markets across most near- and longer-term time horizons. With downgrades potentially picking up, now may be the time to take another look at the asset class.

Energy inflation is no longer just a crude oil story. Crude oil prices have been volatile and elevated since the onset of the Middle East conflict, raising concerns that higher oil prices could keep inflation elevated for longer. But recent moves in energy markets suggest the inflation risk extends beyond crude oil.

Investors are looking for consistent cash flow, mitigation against the risk of loss, and greater predictability and stability.

Against a backdrop of rapid change across technology, geopolitics, and demographics, we share our perspectives on the forces shaping global markets today. For long-term investors navigating an increasingly complex world, five key lessons stand out.