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Government support is a lasting legacy from the pandemic. We're moving from a period of low growth, low inflation after 2008 to an economic, cyclical reset. With the first, monetary stimulus bore the brunt of supporting the recovery. This time around, the lever of fiscal stimulus was swiftly engaged. He looks at the macro picture, and decides on investments from there. The most important thing right now is they've shifted client portfolios to focus on reflationary themes, and these should continue for quite some time.

A portfolio based on reflation. In the post-2008 banking crisis, USD stayed strong, US equities outperformed, growth stocks such as technology outperformed. These were big trends that have exhausted their lifelines here. Covid wasn't a classic recession with a long workout period. Instead, we had barely a bear market at all. In the period ahead, we can get higher growth and higher inflation. So, the USD should be chronically weak, growth stocks should underperform, and value and international markets should outperform the US. Last month was a bit of a countertrend rally, but these reflationary themes have years to last. Look to things that do well, commodities included, when global growth is higher.

Great. A core holding. Low cost, pure beta play. Bullish on EM. They've underperformed for the last 11 years, and they're set for a long period of outperformance. The issue is that it's still 40% tech, and he's moving away from tech. Look at DEM instead, as it overweights EM companies that have higher dividends and a higher quality tilt. DEM is diversified, with a yield of about 4.5%, PE ratio of around 10.

Bullish on EM, which has underperformed for the last 11 years and is set for a long period of outperformance. Overweights EM companies that have higher dividends and a higher quality tilt. Diversified, with a yield of about 4.5%, PE ratio of around 10.

His preference among the US homebuilders, and which also has a home renovation component. Supply/demand dynamics speak to years and years of home building.

REIT distributions less attractive with higher interest rates? There is interest rate risk. Bonds are pretty much dead money, but yields will rise over the coming years. Definitely a headwind. Utilities, preferred shares, REITs are in that camp. Interest rate sensitives are difficult, and you have to be really cautious. REITs are an interesting space, but 3-5 years out the returns will be subpar.