In this quarter’s investment insights, we examine a defining shift in global markets as the world moves away from decades of deep global integration and into a new monetary regime marked by higher debt, greater government intervention and more constrained capital flows. We discuss why headline equity markets, particularly in the US, appear stretched, how elevated earnings and concentration risk may be masking underlying vulnerabilities, and where more attractive opportunities can still be found. The focus is on building portfolios with stronger balance sheets, shorter duration cash flows and better risk-adjusted returns, supported by disciplined diversification and a willingness to look beyond crowded parts of the market. 

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