We attempt to answer this issue in the theme for our latest five year outlook: ‘Brave real world’. Unlike Aldous Huxley’s vision of a dystopian future in his novel ‘Brave new world’ written during the last Great Depression in 1932, we are much more optimistic. But there are certainly challenges ahead, and as always, forewarned is forearmed.

Our new Expected Returns 2021-2025 contains our investment outlook for all major asset classes, along with economic predictions for the likely post-Covid-19 recovery, and five special topics on the biggest issues of our times.