Fiduciary Investors Symposium

Investing in a World of Unconventional: Monetary Policy, Fiscal Policy and Geopolitics

Investors face a new paradigm. Previously timeless and universal relationships between asset returns and factors are unreliable and it seems the only determinant of the price for a non-cash flowing asset is the narrative. In this narrative environment, how should investors reframe their lens on risk and return, and the hidden force of reflexivity that will one day have significant consequences.

There are these two young fish swimming along and they happen to meet an older fish swimming the other way, who nods at them and says “Morning, boys. How’s the water?” And the two young fish swim on for a bit, and then eventually one of them looks over at the other and goes “What the hell is water?”.

David Foster Wallace (2005)