Articles I’m reading Bridgewater published an article “The Big Picture: Back to the Future” where they explore the big secular forces that will dominate the investment landscape for this decade and more. These secular forces include the likes of government spending, geopolitical tensons, Artificial Intelligence (AI) and climate change. There’s also a mention of how interest rates as a policy tool is back in play after a decade of zero-interest rate policies. Below is a chart from their article that sums up the change in the landscape: They also added in the conclusion that beta risk isn’t going to pay as much as it did over the last 60 years (I strongly agree with this) and that investors got to be more proactive in terms of seeking alpha relative to their adoption of beta risk: Over the last decade, cash was “trash,” yielding a negative real return on your money. A confluence of favorable secular forces led ...