Evan Brown Luke Kawa


  • We believe that global equities are less attractive than bonds or credit due to elevated macroeconomic uncertainty and expensive valuations relative to bonds.
  • Elevated inflation is at the root of this macroeconomic uncertainty, and the evolution of price pressures is likely to cause investors to consider a wide range of possible regimes in the near term.
  • In our view, prioritizing a diversified trade set with positions that are asymmetrically skewed for different individual regimes is the most appropriate approach to asset allocation at this time.