Blackrock just published their 2024 Global Investment Outlook.
Their latest paper highlights their Big 2024 Outlook Calls and core themes of the "New Regime" and why a passive approach to investing may well be behind us. I definitely embrace that thesis being a very active macro investor myself!
As Blackrock puts it:
Our core conviction is that investors need to be more dynamic with portfolios in the new regime. The one one-and -done approach to asset allocation simply won’t work as it did before.
There’s a temptation to interpret the new regime by taking a classic business cycle view of the current environment, we believe. Markets are swinging between hopes for a soft landing and recession fears as a result. This misses the point: the economy is normalizing from the pandemic and being shaped by structural drivers: shrinking workforces, geopolitical fragmentation and the low carbon transition. The resulting disconnect between the cyclical narrative and structural reality is further stoking volatility, we believe.