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The New Global Macro Regime according to Blackrock

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.



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