Investors remained concerned by the volatility across all markets: equities, bonds, commodities, Private Equity, and crypto, as well as the growing correlation between them. The traditional 60/40 portfolio has had its worst performance in nearly 100 years.

The traditional markets are currently delivering the opposite on all counts: high correlation, high volatility, and low expected returns. A decade of QE and ZIRP has built up multi-layered and interconnected imbalances in the economy and the investment world.

For experienced investors, significant uncertainties remain. Inflation may have plateaued, but at higher rates than the Fed is comfortable with and in August the Fed signaled its determination to continue raising rates. Inflation in the UK reached double digits, the highest level since 1974.