Policy: The road to perdition or salvation?

The world is confronted by an enduring slow-growth environment in which recessions stand to be more probable. Populism and nationalism, fuelled by frustrated aspiration and post-truths, are adding to risk in ways not seen since the 1930s, while policy is now a black swan, threatening bouts of intermittent and exaggerated market volatility. However some countries seem better positioned than others to tackle this environment, while investors are not devoid of choice or opportunity. Unavoidably, the anxious search for yield and return, with interest in riskier and more alternative assets, is set to continue.