Three simple ideas for investors

We believe that investors can build their portfolios based on three simple ideas: Inflation is going to return (due to deglobalisation, rising costs in emerging countries, the energy transition, a more favourable income distribution for wage earners and population ageing); Real long-term asset prices (equities, real estate, infrastructure, etc.) are going to rise sharply on the back of negative real long-term interest rates and the abundance of liquidity; The dollar is going to depreciate (due to the sharp increase in US external debt, the retention of European savings in the euro zone, the likely election of Joe Biden and renewed capital flows to emerging countries).