Rob Arnott, the chairman of Research Affiliates, is one of the most articulate and interesting market analysts in the States, and someone whose ideas and research I have followed for a number of years. In our latest 30-minute podcast, I discuss with him the outlook for investment returns over the next ten years – and how they will be dramatically influenced by what he calls the three Ds now hanging over the world – debt, deficits and demographics.
All three are conspiring to drag down likely future rates of economic growth in the developed world. Investors need not despair however, Rob argues: better returns are available if investors switch their focus from conventional benchmarks to a multi-asset strategy based on economic, not financial, criteria. Follow the link below to download the podcast, and click here to download a copy of the slides he used to develop his arguments at a recent presentation to a London Stock Exchange seminar.