A strategic allocator's guide to productivity and profits abridged

This is the abridged version of A Strategic Allocator’s Guide to Productivity and Profits.


The U.S. experienced some of the fastest earnings-per-share growth in the post war era over the past decade, but it did so amid the slowest productivity gains in modern history.


We have transitioned to a more volatile world in which inflation uncertainty will likely make some key investment drivers of the prior regime—such as easy monetary policy and financial repression—less effective.