Key points
> Key megatrends relevant for investors are: slower growth in household debt; the backlash against economic rationalism & rise of populism; geopolitical tensions; aging and slowing populations; low commodity prices; technological innovation & automation; the Asian ascendancy & China’s growing middle class; rising environmental awareness; and the energy revolution.
> Most of these are constraining growth and hence investor returns. However, technological innovation remains positive for profits and some of these point to inflation bottoming.