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    STOCKS

    The Bear Case: The People vs Stocks

    Investors should be on guard for a more volatile and disruptive phase ahead.


    MACRO

    On a Long Enough Timeline, History Repeats

    American civilization like any other is a transitory thing. But the effort to meet the challenge of the rising East may yet reinvigorate it.


    MACRO

    Themes for the Next Decade

    Five major themes will underpin the “twenties”: balanced multipolarity, generational conflict, China’s introspection, atoms over bits, and climate change as an investment thesis.

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