Asset or afterthought?



From the dim 1970s, I remember a short documentary that opened on a couple lying outside, zoomed in to a microscopic view of cells and microbes and then sped out to outer space. Having recently made my own leap from fixed-income strategist to chief investment officer of a medium-sized endowment, I can confirm that the point the film-makers were illustrating - that perspectives can vary infinitely and importantly - is true of markets too.

Fixed-income markets, in particular, with their

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