We can only hope the close of the decade also marks the close of an exceedingly difficult period in the equity and real estate markets. The U.S. stock market (measured by the S&P 500 Index) posted a total cumulative return of -9.10% for the decade, while the technology-laden Nasdaq Composite Index returned -40.67%. The MSCI World Index managed to land in the black, but just barely, with a cumulative total return of 2.34% for the decade. Thanks to these dismal returns, the past 10 years are now popularly known as the “lost decade” for equity investors. And for further perspective, equities haven’t had such a dismal calendar decade since the 1820s.

Coming out of this decade, most investors have a new appreciation for risk. Many are disillusioned about investing. As we will discuss, the rules of the global economy are changing. But, the global economy is always evolving—presenting challenges, but also opportunities. This is not an environment in which one would expect all investments to rise. However, by drawing on our long-term perspective and experience, we believe we are well positioned to identify the long-term trends shaping the global economy and those investments with the most compelling potential.