NZAC - Shifting Opportunities In An Atypical Landscape

• How similar will the next three or five years look from the years that immediately preceded the pandemic? And what are the implications for us as global equity investors?
• We don’t expect anything like the hyperinflation and stagflation we experienced in the 1970s; our outlook suggests a reversion to something more like a longer-term median of the past several decades.
• Understanding companies that truly have differentiated, durable competitive advantages that are likely to persist into the future will remain the core of great growth investing.

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