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A Preliminary Language for a
Post-Global World

 

This information is directed at Professional Clients only and is not intended for public use.

Overview

This book sets out what we see as the key issues facing asset owners in the macro environment, and shares the outlook for capital markets, strategic allocation and the future of the investment industry. It will also explore how the next ten years are likely to be very different from the 1980–2020 period.

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    1. Part II: The Role of Active Investing and Private Assets
    2. Part III: What is a Benchmark? What is Risk?

    Part I: The Strategic Context
     

    Investors face a change in investment regime driven by the macro mega forces of demographics, deglobalization and climate change, as well as the rising influence of AI. In this section, we spell out what this means for return and risk assumptions for capital markets.

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    Expect a Compression of the Return-Risk “Space”

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        The Future of Benchmarks: Too Much Certainty is a Terrible Thing
         

        Benchmarking used by much of the industry should be questioned. Our thesis is that we are in a new regime, with different structural forces compared to those that existed prior to the pandemic.

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            Productivity, Democracy, Power and Truth: the Influence of AI on Markets
             

            Inigo Fraser Jenkins shares his thoughts on the macro impact of artificial intelligence (AI), which raises profound questions about how knowledge is obtained, what we mean by “truth” and what counts as “explanation.”

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            A Preliminary Language for a Post-Global World

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            We hope this book will prompt debate about what we see as the key issues facing asset allocators and investors, including:

            • Macro Mega-Forces: Demographics, Climate Change and Deglobalization

            • Productivity, Democracy, Power and Truth: The Influence of AI on Markets and Investing

            • The Role of Private Assets in Strategic Asset Allocation: a Macro Perspective

            • A Cut Above: Why Idiosyncratic Alpha is Better than Beating the Benchmark

            • ESG Investing and its Discontents

            • Too Much Certainty is a Terrible Thing: Benchmarking and the Meaning of Risk

            • Strategic Asset Allocation

            View the Executive Summary
            Request the Full Book

            This is a marketing communication. This information is provided by AllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée, R.C.S. Luxembourg B 34 305, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. Authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). It is provided for informational purposes only and does not constitute investment advice or an invitation to purchase any security or other investment. The views and opinions expressed are based on our internal forecasts and should not be relied upon as an indication of future market performance. The value of investments in any of the Funds can go down as well as up and investors may not get back the full amount invested. Past performance does not guarantee future results. 

            This information is directed at Professional Clients only and is not intended for public use.

            © 2025 AllianceBernstein L.P.