We have left behind what I would call the Great Moderation of low macro uncertainty and low market uncertainty. If you think about the period from the 1980s to right up until the pandemic, it was a period blessed with predictable market and macro volatility.

That was possible because that was also a period of steadily increasing global economic capacity. And that was happening because of the demographic tailwind because of globalisation, because of the peace dividend from China joining the World Trade Organisation for example.