A ‘Lost Decade’ Brought Forward

Just prior to one of the most challenging years in history for multi-asset investors, Goldman warned that with stocks and bonds both trading rich against an increasingly foreboding macro backdrop defined by a worsening growth/inflation mix, a "lost decade" loomed. Subsequently, equities de-rated sharply on their way to a grinding bear market, while bonds suffered a historic rout that drew the curtain on a four-decade bull market. At one point, 60/40 portfolios were down more than 25%, before t