The economic backdrop isn’t a “new normal”, but rather part of a continuing trend – and one that has literally generations left to run.  Policies that were put in place hundreds of years ago and population trends that have been evident for the better part of a century are converging to challenge what we think we know.

Demographics shapes economics, and through this process the supply and demand of capital is changing.  There will be winners and losers.

This paper seeks to lay out some of the broad backdrop of where we are today, how we got here, and start to consider some of the investment implications of where we’re probably going.