Advent of Molecular Medicine.
- Breakthroughs in genomic science are changing the practice of medicine. Genomic sequencing technology, clinical knowledge and data analytics are converging to deliver novel treatments and diagnostics that we believe will improve medical outcomes and usher in a new era of healthcare.
Age of Heterogenous Computing.
- For nearly 50 years, Moore’s Law provided exponential improvements in the performance and cost of computing technology. As physical and economic challenges limit further scaling, we believe improvements will come from special- purpose technology designed for specific applications rather than general-purpose processors.
End of Disinflationary Tailwinds.
- A confluence of disinflationary forces shaped recent decades, but the world is fundamentally different today. Globalization may be slowing, demographics are changing, rapidly falling technology prices have slowed or reversed, commodity capacity is low and consumer balance sheets are improved. These secular factors signal that inflation may remain elevated for longer.
Next-Generation Automation.
- As the global labor force ages, companies must find ways to do more with fewer people. Automation — previously concentrated in automobile and electronics production — has reached an inflection point. The technologies have matured and the imperative for companies to invest is becoming clear across a broad spectrum of industries.
Opportunities Abound Abroad.
- U.S. markets have outperformed global markets for more than a decade. In several non-U.S. developed markets, structural reforms in fiscal, energy and industrial policy are taking hold, which we believe could lead to better equity performance in those regions.
Post-Pandemic Consumer.
- The pandemic ushered in meaningful changes to work arrangements. The economic shutdown forced people to work from home, which spurred many to move away from city centers, particularly higher-income employees and younger workers. It also led to consumers spending more time on travel and leisure activities. We expect a profound impact on urban life and consumption patterns that will endure.
