Like the 9/11 attacks of 2001, the Covid crisis of 2020 was a “large shock” that has catalyzed substantial fiscal expansion. Like the period following the 2001 recession, we believe the U.S. has begun a new multi-year leveraging phase & economic/market trends that dominated the past decade are set to reverse. In coming years, we expect elevated inflation, a weaker USD, rising commodities & outperformance of Foreign (vs. US), EM (vs. DM) & Value (vs. Growth).