Opportunities on the Horizon: Investing Through a Slowing Economy

contents	2
Foreword	3
Overview	4
Our 2023 Mid-Year Wealth Outlook	5
Recession, recovery: A journey unfinished	10
The value of strategic asset allocation: Mitigating portfolio risk during times of investor stress	18
A guide to investing through a slowing economy	24
Currencies	26
As dollar dominance ends, currencies may drive returns	27
Bonds are Back Again	33
Bonds are Back Again: Where to find potential fixed income opportunities now	34
A sequence of equity opportunities	38
Unstoppable trends	43
Putting national security interests ahead of economic cooperation: The evolution of G2 deglobalizati	44
Unusual investment opportunities in an atypical energy cycle	50
Generative AI: The beginning of (another) technological revolution	57
Regional previews	61
Asia: Economies get a boost from the late reopening, weaker dollar	62
Europe: Selective opportunities amid modest growth	65
Latin America: Favorable financial conditions, cautious Central Banks	67
North America faces a rolling recession	69
GLOSSARY	72
Disclosures	77

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