Over the past ten years, investors in developed markets have been struggling with low returns: Yields maxed out between 4 percent and 5 percent. Today over ten trillion dollars sit in negative yield bonds, and private equity funds sit on nearly one trillion dollars in dry powder. With the rapid slowdown in European and US economies and fear of recession looming large, the situation is worsening. The war in Ukraine has made blatant what the COVID-19 crisis had already revealed—the world’s economic dependency on critical sectors and markets.
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