In The Retreat of Globalisation, award-winning fund manager Gervais Williams outlines why we are entering a period when the culture of financial markets will change more in three years than it has in the last 30.
Globalisation has been running into headwinds for a while, but until recently few appreciated that it had already passed its high-water mark. With the benefit of hindsight, we can now see events like Brexit and the election of Donald Trump in the context of a new social - and economic - trajectory.
Markets have already entered a period of flux. Social disenchantment with globalisation was already a political issue. But the market implications of a retreat from globalisation remain greatly under-appreciated.
How can savers know what might constitute the best stocks in this changed world? The Retreat of Globalisation argues for some unconventional yardsticks going forward. The answers may seem counter-intuitive to those who have only known one set of economic conditions. But the need to find those answers has never been more pressing.